Lending Stream

[Natty]

Re: Lending Stream

Hi SnV,

Sorry for the late response, I have not been too good and my Dad is poorly again.

The 30 October is fast approaching and I am still no clearly in what direction I want to go. To be honest I am really scared.

Do you know what will happen after the 30th if I do not respond, what steps will LS take?

Warnest wishes to you & all

Natty

[SaltnVinegar]

Re: Lending Stream

Sorry for the late response, I have not been too good and my Dad is poorly again.

No need to apologise - your dad is a much bigger priority than payday loan companies

The 30 October is fast approaching and I am still no clearly in what direction I want to go. To be honest I am really scared.

What is it you're scared of? Your options are pretty much the ones I mentioned previously (with a couple of variations):

1) Reject the FOS offer and tell LS to F.O. and not pay them. They will squeal and gnash their teeth but you will deal with that. There is a miniscule possibility they could issue a court claim, but there a LOT of issues they have to address, and should a judgement go against them, they way they have been issuing multiple loans would potentially destroy their business overnight.

2) Accept the FOS offer

3) Accept the FOS offer, but on revised payment plan based on updated I/E info

Do you know what will happen after the 30th if I do not respond, what steps will LS take?

What will happen? Not much, they will probably sell the account to a debt purchasor. You're under no obligation to accept the offer the FOS suggest. Ultimately the decision is yours, and we'll support you on whichever route you want to take, and help you.

[Natty]

Re: Lending Stream

[QUOTE=SaltnVinegar;533626]No need to apologise - your dad is a much bigger priority than payday loan companies



What is it you're scared of? Your options are pretty much the ones I mentioned previously (with a couple of variations):

That they issue a court claim. I know you say there is a minisule chance of this, however I cannot take the risk.

1) Reject the FOS offer and tell LS to F.O. and not pay them. They will squeal and gnash their teeth but you will deal with that. There is a miniscule possibility they could issue a court claim, but there a LOT of issues they have to address, and should a judgement go against them, they way they have been issuing multiple loans would potentially destroy their business overnight.

2) Accept the FOS offer

3) Accept the FOS offer, but on revised payment plan based on updated I/E info

I am looking at option number 3. But do not know how I go about this. Do I contact LS after the 30 October, do I need to advise the FOS?

Do you know anyone on the forum who have had experiences with LS and what happened?


Thanks again SNV for your continued patience with me.

Warmest wishes

Natty

[SaltnVinegar]

Re: Lending Stream

That they issue a court claim. I know you say there is a minisule chance of this, however I cannot take the risk.

So in 5 years of helping people with PDL companies on AAD I have only seen 2 court claims, one we are helping with right now. Both ignored the situation and didn't deal with it, which I'm sure contributed to the creditors confidence in issuing a claim. You're not in that situation so like for like comparison this isn't.

Do you know anyone on the forum who have had experiences with LS and what happened?

Yes - me, and the answer is nothing

If you're looking at entering a payment plan, then we can help you with that. First thing first is you would need to write to the FOS.

Advise them that you would like to come to a payment arrangement, however your financial circumstances have changed, therefore you would need to review your situation and come up with an offer that is afforable based on the Common Financial Statement guidelines. (the CFS bit is important - don't leave that out).

Are you ok putting that together? Happy to review it for you if you want to post it here.

[Natty]

Re: Lending Stream

Thank you for coming back to me so quickly.

I am going round and round in circles over all this. SnV I wish I was so much stronger and did not worry or stress so bloody much. I would just sit back and fight it then.

If i donot respond to the FOS will LS contact me right away chasing payment or will they sell the account without any contact with me?

[SaltnVinegar]

Re: Lending Stream

If i do not respond to the FOS will LS contact me right away chasing payment or will they sell the account without any contact with me?

