Lending Stream and Sunny Problems

[thaiguru76]

Re: Lending Stream and Sunny Problems

This should be the Lending Stream Loan History

Taken Out Completed

£150.00	# XXXXX0902	Aug. 16, 2015	Sept. 25, 2015, 4:01 p.m.
£50.00	# XXXXX0607	Aug. 26, 2015	Sept. 30, 2015, 10:50 a.m.
£100.00	# XXXXX1219	Aug. 6, 2015	Sept. 25, 2015, 10:07 a.m.
£50.00	# XXXXX0567	Sept. 30, 2015	Oct. 9, 2015, 4:01 p.m.
£300.00	# XXXXX0638	Oct. 13, 2015	Oct. 17, 2015, 1:49 p.m.
£50.00	# XXXXX0736	Sept. 27, 2015	Oct. 8, 2015, 10:30 a.m.

Bit messy, but u get the idea

[PlanB]

Re: Lending Stream and Sunny Problems

Thanks for that.

I've removed the first part of the loan references for security reasons but I've left the last four digits so you can still identify them.

I'm sure SnV will be along later to take a look at everything.

Plan B x

[thaiguru76]

Re: Lending Stream and Sunny Problems

Just to add to the above. I have contacted both Lending Stream and Sunny in the last few days with regards a repayment plan and both want an income and expenditure done and Lending Stream also want proof of JSA/Termination of employment proof.

Also I am technically not in arrears/default as Sunny is not due til 30th October and Lending Stream is not due til 30th November, but I told them I would not be able to meet the agreed payments,

Sunny have froze my account for 30 days so that I can do the income and expenditure. Lending Stream have said they will freeze my account once they have received the income and expenditure, proof of JSA/Termination of employment and setup the repayment plan. So Lending Stream are my biggest worry due to not being employed when I applied. So far Sunny don't seem to care about that.

Thanks again

[thaiguru76]

Re: Lending Stream and Sunny Problems

Hi

Is anyone able to offer me any advice on what I should do in terms of filling out the income/expenditure for Sunny and Lending Stream. Sunny is due payment on Friday so I need to get something done soon. Also I want to sort out Lending Stream as they are still adding interest at the moment. Should I just be honest and tell them I wasn't working when I applied or is this going to get me into legal trouble?

I know SnV is the expert, but I wondered if anyone else had any advice in the meantime.

Thanks in advance.

[SaltnVinegar]

Re: Lending Stream and Sunny Problems

Hiya

Sorry, although I'm pretty handy on PDL's, I'm not so up to speed on how lenders need to be careful in circumstances like yours. We have helped people with addictions etc in the past before, but need to tread very carefully because of the legal implications.

You've got until Friday so sit tight for another day or two while I do some more research.

[thaiguru76]

Re: Lending Stream and Sunny Problems

Thanks SnV

I understand it's an unusual situation and nobody but myself to blame.

Thanks again for all your doing for me. I really appreciate it.

[thaiguru76]

Re: Lending Stream and Sunny Problems

Thanks SnV

I understand this is an unusual situation. I really appreciate all your help on this.

[SaltnVinegar]

Re: Lending Stream and Sunny Problems

Hiya

Ok, lets get us some time to look at this. Have you cancelled the Continuous Payment Authority with both companies? If not then get the following email off to them immediately:

<Start Template Letter>

Dear Sir/Madam

Account No:

I am writing to advise that with immediate effect, I withdraw my authority for all future payments to be debited from card number in respect of the above loan. This is in accordance with my rights under the Payment Services Regulations 2009, which state:

“The payer may withdraw its consent to a payment transaction at any time before the point at which the payment order can no longer be revoked under regulation 67.”

Please confirm in writing that this instruction has been received and actioned.

I look forward to hearing from you.

Yours faithfully

[thaiguru76]

Re: Lending Stream and Sunny Problems

Hi

For some reason damn Gmail decided to put AAD replies into Spam even though they were fine before. So only just saw this message.

I had already sorted out the CPA, so there is no worry on that front.

Sunny have froze account and given me 30 days to call them (that was over a week ago) and Lending Stream have given me til 19th November but they are still adding interest unlike Sunny.

Thanks again

[thaiguru76]

Re: Lending Stream and Sunny Problems

Hi

Any news?

I really want to get this sorted out so that I don't have to worry anymore. Obviously I would prefer to get them to write off the loans due to irresponsible lending, but I would be happy with a repayment plan just so that I can forget about it.

Thanks again

[SaltnVinegar]

Re: Lending Stream and Sunny Problems

Hi Thai

Your loans were taken out after Jan 2nd this year. The good news, is that it means you have a bit more protection as a consumer (for example, your balances cannot increase by more than double). However, most PDL companies that stayed in business have tended to get their house in order, and looking at the info you've provided I'm afraid this is the case on the following:

1) You've been provided with pre-contract information so they will argue that you knew what you were signing up to
2) The interest rates and charges are in line with short term, high cost loan legislation so you cannot argue UE
3) The credit agreements are in line with short term, high cost loan legislation so you cannot argue UE

On the 'irresponsible lending' front you may have an argument that they have been irresponsible offering you 3 loans in a short space of time - however the test is affordability. As you stated that you were self employed earning £1900, the affordability test could work against you.

