Lending Stream

[SaltnVinegar]

Re: Lending Stream

Can you please clarify for me, is your complaint based on irresponsible lending due to LS giving 5 PDL's at the same time?

Yup - that among many other things (lack of pre-contact information and explanation, affordabiilty assessment etc)

There's a lot to read so just asking this, because if so they're going to struggle to convince a judge that they acted responsibly - a PDL is emergency borrowing so issuing 5 loans at once could be argued as unfair using the unfair relationship test. Therefore, whilst you're keen to pay something each month via the spineless FOS - who lets not forget are funded by the same firms we complain against - another option available to you is to ignore the FOS and ignore LS for 3-6 months. In that time try and save as much as you can, keep us updated with any letters / threats etc - but ideally after say 3-6 months they may sell the debt to a DCA who are likely to accept a much reduced offer to settle.

So as an example, you could owe £2k in total and pay £100pm for 20 months via the FOS route (offer). Or you could wait 6 months and save £150pm and then write to whoever owns the debt at that point and offer £900 in F&F settlement.

Its unlikely they'd be daft enough to issue a claim. I suspect they'd open the floodgates to a raft of claims from debtors if they got clever because a judge really wouldn't be serving justice if he agreed that a premium loan service gave a person clearly struggling financially, 5 loans at once. It's just wrong.

SnV has given great help - I'm just adding an option 4 based on experience with LS, the FOS & the court system.

Whatever you decide, we're here to help & guide you where necessary.

That's one of the options we previously discussed (shame on you not reading up on the 32 pages of the thread ), but its always good to remember (haha!) more of the options.

Totally agree on the legal p.o.v too - I would be shocked if this went to court (for one), and doubly shocked if a Judge didn't rule providing 5 short term loans failed the test against the unfair relationship provisions. From a risk perspective, knowing that providing mulitple loans to individuals is normal business behaviour for LS, for them to lose on this basis in court would be disasterous for them and I cannot imagine their legal team ignoring this fact,

[Natty]

Re: Lending Stream

Hi Niddy,

My complaint is based on irresponsible lending. I agree there is so much to read.

LS wrote off one of the loans as it did not meet their lending criteria, however they have advised the FOS it was as a gesture of goodwill. I have the email from LS which I sent to the FOS as evidence, but they appear to have ignored this important piece of evidence.

SnV has been unbelievable I would not have got this far without him. I am so scared at the moment as I live with my parents who are not in good health and know nothing of my situation. The thought of LS contacting me at home or work is unthinkable.

I have so much to think about.

Best regards
Natty

[Never-In-Doubt]

Re: Lending Stream

Do you live at home or elsewhere (and if the latter do LS know your address)?

[cymruambyth]

Re: Lending Stream

Natty, sit down quietly and read through your thread; you will see that every time you get a reply your first reaction is to worry and then you calm down. This isn't a criticism, it's just to remind you to think quietly about how far you have gone and how none of your worst case scenarios have happened.
We have all been through your situation without wanting family members to know.

[SaltnVinegar]

Re: Lending Stream

Hi Natty

Appreciate this is a little bit personal but what are the reasons for not discussing things with your parents? Understand that with whats going on with your Dad you'd want to protect him from things, but what about your Mum? What is their attitude towards money/debt etc? Do you think they would be supportive?

Trying to come up with an angle here that may reduce your stress levels.

Best
SnV

[Natty]

Re: Lending Stream

Hi Natty

Appreciate this is a little bit personal but what are the reasons for not discussing things with your parents? Understand that with whats going on with your Dad you'd want to protect him from things, but what about your Mum? What is their attitude towards money/debt etc? Do you think they would be supportive?

Trying to come up with an angle here that may reduce your stress levels.

Best
SnV

My Mum would do anything for me, however she is not too good herself and I do not want her worrying about me, which she would do.

[Never-In-Doubt]

Re: Lending Stream

Do you live at home or elsewhere (and if the latter do LS know your address)?

ill try again!

[Natty]

Re: Lending Stream

Natty, sit down quietly and read through your thread; you will see that every time you get a reply your first reaction is to worry and then you calm down. This isn't a criticism, it's just to remind you to think quietly about how far you have gone and how none of your worst case scenarios have happened.
We have all been through your situation without wanting family members to know.

Cymru, You are right, I stress. I know it is not a criticism.