Well its likely nothing will happen for a few weeks, then you'll start getting the odd letter or two, but they will be automated threat-o-grams. They may sell the account without telling you, but they, or the debt purchasor, must then send you something called a Notice of Assignment. This is an important legal step, which if they do not, could land them in trouble later down the line.

[Natty]

Re: Lending Stream

Well its likely nothing will happen for a few weeks, then you'll start getting the odd letter or two, but they will be automated threat-o-grams. They may sell the account without telling you, but they, or the debt purchasor, must then send you something called a Notice of Assignment. This is an important legal step, which if they do not, could land them in trouble later down the line.

Decisions! Decisions! I need to decide quickly what I need to do.

Ok SnV I am going to go with a revised payment offer, I feel that at this moment in time this is the option I am most comfortable with.

Do I contact the FOS via email and advise them of this, as their final decision is to enter into a payment plan of £110 per month?

Thank you for being soooooo patient with me, you have been unbelievable these past 10 months.

[SaltnVinegar]

Re: Lending Stream

Do I contact the FOS via email and advise them of this, as their final decision is to enter into a payment plan of £110 per month?

Their final decision was based on what you told them you could afford at the time - this was in January!

As your circumstances have changed, what you do is tell them that you would like to consider their suggestion, but that your financial circumstances have changed, and you would like to offer a monthly payment based on the common financial statement that you have come up with your debt advisor.

If you want to put together the email, post it here and I'll be happy to review it before you email it over.

[SaltnVinegar]

Re: Lending Stream

Hi Natty

Also, you need to get started on putting together an accurate I/E form. I'd suggest using the following on the NEDCAB website:

https://nedcab.cabmoney.org.uk/quickfs.asp

Remember, be brutal, and don't underestimate your expenditure. The tool will tell you if you are over the trigger figures, so you can play about with it a bit to give yourself a little bit of breathing space.

Let me know if you need any help

[Natty]

Re: Lending Stream

Hi Natty

Also, you need to get started on putting together an accurate I/E form. I'd suggest using the following on the NEDCAB website:

https://nedcab.cabmoney.org.uk/quickfs.asp

Remember, be brutal, and don't underestimate your expenditure. The tool will tell you if you are over the trigger figures, so you can play about with it a bit to give yourself a little bit of breathing space.

Let me know if you need any help

Thanks SnV, I will give you a shout if I get stuck.

[Natty]

Re: Lending Stream

Hi SnV,

I sent an email to the Ombudsman on Sunday. I am concerned that I have still not received a response. The 30 October is fast approaching. What shall I do?

kindest regards

Natty

[cymruambyth]

Re: Lending Stream

You have sent your reply within the deadlines; they may well be busy or away so try not to worry.

[oscar]

Re: Lending Stream

I really wouldn't let it worry you Natty.

You have done what they have asked.

[oscar]

Re: Lending Stream

Hi Natty

Also, you need to get started on putting together an accurate I/E form. I'd suggest using the following on the NEDCAB website:

https://nedcab.cabmoney.org.uk/quickfs.asp

Remember, be brutal, and don't underestimate your expenditure. The tool will tell you if you are over the trigger figures, so you can play about with it a bit to give yourself a little bit of breathing space.

Let me know if you need any help

I would go as far as the trigger figures will allow you to put extra money in your pocket.

I have completed this recently, and made sure I was just under the maximum amounts - your creditors cannot argue if you are within the limits

[SaltnVinegar]

Re: Lending Stream

Hi SnV,

I sent an email to the Ombudsman on Sunday. I am concerned that I have still not received a response. The 30 October is fast approaching. What shall I do?

kindest regards

Natty

As long as you've responded then you're fine. If you're concerned then just drop them a quick email to just check, but you've done what you needed to do.

- - - Updated - - -

I would go as far as the trigger figures will allow you to put extra money in your pocket.

I have completed this recently, and made sure I was just under the maximum amounts - your creditors cannot argue if you are within the limits

Yup thats why they're there - no subjectiveness, no arguments