Lending Stream

[Natty]

Re: Lending Stream

Hi Natty - yes and you've got lots of time to submit a response (1st July)

I know its difficult when things are stressing you out (and obviously all the stuff going on at home) but please try to keep in mind too that we do this on our own time, and we're also helping other people whose deadlines are a little closer, plus we have our own stuff to deal with!

Thats not an admonishment,

SnV,

Please accept my sincere apologises, I did not mean post 537! The tone of the post is completely wrong. I truly understand the time and effort that everyone' especially you have devoted since January offering me guidance and supplying letters. I know that you have plenty more people like me that you are assisting, plus you do have your own stuff going on.

I know you are not having a go at me! That has not even crossed my mind. I am just really upset that the above post has come across as demanding. That I did not intend.

Warmest wishes
Natty

[nightwatch]

Re: Lending Stream

Natty don't worry about it, I am sure S&V has not taken offense x

I think he was just trying to tell you to relax and enjoy your weekend. xx

[Natty]

Re: Lending Stream

Natty don't worry about it, I am sure S&V has not taken offense x

I think he was just trying to tell you to relax and enjoy your weekend. xx

Hi Nightwatch, oh I know SnV has not taken offence! I was just upset that when I read my post back it came across really demanding.

As as I have said from day one since my inital post! The kindness of strangers on this forum has left me overwhelmed. And continues to do so.

[SaltnVinegar]

Re: Lending Stream

No I'm not remotely offended

Everyone who is into their 'debt journey' learns a couple of important things:

1) Never speak to a creditor on the phone- always keep all communication in writing

2) The end goal is getting a debt to become statute barred - therefore time is your friend

3) YOU control the situation NOT the creditor

Your post didn't come across demanding, more that you'd forgotten 2 & 3 and were stressing about things and I don't want you to be stressed!

Now things with the FOS are coming to their predicted close, you have a loooong way to go now and need to preserve your energy!

There are only a rare handful of situations where you need to respond urgently:

• After recieving a formal 'Letter before Action' letter - where a creditor formally informs you that they WILL (not may), issue court proceedings
• Getting a threat of a Statutory Demand
• Receiving a Court Claim

Anything else, while it may require a response, can always wait, try to aim to allow roughly 14 days for a response to arrive at a creditors offices.

[Natty]

Re: Lending Stream

No I'm not remotely offended

Everyone who is into their 'debt journey' learns a couple of important things:

1) Never speak to a creditor on the phone- always keep all communication in writing

2) The end goal is getting a debt to become statute barred - therefore time is your friend

3) YOU control the situation NOT the creditor

Your post didn't come across demanding, more that you'd forgotten 2 & 3 and were stressing about things and I don't want you to be stressed!

Now things with the FOS are coming to their predicted close, you have a loooong way to go now and need to preserve your energy!

There are only a rare handful of situations where you need to respond urgently:

• After recieving a formal 'Letter before Action' letter - where a creditor formally informs you that they WILL (not may), issue court proceedings
• Getting a threat of a Statutory Demand
• Receiving a Court Claim

Anything else, while it may require a response, can always wait, try to aim to allow roughly 14 days for a response to arrive at a creditors offices.

Hi SnV,

I certainly did forget those important steps! Yes I did go into stress overdrive.

I have until the 1 July to get back to the FOS, however I have to agree with you. The Ombudsman is not going to over rule the adjudicator. However this will give me more time letting the case be reviewed. ( what is your opinion on this)

The rare handful situations that you mention scare the hell out of me. However I have noted the word RARE.

Thanks again fior sticking with me.

Warmest wishes
Natty

[SaltnVinegar]

Re: Lending Stream

The rare handful situations that you mention scare the hell out of me. However I have noted the word RARE.

They are rare. To give you an idea of odds:

• After recieving a formal 'Letter before Action' letter - where a creditor formally informs you that they WILL (not may), issue court proceedings

Probably 95% you'll get something that looks like a LBA. Almost always though its bluster and intended to frighten and harass, but a formal letter before action should always be responded to just to cover your back. The wording is important, and we know how to respond to these on here.

• Getting a threat of a Statutory Demand

Around 0.00000000000001%. I've never seen a debtor served with a SD for a payday loan debt. And with the changes in BR rules that are being brought in later this year raising the current £750 threshold to £5k, none of your accounts will qualify anyway.

• Receiving a Court Claim

Around 0.00001%. In 5 years on AAD we've only had ONE person receive a court claim for a PDL. They buried their head in the sand, didn't respond to letters, didn't take advice, and after they received the court claim didn't respond to our efforts to help them by not providing information, not responding to help putting together a witness statement until it was too late, and we don't even know the outcome of the court case as they never updated us.

