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  • #1

    Lending Stream

    Hello everyone, i'm hoping I can get some advice from this forum regarding Lending Stream also!

    I have been approved for 4 loans from LS in the last 2 months totalling £860.
    Basically and not going into too much info I got hit with a nasty gambling habit which spiralled out of control recently.
    Thinking I would get out of this predicatment I kept taking out LS loans but it has got worse.
    I have made the first 2 months payments as I only had the 1 loan but now I have 4 there is no way I can afford the next one minimum £200.
    Now i know this is all my fault and I am hoping I have caught my habit on-time (have seeked help, cancelled accounts, blocked card etc)
    To make things worse I am already in a trust deed/IVA since June 2012 - I know I know how stupid am I for taking out more debt! I'm very surprised that LS accepted my loan applications considering this!
    My trustee will not add this debt to my account as it's not legally possible and they have recommended to approach LS with an affordable payment plan.
    I have wrote to LS today explaining the above and proposing we come to some form of amicable payment plan to sort this!
    My next payment is not due to the 15th September so I have time hopefully - was thinking of asking my bank to send me a new debit card as it will have a different debit card number from the one which LS take the payment from??

    Any advice much appreciated

    Thanks Craig
    Tags: 2012, accounts, advice, applications, arrangement, bank, blocked, cancelled, cap, card, charges, con, contract, credit, credit agreement, debit, debit card, debt, email, fca, help, information, interest, issues, iva, lending, loans, payment plan, payments, people, rac, rate, repay, share, thank you, trustee, work, £50
  • #2
    Re: Lending Stream

    Hi & welcome

    SnV will be along in due course. He's pretty bloody good at sorting these things out.

    Sit tight.
    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

    • #3
      Re: Lending Stream

      thank you :-)

      Comment

      • #4
        Re: Lending Stream

        S n V is brilliant hang on xx
        if you do it today and you like it you can always do it again tomorrow

        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

        • #5
          Re: Lending Stream

          Hi Craigie

          Welcome to AAD and now breeeathe

          I'm on the road for work at the moment so don't have a lot of time immediately and didn't want to read and run, but wanted to reassure you that if your next payment isn't until mid September you have LOTS of time to sort this out.

          Theres a few angles here that we can tackle, not the least providing you with a credit product when you're on an IVA.

          From what I've read you've done already you're on the right track. If you've sent LS an email explaining your situation lets see what they come back with first and then take it from there......
          "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: Lending Stream

            Hi S n V thanks for the reply and appreciate whilst your on the road for work!! Ok no problem let's see what LS say first. I'm not holding my breath for an immediate reply (email just sent today).
            Thanks Craigie

            PS.....I'm breathing better now ;-)

            Comment

            • #7
              Re: Lending Stream

              Hi Craigie,

              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

              Comment

              • #8
                Re: Lending Stream

                Hello Natty,

                Many thanks for your reply. I appreciate you taking the time out to share your experiences with lending stream.
                It's encouraging to read on here that many people have had help sorting out their issues with LS.

                They have called me today offering a payment plan of £50 a month and have frozen all interest on the 4 loans.
                This is affordable but still doesn't hide the fact that they are an irresponsible lender who can approve 4 loans to someone in under 2 months!

                I know at the end of the day I committed myself to applying for these but they should have assessed my affordability properly especially with me being on an IVA!

                Cheers!
                Last edited by craigie; 21 August 2015, 20:00.

                Comment

                • #9
                  Re: Lending Stream

                  Originally posted by craigie View Post
                  Hello Natty,

                  Many thanks for your reply. I appreciate you taking the time out to share your experiences with lending stream.
                  It's encouraging to read on here that many people have had help sorting out their issues with LS.

                  They have called me today offering a payment plan of £50 a month and have frozen all interest on the 4 loans.
                  This is affordable but still doesn't hide the fact that they are an irresponsible lender who can approve 4 loans to someone in under 2 months!

                  I know at the end of the day I committed myself to applying for these but they should have assessed my affordability properly especially with me being on an IVA!

                  Cheers!

                  Hi Craigie

                  Ok so sounds like you've had a response from LS. While I'm in total agreement that they could be found guilty of irresponsible lending there are a few issues here that make it difficult to argue:

                  1) You were in an IVA and you probably received pre-contract information from LS if it was taken in the last couple of months. The purpose of the pre-contract information is for you to read, and to make a decision, on whether the product is right for you or not. If you had read the information, being on an IVA, you would have known this not to be the case. This is not a criticism of you from my by the way - this is how LS would argue it so its important to understand.

                  2) Its likely that the IVA trustee/IP would have told you about the conditions of taking on more debt. If over £500, then you should not have been able to do this without written permission.

                  Unfortunately theres not much point me looking at the credit agreement that LS have sent you, because even if they ignored the interest rate cap set by the FCA (which would render the agreement UE), the FCA set out that the principal still has to be repaid and that is effectively what LS have offered.

                  So I'm going to suggest something I wouldn't normally - as LS have contacted you, have frozen all interest and charges, and have offered a payment plan to repay the principal that is affordable, I would suggest in your circumstances to accept it.

                  If you still want to argue the irresponsible lending aspect I'm quite happy to still help you with this, but the risk due to the situation with the IVA is greater for you.

                  Ultimately you have to choose what you're most comfortable with doing, and what your acceptance of that risk is, and I'm afraid I can't make that decision for you
                  "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

                  • #10
                    Re: Lending Stream

                    Hello S & V thank you for your reply and advice it's much appreciated. I'm in agreement that the payment plan is acceptable and affordable so I've went ahead & set it up. Thanks again

                    Comment

                    • #11
                      Re: Lending Stream

                      Originally posted by craigie View Post
                      Hello S & V thank you for your reply and advice it's much appreciated. I'm in agreement that the payment plan is acceptable and affordable so I've went ahead & set it up. Thanks again
                      You're more than welcome. I'm sorry that I couldn't suggest taking a sterner stance with them, but with your circumstances, and the fact they had complied with FCA requirements, it made it difficult to suggest anything else.

                      Let me know though if they give you any trouble with the payment arrangement.

                      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

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