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  • #1

    Struggling with a lending stream, well 4 LS loans...

    Hi there

    I currently have 4 lending stream loans that I am struggling to pay. I've been in the payday cycle for a while now and have decided that I am going to have to pay smaller amounts and clear the balance over a longer period. I was searching for some advice online and came across a thread here:

    http://forums.all-about-debt.co.uk/showthread.php?12464-4-payday-loans-with-Lending-Stream-now-passed-to-Credit-Resource-Solutions

    Would the fact that I have 4 loans, with 4 different account numbers buy me some "bargaining power" in terms of setting up a repayment plan?

    It wasn't too long after I had taken these loans that Wonga agreed to write just shy of £900 off due to responsible lending/affordability.

    I currently owe about £780 spread across these loans.
    Any advice appreciated, and many thanks.
    Tags: 2015, act, advice, application form, arrangement, balances, business, con, consumer, credit, credit agreement, date, debt, debts, default, email, help, holidays, investigation, lending, list, loans, mat, money, online, pay, payday, payday loans, payments, pdl, power, warning, weekend, wonga
  • #2
    Re: Struggling with a lending stream, well 4 LS loans...

    Hi Addy, welcome to AAD. Our payday expert is salt'nvinegar, don't do anything until he replies. He will reply as soon as he can but he does have work commitments.
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

    Comment

    • #3
      Re: Struggling with a lending stream, well 4 LS loans...

      Thanks, can't wait for his reply! All four of these loans have been accepted for payment holidays twice too. I haven't made any payment in the last two months however they aren't in default yet..

      Comment

      • #4
        Re: Struggling with a lending stream, well 4 LS loans...

        The fact they've provided 4 loans shows evidence of irresponsible lending so yes you'll earn leeway. As advised above, SnV is our PDL expert so if anyone can help, he can. Sit tight. He'll be around over the weekend (usually is).
        I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

        If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

        Comment

        • #5
          Re: Struggling with a lending stream, well 4 LS loans...

          Hi Addy and welcome to AAD!

          So ANOTHER person with 4 or more loans with Lending Stream. So much for these being 'isolated incidents', more like modus operandi to me.

          The numbers we're collating here, I think we could consider a group complaint as this company need an investigation into its lending as a matter of urgency, but for your case.....

          Could you provide the following for each of the loans you have with Lending Stream please. You mention that you've not missed any payments yet. If you have let me know as I'll need to ask a few more details

          • Date loan taken out
          • Amount of loan
          • Amount paid to date
          • Date a payment was last made
          • Status (i.e. have you discussed a payment arrangement)?
          • Did you have to fill out an application form and do you have a copy?
          • Were you given any pre-contact information or fact sheet so you could assess the affordability of the loan that was being offered to you?
          • Were you given a Risk Warning at any point during the application process (ie. told something along the lines of 'make sure this product is right for you'
          • Were you given a credit agreement and if so do you have a copy?
          • Did you at any time 'roll over' (or did you 'reloan') and if so how many times?
          • When was the last time you sent any correspondence to them (either by email or post) and have you kept copies of any of the correspondence that you have with them?



          I know its a lot of information I'm asking for - please don't be put off by that, take a couple of days if you need to. What we're looking to do is establish if LS have followed the Lending Code, and also have provided the information to you they are required under the consumer credit act.

          Once we've got an understanding of the circumstances of each loan, then we can offer help on how to approach this.

          Best
          SnV
          "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

          The consumer is that sleeping giant.!!


          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

          Comment

          • #6
            Re: Struggling with a lending stream, well 4 LS loans...

            You bet'cha I will. Here's the information, and I've dropped you a message in your inbox too!

            Loan 1:


            Date loan taken out: 19/08/2014
            Amount of loan: £150
            Amount paid to date: £151.80
            Date a payment was last made: 27th November
            Status (i.e. have you discussed a payment arrangement)?: Next payment 26/02/2015
            Did you have to fill out an application form and do you have a copy?: Online application
            Were you given any pre-contact information or fact sheet so you could assess the affordability of the loan that was being offered to you?: I don't believe so.
            Were you given a Risk Warning at any point during the application process (ie. told something along the lines of 'make sure this product is right for you': No
            Were you given a credit agreement and if so do you have a copy?: Yes, your inbox.
            Did you at any time 'roll over' (or did you 'reloan') and if so how many times?: Two times
            When was the last time you sent any correspondence to them (either by email or post) and have you kept copies of any of the correspondence that you have with them?: All correspondance sent to you


            Loan 2:


