*Another* Lending Stream post.

[SaltnVinegar]

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.

Hi Benji

Ok, so the risk is that if you miss payments, or set up a payment arrangement, they will record this with the credit reference agencies, and screw up your credit file. Now how important this is to you is your decision. Personally I don't give a fudge as I have no intention of getting credit again for a very long time, but its something you need to be aware of.

As the loans are 2015 they have sorted their act out and followed the requirements of the CCA. Are you able to email me a copy of the credit agreement (removing personal info please).

Or alternatively if you're uncomfortable with that, are you able to look at the credit agreement and let me know what the terms are (specifically interest rates & charges).

If they have not followed the guidelines laid down by the FCA on the costs of lending, then the agreement may be unforceable, in which case you would only be liable for the capital.

Cheers
SnV

[Benji]

Re: *Another* Lending Stream post.

Hi SnV, really sorry i've got back to you so late, I didn't receive a notification email saying you'd mailed me back! Technology ay!

So as far as the Credit Agreement for each loan goes, I have 'Loan Documents' for each loan I took out, and they outline all the credit agreements

Would this be what you're looking for?

In terms of trying to arrange a repayment plan with them, what would be the quickest and most effective way of doing it?
Reason I ask is that the payments are due on 28th of this month, and I really could do with getting one set up, although I'm far more cautious of me putting my foot in it with them too soon if you get what I'm saying?

Many thanks in advance, Benji.

- - - Updated - - -

Hi SnV, really sorry i've got back to you so late, I didn't receive a notification email saying you'd mailed me back! Technology ay!

So as far as the Credit Agreement for each loan goes, I have 'Loan Documents' for each loan I took out, and they outline all the credit agreements

Would this be what you're looking for?

In terms of trying to arrange a repayment plan with them, what would be the quickest and most effective way of doing it?
Reason I ask is that the payments are due on 28th of this month, and I really could do with getting one set up, although I'm far more cautious of me putting my foot in it with them too soon if you get what I'm saying?

Many thanks in advance, Benji.

[SaltnVinegar]

Re: *Another* Lending Stream post.

Hi Benji

Are you sure you don't have a copy of the credit agreements? Its important as if they have not adhered to the new %cap introduced by the FCA and reflected this in the agreement then it could render them unenforceable meaning at worst you would only have to repay the principal loan........

[Natty]

Re: *Another* Lending Stream post.

Hi Benji,

I have ongoing issues with Lending Stream. I am not an expert on this forum, however the advice I would like to pass on is to take onboard everything that SnV advises you. Back in January I was at breaking point, thankfully SnV and the other wonderful people have offered me guidance and support in dealing with Lending Stream.

It it is now 7 months later and I feel much stronger and positive. The Lending Stream issues are still ongoing, but I am in charge, thanks to SnV and the rest of the fantastic people.

If you follow all there advice you will be ok, I am 100% sure of that.

Just to mention that if you do not receive a response right away do not panic. The people that help you give up their valuable time and may be dealing with their own issues, however they will get back to you.

Natty

[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.

[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.

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!

[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 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 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 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 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.

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.

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!!!

[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.