I know for a fact that Lending Stream will not agree that offering you 3 loans was irresponsible. The FOS will also side with them on this based on the affordability test. The only way this ever really be determined is in the Courts but the two claims I've seen in 5 years were not multiple loans......

You may have an argument that they did not perform due diligence by asking for proof of income, or perform other checks, however there then is the other issue that you may not have been completely transparent in the application process, which leaves you open to claims of fraud.

As far as your alcohol addiction is concerned, this does bring into question the PDL's responsibilities under the lending code, and dealing with vunerable people (alcohol addiction is actually described as an example of a consumer who could be considered vunerable).

However, the test again, is whether the companies concerned had been aware of the fact you were vunerable, and how they could have been aware of this, which they will of course argue.

So with all that said where does this leave you?!

The way I see it is you have the following choices:

1) Take a personal view that they should not have lent you the money, that you have bigger things in your life right now to sort out, and ignore them and not pay them a further penny

Risk to the above approach, is that they will report defaults to the credit reference agencies, which may prevent you getting credit for a while, and they may (although tiny chance), issue a court claim against you (though they may not like a Judge taking a view of whether allowing someone to take 3 loans is responsible as this could be VERY bad for their business model). Youl will also get bombarded initially with phone calls and letters from their collections departments, and possibly collection agencies if they sell the accounts on.

Benefit to this is you know the balances at worst can only double. It can give you some breathing space when you get back on your feet, both personally and financially. You can then either continue to ignore them until the debts become statute barred (if they don't issue a court claim), or you can then offer a F&F payment to write off the debt, or still offer a payment proposal if you wish

2) Write to them arguing irresponsible lending and asking for the loans to be written off

Risks are the same as option 1), however you are establishing a cause of complaint, and offering a reason for non payment. Benefits are also the same as 1) with the added benefit that if they do not respond in the prescribed timeframes for a complaint you can drag things out even further. It may also give them pause from issuing a speculative court claim. You may also get one or two of the loans written off as a goodwill gesture

3) Write to them offering a payment arrangement

Believe it or not the risks are still the same as option 1). You can be in a payment arrangement, and still have a court claim issued against you! Its less likely, but it still may happen.

Benefits are, you are paying off the balances, and you are in control. It also gives you more leverage, as if they refuse your offer unreasonably, they are in breach of FCA guidelines.

However I would NOT respond to anything asking for proof of income, when you were made redundant, starting jobseekers allowance etc. This would open up a can of worms for you, and a creditor has no legal right to ask for this information anyway.

Ultimately its your choice what you would like to do, but hopefully the above helps you make that choice a little better informed. Whatever you choose we'll be able to give you guidance on how to approach them.

Best
SnV

[thaiguru76]

Re: Lending Stream and Sunny Problems

Thanks SnV

I am going to have to think about this a bit.

I have also had advice from Consumer Action Group and they differ from what you have said. They say I should be honest with them and I should push to have my loans written off because neither Sunny or Lending Stream made any attempt to get proof of my income via bank statements, etc.

This leaves me in a bit of quandary and I'm not sure which way to go at the moment.

I appreciate everything you have done for me and I will update you once I have made a decision and also update you with any outcome.

Thanks again.

[cymruambyth]

Re: Lending Stream and Sunny Problems

I don't blame you looking around. AlI can say is that snv has a proven success rate in dealing with PDLS and he has given you a list of options as it is your life and your decision. Do not be swayed by some activists - AAD has had an excellent success rate and has had to deal with the consequence of 'guidance' given on other sites.

[SaltnVinegar]

Re: Lending Stream and Sunny Problems

I have also had advice from Consumer Action Group and they differ from what you have said. They say I should be honest with them and I should push to have my loans written off because neither Sunny or Lending Stream made any attempt to get proof of my income via bank statements, etc.

I won't make any comment or get drawn into a debate on the advice made over on CAG, but ask yourself this:

How is option 2) above any different to what CAG are suggesting other than the fact that by 'being honest' you are opening yourself up to accusations of fraud. Did the people offering that advice, further suggest what your approach would be should your creditors realize this, and make a claim against you, or even contact the police to report a possible criminal offense?

I would strongly urge you to think through very carefully the possible repurcussions, and whether the advice offered to you also informed you of the potential pros & cons.

[thaiguru76]

Re: Lending Stream and Sunny Problems

Thanks again SnV

I am thinking option 2 is the best idea, but I am still going to think for a while.

If I was to go with option 2, do you have a draft letter/email that I could send as I am really not sure how to word it without giving them cause to look into my employment status.

Thanks again