Its a big risk for PDL companies to take someone to court, as if there is a ruling around anything such as irresponsible lending, unfair relationship provisions (e.g. extortionate interest rates), or on anything else, then it will hurt them big time and potentially even shut down their business.

[Natty]

Re: Lending Stream

They are rare. To give you an idea of odds:

• After recieving a formal 'Letter before Action' letter - where a creditor formally informs you that they WILL (not may), issue court proceedings

Probably 95% you'll get something that looks like a LBA. Almost always though its bluster and intended to frighten and harass, but a formal letter before action should always be responded to just to cover your back. The wording is important, and we know how to respond to these on here.

• Getting a threat of a Statutory Demand

Around 0.00000000000001%. I've never seen a debtor served with a SD for a payday loan debt. And with the changes in BR rules that are being brought in later this year raising the current £750 threshold to £5k, none of your accounts will qualify anyway.

• Receiving a Court Claim

Around 0.00001%. In 5 years on AAD we've only had ONE person receive a court claim for a PDL. They buried their head in the sand, didn't respond to letters, didn't take advice, and after they received the court claim didn't respond to our efforts to help them by not providing information, not responding to help putting together a witness statement until it was too late, and we don't even know the outcome of the court case as they never updated us.

Its a big risk for PDL companies to take someone to court, as if there is a ruling around anything such as irresponsible lending, unfair relationship provisions (e.g. extortionate interest rates), or on anything else, then it will hurt them big time and potentially even shut down their business.

Thanks SnV,

For bringing me back down and lessening the stress. I certainly will not bury my head and will continue with your guidance, and knowledge.

Warmest wishes
Natty

[Pixie]

Re: Lending Stream

Thanks SnV,

For bringing me back down and lessening the stress. I certainly will not bury my head and will continue with your guidance, and knowledge.

Warmest wishes
Natty

That's good to hear Natty

Stressing really doesn't get you anywhere except for giving you sleepless nights and a headache!

[SaltnVinegar]

Re: Lending Stream

Hi Natty - I'm away due to work at the moment but back tomorrow so will help you put something together for the FOS then.

[Natty]

Re: Lending Stream

Hi Natty - I'm away due to work at the moment but back tomorrow so will help you put something together for the FOS then.

That would be much appreciated SnV. Thank you for checking in.

Warmest wishes
Natty

[SaltnVinegar]

Re: Lending Stream

The Ombudsman is not going to over rule the adjudicator. However this will give me more time letting the case be reviewed. ( what is your opinion on this)

Well it has been known for an Ombudsman to overull an Adjudicator, just very unlikely. It will certainly give you another few weeks so in for a penny in for a pound...

I'd suggest emailing the adjudicator back, thanking them for their email, and stating that you'd like your case to be refered to the Ombudsman and leave it that.

[Natty]

Re: Lending Stream

Well it has been known for an Ombudsman to overull an Adjudicator, just very unlikely. It will certainly give you another few weeks so in for a penny in for a pound...

I'd suggest emailing the adjudicator back, thanking them for their email, and stating that you'd like your case to be refered to the Ombudsman and leave it that.

Will get an email sent over the weekend. Thanks SnV.

[SaltnVinegar]

Re: Lending Stream

Will get an email sent over the weekend. Thanks SnV.

NP - what I'll do over the next few days will be a little 'Mystic Meg' and suggest some options on what may happen after that point and your options. I expect that LS will end up selling your accounts to a debt collection agency and you'll start the process all over again (just not involving the FOS).

The only problem you may have is that they will use the FOS decision as a stick to beat you with, but ultimately the FOS cannot (and as you've discovered will not) rule on the legal aspects, and this will be your counter argument.

[Natty]

Re: Lending Stream

NP - what I'll do over the next few days will be a little 'Mystic Meg' and suggest some options on what may happen after that point and your options. I expect that LS will end up selling your accounts to a debt collection agency and you'll start the process all over again (just not involving the FOS).

The only problem you may have is that they will use the FOS decision as a stick to beat you with, but ultimately the FOS cannot (and as you've discovered will not) rule on the legal aspects, and this will be your counter argument.

Good morning SnV,

I sent the email to the FOS yesterday.

I was thinking that the FOS decision will make LS stand firm with me more! I guess that was always going to happen.

No update or contacts from P2P! Remember they sent me their complaint procedure and advised they will update me within 8 weeks. Still not heard a word!

Mamy thanks for your continued guidance.

Natty

[SaltnVinegar]

Re: Lending Stream

No update or contacts from P2P! Remember they sent me their complaint procedure and advised they will update me within 8 weeks. Still not heard a word!

Long may the current situation continue! Hopefully you've been put in the 'Too difficult to deal with' pile and that'll be the end of things for a while