*Another* Lending Stream post.

[Benji]

I've been reading the posts on here Re Payday Loans, and in particular the Lending Stream ones, in the hope of some advice on how to go about finally sorting my own stuff out, as up until now i've just been going through that same routine- paying that damn loan at the end of the month, and struggling thereafter!
Some of the posts on here have been truly admirable, and have helped me pluck up the courage to post my own, so for that guys, I'm thankful.

So i've taken out 6 loans with Lending Stream, all in the space of a month, for one reason or another, with a combined debt currently of £636.36.
I've got another loan with Uncle Buck totalling £141.44.
And one with Wageday Advance totalling £116.80.

I've read about cancelling the CPA on the cards that the companies collect these loans from, but I wasn't sure what I should do first?

Basically in order to get myself sorted out I was looking to minimise the damage done by Lending Stream every payday, offer them a repayment option, then deal with the other 2, because as you can see, they're minimal.

If there'sanybody that could advise me of the best way to going about stopping LS from collecting payment this month? And what to expect from there?

Any help would be greatly appreciated, B x

[cymruambyth]

Re: *Another* Lending Stream post.

Hi Benji and welcome to AAD. You will have noticed that we do have a payday specialist and I'm sure he will be along in the next few days to help you. Don't do anything until he has posted. If you can get all your information sorted it will help when he posts his questions, such as dates and approximate amounts of loans, any checks made etc. When are your next payments due?

[Benji]

Re: *Another* Lending Stream post.

Hi cymruambyth, thank you for your reply

My next due payments aren't until the 28th August, so i'd imagine it's going to be pretty touch and go.

I'll get everything sorted in the meantime!

Many thanks.

[SaltnVinegar]

Re: *Another* Lending Stream post.

So i've taken out 6 loans with Lending Stream, all in the space of a month, for one reason or another, with a combined debt currently of £636.36.

Hi Benji

Welcome to AAD!

Can I just clarify this please? Lending Stream let you take 6 loans out with them in the same month? Did you use the same details on each application (i.e. as an existing customer?)



Thanks
SnV

[SaltnVinegar]

Re: *Another* Lending Stream post.

Hi Benji

Could you provide the following for each of the loans with Lending Stream please. I'm making the assumption 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.

[Benji]

Re: *Another* Lending Stream post.

Hi SnV, thank you for your reply!

I can confirm that the first loan was taken out on 24th May 2015 and the final loan taken out on 4th July 2015

So just under 6 weeks, which was slightly over what I thought on the top of my head.

Would the timescale between each loan taken out play a part in responsible lending?
At the time of taking out the loan I didn't fill in the affordability part of the application accurately as I was so desperate for money at the time (foolishly I know)

At work for the most of today, so shall follow up with the details of each loan as requested later!

Many thanks!!!

[Benji]

Re: *Another* Lending Stream post.

SnV,


So my next few posts are the details of each of the 6 loans that I currently have with LS, if I've missed anything then let me know and I'll get the details asap.
Thanks in advance!!

B.

[Benji]

Re: *Another* Lending Stream post.

Loan 1.

1) 24/5/15

2) £100

3) £81.51

4) 28/7/15

5) No payment arrangement discussed, no payments missed.

6) Yes, no I don't have a copy.

7) Pre contract information yes.

8) Not sure about this one, although if I was, it wasn't explicit.

9) Yes, and have a copy.

10) No.

11) No correspondence sent at all.

[Benji]

Re: *Another* Lending Stream post.

Loan 2.

1) 06/6/15

2) £100

3) £65.32

4) 28/7/15

5) No payment arrangement discussed, no payments missed.

6) Yes, no I don't have a copy.

7) Pre contract information yes.

8) Not sure about this one, although if I was, it wasn't explicit.

9) Yes, and have a copy.

10) No.

11) No correspondence sent at all.

[Benji]

Re: *Another* Lending Stream post.

Loan 3.

1) 09/6/15

2) £200

3) £134.88

4) 28/7/15

5) No payment arrangement discussed, no payments missed.

6) Yes, no I don't have a copy.

7) Pre contract information yes.

8) Not sure about this one, although if I was, it wasn't explicit.

9) Yes, and have a copy.

10) No.

11) No correspondence sent at all.

[Benji]

Re: *Another* Lending Stream post.

Loan 4.

1) 17/6/15

2) £50

3) £10

4) 26/6/15

5) No payment arrangement discussed, no payments missed.

6) Yes, no I don't have a copy.

7) Pre contract information yes.

8) Not sure about this one, although if I was, it wasn't explicit.

9) Yes, and have a copy.

10) No.

11) No correspondence sent at all.

[Benji]

Re: *Another* Lending Stream post.

Loan 5.

1) 22/6/15

2) £50

3) £10

4) 26/6/15

5) No payment arrangement discussed, no payments missed.

6) Yes, no I don't have a copy.

7) Pre contract information yes.

8) Not sure about this one, although if I was, it wasn't explicit.

9) Yes, and have a copy.

10) No.

11) No correspondence sent at all.

[Benji]

Re: *Another* Lending Stream post.

Loan 6.

1) 04/7/15

2) £170

3) £34

4) 28/7/15

5) No payment arrangement discussed, no payments missed.

6) Yes, no I don't have a copy.

7) Pre contract information yes.

8) Not sure about this one, although if I was, it wasn't explicit.

9) Yes, and have a copy.

10) No.

11) No correspondence sent at all.



Thats all of them!

I'm sure I covered everything, although i'm not sure how the application sheet will work with the fact that I didn't put accurate info on there re expenses?
My main concern with this all is them contacting me at home as I live with my parents, and contacting at work would be just as bad.

For what it's worth, I've never missed a payment on a PDL before, which I guess is why i've ended up in this situation - ah the irony of PDLs!

Many thanks!

[SaltnVinegar]

Re: *Another* Lending Stream post.

Hi Benji

Thanks for putting that all together, appreciate your honesty. So lets get the bad news out the way first - based on the information above Lending Stream have followed a large proportion of what they are required to do under the Consumer Credit Act (they have obviously tidied up their act in the last 8 months!).

However, onto the better news. I still think there is an irresponsible lending angle on the fact that they have sold you 6 short term products which is completely unsuitable. The other better news is that the FCA introduced new rules this year so that they cannot increase the balances of your loans beyond twice the initial capital. So at worst over the 6 loans the balance will £1340 even after their extortionate interest and any charges.

So where does this leave you? It would help to understand better your overall financial position. Do you have any other debt? Are you up to date with payments on those? You're living with your parents, but are you planning on getting a place of your own, how much disposable income would you have to service your debts etc?

Usually I would suggest telling LS to go screw themselves, but your outstanding balances are such that depending on your circumstances, it may be better to come to a payment arrangement with them.

Best
SnV

[Benji]

Re: *Another* Lending Stream post.

Hi SnV, thank you for going through all that with me.

Well I'm not in great shape other than this either, i'm in a £3k overdraft, a hefty balance on a store card, and 3 maxed out credit cards.
I'm up to date with everything so far, it's just each month obviously it gets harder and harder because of the PDL repayments.

I guess the fact that i'm not missing payments goes in my favour ever so slightly lol

That's pretty much the reason I needed to know where I stand with LS, because if I can minimise the damage done by them, then it'l give me a chance to catch up elsewhere.

How do you best advise I go about setting up a payment arrangement with them?
I've read on previous posts to refuse to give them any info regarding income and expenditure if they ask for it, would this be the case for me too?
I'm assuming providing you give them adequate communication, they're not likely to make phone calls or send letters?

Sorry for the questions, I'm just really keen to hear your expert advice!

Many thanks,

B.