[Natty]

Re: Lending Stream

ill try again!

Niddy,

Sorry I was not ignoring your question, I have so much going on.

The answer is yes & yes.

[nanna58]

Re: Lending Stream

Good morning Natty are you OK ? xx

[SaltnVinegar]

Re: Lending Stream

My Mum would do anything for me, however she is not too good herself and I do not want her worrying about me, which she would do.

Hi Natty

Ok, the reason why I was asking was my thought was that if you could approach your Mum, then that removes the stress (and leverage), that is working to your disadvantage right now. You could approach this from the angle of "Just wanted to have a chat, I borrowed some money some time ago, and got in a bit of trouble paying it back, however I'm all on top of things now and sorting things out, but just wanted you to know as they may call on the telephone occasionally for me for a review and didn't want you to worry."

However this is a deeply personal thing and only you can decide on whether this would be right for you, and know how your Mum would react. It's never an easy thing to do, and you can't have any preconceived ideas as to how the conversation may go, but I know that most people who approach these situations with their family find them very supportive, and it not the disaster they thought it was going to be. As I said though, its a highly personal decision that only you can make.

That said - my question to you is have any of your creditors contacted you by telephone at home? Because if they haven't already chances are they are not going to!

The only way they are going to get your home phone number is if you give it to another company (either other credit applications, utilities, shopping etc). So if you haven't given that number to anyone, simply don't give it out from now on!

Also ensure that you do 141 before you call any number from your home phone. Some sneaky companies use caller ID, snag your number, and then make a note of your number on their CRM systems after you have called.

But right now I think you need to focus on whats in front of you - that is, to enjoy life and stop stressing about LS!

[Natty]

Re: Lending Stream

Good morning Natty are you OK ? xx

Good morning Nanna,

I am ok nanna. Stress is not good at all, I need to try calm myself. I will be ok.

Thank you you for caring. The people on this forum have been wonderful.

[Natty]

Re: Lending Stream

Hi Natty

Ok, the reason why I was asking was my thought was that if you could approach your Mum, then that removes the stress (and leverage), that is working to your disadvantage right now. You could approach this from the angle of "Just wanted to have a chat, I borrowed some money some time ago, and got in a bit of trouble paying it back, however I'm all on top of things now and sorting things out, but just wanted you to know as they may call on the telephone occasionally for me for a review and didn't want you to worry."

However this is a deeply personal thing and only you can decide on whether this would be right for you, and know how your Mum would react. It's never an easy thing to do, and you can't have any preconceived ideas as to how the conversation may go, but I know that most people who approach these situations with their family find them very supportive, and it not the disaster they thought it was going to be. As I said though, its a highly personal decision that only you can make.

That said - my question to you is have any of your creditors contacted you by telephone at home? Because if they haven't already chances are they are not going to!

The only way they are going to get your home phone number is if you give it to another company (either other credit applications, utilities, shopping etc). So if you haven't given that number to anyone, simply don't give it out from now on!

Also ensure that you do 141 before you call any number from your home phone. Some sneaky companies use caller ID, snag your number, and then make a note of your number on their CRM systems after you have called.

But right now I think you need to focus on whats in front of you - that is, to enjoy life and stop stressing about LS!

Good morning SnV,

I have thought and thought of telling Mum, but I truly cannot. Without a shadow of doubt she would be there & support me 100%. However I cannot have her worrying about me, which she would do. Dad is not too good so she has enough to contend with. My support system is this forum.

I realise I panic and stress when I receive negative news, but this is in my make up, I stress, I really cannot help it. But I will try and put LS to the back f my mind, well at least until the 29 Octber.

I have received no calls and they do not have my number.

I know I say this time after time, but I cannot thank you enough for all the support, advice and guidance you continue to give me.

Have a a good weekend

Warmest wishes

Natty

[Pixie]

Re: Lending Stream

Hi Natty, I can understand your reasons for not telling your Mum but you must try not to stress yourself. Apart from anything else it can make you ill and we don't want that! Maybe try to lessen the stress by taking long walks, doing yoga or mindfulness - they all help. How are you at home? Does your stress show? If it does your Mum may be worrying about you anyway.x

[SaltnVinegar]

Re: Lending Stream

I have received no calls and they do not have my number.

Then they cannot call you and bother your parents so no need to stress about it!