            Date loan taken out: 23/08/2014
            Amount of loan: £150
            Amount paid to date: £88.12
            Date a payment was last made: 27th November
            Status (i.e. have you discussed a payment arrangement)?: Next payment 26/02/2015
            Did you have to fill out an application form and do you have a copy?: Online application, no copy.
            Were you given any pre-contact information or fact sheet so you could assess the affordability of the loan that was being offered to you?: No
            Were you given a Risk Warning at any point during the application process (ie. told something along the lines of 'make sure this product is right for you': No
            Were you given a credit agreement and if so do you have a copy?: Yes, your inbox.
            Did you at any time 'roll over' (or did you 'reloan') and if so how many times?: Two times
            When was the last time you sent any correspondence to them (either by email or post) and have you kept copies of any of the correspondence that you have with them?: All correspondance sent to you


            Loan 3:


            Date loan taken out: 14/09/2014
            Amount of loan: £120
            Amount paid to date: £84
            Date a payment was last made: 27th November
            Status (i.e. have you discussed a payment arrangement)?: Next payment due 26/02/2014
            Did you have to fill out an application form and do you have a copy?: Online application, no copy.
            Were you given any pre-contact information or fact sheet so you could assess the affordability of the loan that was being offered to you?: No
            Were you given a Risk Warning at any point during the application process (ie. told something along the lines of 'make sure this product is right for you': No
            Were you given a credit agreement and if so do you have a copy?: Yes, your inbox.
            Did you at any time 'roll over' (or did you 'reloan') and if so how many times?: Two times
            When was the last time you sent any correspondence to them (either by email or post) and have you kept copies of any of the correspondence that you have with them?: All correspondance sent to you


            Loan 4:


            Date loan taken out: 20/09/2014
            Amount of loan: £200
            Amount paid to date: £0
            Date a payment was last made: N/A
            Status (i.e. have you discussed a payment arrangement)?: Next payment due 26/02/2015
            Did you have to fill out an application form and do you have a copy?: Online application, no copy.
            Were you given any pre-contact information or fact sheet so you could assess the affordability of the loan that was being offered to you?: No
            Were you given a Risk Warning at any point during the application process (ie. told something along the lines of 'make sure this product is right for you': No
            Were you given a credit agreement and if so do you have a copy?: Yes, your inbox.
            Did you at any time 'roll over' (or did you 'reloan') and if so how many times?: Two times
            When was the last time you sent any correspondence to them (either by email or post) and have you kept copies of any of the correspondence that you have with them?: All correspondance sent to you


            I have sent to your inbox a link where you can download/view the agreements on my Google Drive. I've uploaded correspondance that I've managed to dig out and I'll be searching around for more later. I hope I've answered things in as much detail as you'd like. One of the loans has essentially been rolled over three times due to a dispute with my card at the time (them not taking payment when they should have :/), whilst the others have been rolled over twice. I'm not looking for a "get out of jail free card". I just want to be able to make affordable payments to clear it rather than struggling all the time. I'm taking the money I receive this month and paying all smaller payday loans and bills (roughly £850), which will leave me enough to live on until payday. I'm very thankful for your help.

            Comment

            • #7
              Re: Struggling with a lending stream, well 4 LS loans...

              Hi Addy

              Excellent, thanks for the detailed info. Just a couple more questions:

              1) Do you have any other debt, or likely to fall into debt/arrears with any other accounts?
              2) Are you a homeowner?

              You also mentioned that this month you're looking to pay all smaller payday loans. Which ones are you referring to? Some of the ones above? Or do you have other loans?

              Thanks
              SnV
              "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

              The consumer is that sleeping giant.!!


              I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

              If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

              Comment

              • #8
                Re: Struggling with a lending stream, well 4 LS loans...

                Originally posted by SaltnVinegar View Post
                Hi Addy

                Excellent, thanks for the detailed info. Just a couple more questions:

                1) Do you have any other debt, or likely to fall into debt/arrears with any other accounts?
                2) Are you a homeowner?

                You also mentioned that this month you're looking to pay all smaller payday loans. Which ones are you referring to? Some of the ones above? Or do you have other loans?

                Thanks
                SnV
                Hey man no worries. Hope the documentation I sent over was of assistance/made things easier for you!

                I also have a WageDayAdvance loan owed at £300 which I will not be able to pay this month. I am going to call and hopefully agree to a payment arrangement with them. I also have an installment loan with MyJAR however there is just £16 due this month and £122.40 next month which I can repay on time no problem hence will get this cleared. Also an outstanding £144 with PayDay Express but this will be repaid this month as-well and out the way. I am not a homeowner.

                Also have catalogue, 2 credit cards (£1400), overdraft (£1000), but unlikely I will fall behind with these. Making currently minimum payments, however will increase once other debts out the way (happy to send you a breakdown if required). Bank have so far not at all contacted me about my overdraft.

                To be fair I'm now in a pretty strong position to be clearing my debt, as I'm living with family again. Had a few problems with my job and whatnot but back on track now. The vast majority of my income can go towards debt, minus living costs. Appreciate your help so far buddy. Take your time, no payments are due till the 26th. Is there anything I should do in the meantime? I have a savings account so I can transfer money in there as no card/direct debits associated with it.

                Hope you had a good weekend!
                Addy
                Last edited by Addy 2015; 21 February 2015, 16:42.

                Comment

                • #9
                  Re: Struggling with a lending stream, well 4 LS loans...

                  Just posting as my payments are due on 26th and to let you know that through reading through the forums, I have taken it upon myself to open a basic cash account with TSB.
                  This was accepted and online banking has been setup. Debit card on the way and I won't be giving anyone the number.

                  Too late to change my wages, however will be up on the night to transfer into new TSB account.
                  Going to setup DD's for my regular monthly outgoings with this account too.

                  Comment

                  • #10
                    Re: Struggling with a lending stream, well 4 LS loans...

                    Originally posted by Addy 2015 View Post
                    Just posting as my payments are due on 26th and to let you know that through reading through the forums, I have taken it upon myself to open a basic cash account with TSB.
                    This was accepted and online banking has been setup. Debit card on the way and I won't be giving anyone the number.

                    Too late to change my wages, however will be up on the night to transfer into new TSB account.
                    Going to setup DD's for my regular monthly outgoings with this account too.
                    Hi Addy

                    Thats a sensible thing to do. Just to cover all your bases, I would also go in to your current bank and ensure that all the CPA's are cancelled with immediate effect (do this tomorrow if you can). Type out this letter for each account and take that in with you. Don't let the counter staff fob you off sayign that they can't do it. They can, and legally they have to and they tell you otherwise they are incorrect and you should ask for a manager.

                    <Start of Letter>

                    Name & Address of creditor using CPA: xxxxx

                    Bank Account number: xxxxxxxxxxxxx

                    To whom it may concern,

                    Cancellation of Continuous Payment Authority - Confirmation Required

                    My payday loan with xxxxxxxxxxx is being paid using a continuous payment authority.

                    I am withdrawing my authorization for any more payments to be taken from my account by this company. The last four digits of the card these payments are being taken from are <XXXX>

                    As per the Payment Services Regulations 2009, any more payments taken from this card will be an unauthorized transaction.

                    Please send me written confirmation that you have cancelled this continuous payment authority.

                    Your sincerely

                    Addy

                    <End of letter>
                    "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

                    The consumer is that sleeping giant.!!


                    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                    Comment

                    • #11
                      Re: Struggling with a lending stream, well 4 LS loans...

                      Will attempt to do it over the phone if not pop down to the bank in the morning. Or is it mandatory to take the letter into the bank? Should I also email the PDLs to cancel Cpa ? Thanks for the reply. I'll get everything done and await your advice on what to do next.

                      Thanks again.

                      Comment

                      • #12
                        Re: Struggling with a lending stream, well 4 LS loans...

                        Originally posted by Addy 2015 View Post
                        Will attempt to do it over the phone if not pop down to the bank in the morning. Or is it mandatory to take the letter into the bank? Should I also email the PDLs to cancel Cpa ? Thanks for the reply. I'll get everything done and await your advice on what to do next.

                        Thanks again.
                        You can do it over the phone - but I would always have some form of written evidence that you've asked for this to be done to cover yourself.

                        Cancelling with the banks is the most important step - you can cancel with the companies once you've done this.
                        "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

                        The consumer is that sleeping giant.!!


                        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                        Comment

                        • #13
                          Re: Struggling with a lending stream, well 4 LS loans...

                          Okay. Should I send any other correspondence to the PDLs I'll be defaulting?

                          Comment

                          • #14
                            Re: Struggling with a lending stream, well 4 LS loans...

                            I wouldn't as they will be in contact with you quick enough!
                            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                            Comment

                            • #15
                              Re: Struggling with a lending stream, well 4 LS loans...

                              My WDA has defaulted and charges of £12 added. Text message sent but no phone call.
                              I'm sure I set it as the 26th/27th, maybe I have done this accidently. Regardless, can't make payment.

                              Tried to update my email on their website, but they don't have that facility. Little unusual.
                              No longer have access to email that was used to sign up - Should I be doing anything further at this stage?
                              Shows defaulted on their website. Also CPA cancelled, but doesn't matter anyway as there is no money in the account to take.

                              Comment

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