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  • Lending Stream and pounds to pocket

    Basically I have taken out 5 payday loans with Lending Stream and one with Pounds to pocket. I shouldn't have done this as I am in a DMP and am in a position where I am struggling to pay back the agreed amount but needs arose at the time where I had no option. I have read through some threads on here prior to posting this where irresponsible lending and affordability checks have cropped up. I was wondering if I could get some advice on how to contact these lenders citing there lending criteria in a way to enable me to come to a payment agreement. I have already added extra debts to my DMP in the past and don't think adding more will be looked on favourably. Hope someone on here can help. Thanks in anticipation.

  • #2
    Re: Lending Stream and pounds to pocket

    Hi and welcome to AAD. We have a PDL specialist, Saltnvinegar who will ask questions and make suggestions. He is busy with work so may not reply immediately. The first problem that I can see is whether you were asked questions and should have declared your DMP.
    Do you have details of all the loans, eg date taken out and the amount and whether they supplied an agreement, either paper or electronically.

    The other thing to review is your DMP - if you are struggling to pay is it right for you? Depending on the dates of the agreements included you may wish to question whether the agreements are enforceable. In addition, you often pay a management charge for these policies, if you administer them yourself more money will go to your creditors.

    If you read around the site you will get a better idea of your different options.
    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: Lending Stream and pounds to pocket

      Originally posted by scottygees View Post
      Basically I have taken out 5 payday loans with Lending Stream and one with Pounds to pocket. I shouldn't have done this as I am in a DMP and am in a position where I am struggling to pay back the agreed amount but needs arose at the time where I had no option. I have read through some threads on here prior to posting this where irresponsible lending and affordability checks have cropped up. I was wondering if I could get some advice on how to contact these lenders citing there lending criteria in a way to enable me to come to a payment agreement. I have already added extra debts to my DMP in the past and don't think adding more will be looked on favourably. Hope someone on here can help. Thanks in anticipation.
      Hi Scotty and welcome to AAD!

      So first things first, no one here is going to judge you for taking out PDL's when you were on a DMP so don't worry about that

      Second - who is managing your DMP for you?

      Third, regards to the payday loans, could you create a new post for each of them giving the information asked for here:

      http://forums.all-about-debt.co.uk/s...yday-Loan-debt

      Don't worry about things, we'll help you start to get things sorted.

      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


      • #4
        Re: Lending Stream and pounds to pocket

        Thanks for the reply

        my DMP is with step change so at least I know I am not being charged

        i have a contract with P2P but only have 2 emails from lending stream confirming contracts. I have probably deleted the others without realising. Should I be asking them to provide them again to me?

        i will get all the other details to you asap

        Comment


        • #5
          Re: Lending Stream and pounds to pocket

          Loan 1
          opened 24/10/15
          £60
          balance £74.88
          full amount payable £120
          payments made £43.06

          loan 2
          opened 12/11/15
          £150
          balance £165.72
          full amount payable £282
          payments made £90

          loan 3

          opened 16/12/15
          £350
          balance £454.60
          amount payable 650.72
          payments made £44.80

          loan 4

          opened 22/12/15
          £100
          balance £148.60
          total payable £200
          no payments made

          loan 5
          opened 4/1/16
          £60
          balance £88.92
          total payable £116.04

          i haven't yet discussed any payment options with them. However it looks like a loan agreement is attached o each loan on my online account with them. I wasn't aware of them asking any questions regarding current adverse credit I.e. DMP or there being a risk warning. None of the loans have rolled over. I have written to them already citing irresponsible lending and affordability checks, it looks like I may have jumped the gun here. Sorry if that may now cause issues. This is the Lending stream information. I only have one P2P payment to make so can manage that. It looks like LS have now added late fees of £15 to each loan due to CPA being cancelled at the bank.Hope this information helps. Thanks once more.

          Comment


          • #6
            Re: Lending Stream and pounds to pocket

            Originally posted by scottygees View Post
            I have written to them already citing irresponsible lending and affordability checks, it looks like I may have jumped the gun here
            Hi Scotty

            Ok, well lets see what they come back with. As you have taken out the loans in the last couple of months, the latest legislation states that you cannot owe more than double the principal sum lent, so they can't keep slapping in interest & charges and come up with a daft 'balance'.

            With regards to irresponsible lending, this will also depend on what information you provided on your application. It would also be helpful to understand whether you responded to an email offering you further loans

            On their application process, there is nothing that asks you whether you are on a DMP etc, but it does ask you for loan information. If you have been on a DMP for some time though this may show as an arrangement to pay with the credit reference agencies which should have raised alarm bells with LS.

            To help advise further also what is your home situation? Do you rent or do you have a mortgage?
            "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


            • #7
              Re: Lending Stream and pounds to pocket

              Originally posted by scottygees View Post
              Loan 1
              opened 24/10/15
              £60
              balance £74.88
              full amount payable £120
              payments made £43.06

              loan 2
              opened 12/11/15
              £150
              balance £165.72
              full amount payable £282
              payments made £90

              loan 3

              opened 16/12/15
              £350
              balance £454.60
              amount payable 650.72
              payments made £44.80

              loan 4

              opened 22/12/15
              £100
              balance £148.60
              total payable £200
              no payments made

              loan 5
              opened 4/1/16
              £60
              balance £88.92
              total payable £116.04

              i haven't yet discussed any payment options with them. However it looks like a loan agreement is attached o each loan on my online account with them. I wasn't aware of them asking any questions regarding current adverse credit I.e. DMP or there being a risk warning. None of the loans have rolled over. I have written to them already citing irresponsible lending and affordability checks, it looks like I may have jumped the gun here. Sorry if that may now cause issues. This is the Lending stream information. I only have one P2P payment to make so can manage that. It looks like LS have now added late fees of £15 to each loan due to CPA being cancelled at the bank.Hope this information helps. Thanks once more.
              Originally posted by SaltnVinegar View Post
              Hi Scotty

              Ok, well lets see what they come back with. As you have taken out the loans in the last couple of months, the latest legislation states that you cannot owe more than double the principal sum lent, so they can't keep slapping in interest & charges and come up with a daft 'balance'.

              With regards to irresponsible lending, this will also depend on what information you provided on your application. It would also be helpful to understand whether you responded to an email offering you further loans

              On their application process, there is nothing that asks you whether you are on a DMP etc, but it does ask you for loan information. If you have been on a DMP for some time though this may show as an arrangement to pay with the credit reference agencies which should have raised alarm bells with LS.

              To help advise further also what is your home situation? Do you rent or do you have a mortgage?
              i currently have a mortgage in joint names with my wife.i was bombarded with text messages regarding taking further loans. I think there application just asks for outgoings without going in to too much depth so the figures I gave them were correct.

              i have had 3 emails since non payment from them requesting payment but nothing acknowledging my complaint. How long should I give them to reply?
              Last edited by Pixie; 5 February 2016, 13:20. Reason: tidied quote

              Comment


              • #8
                Re: Lending Stream and pounds to pocket

                Originally posted by scottygees View Post
                i currently have a mortgage in joint names with my wife.i was bombarded with text messages regarding taking further loans. I think there application just asks for outgoings without going in to too much depth so the figures I gave them were correct.
                So heres the rub, and no-one is going to judge so please don't worry about that, but were the figures that you gave them accurate? If not then say, because it limits the options available to you, and its better to know now than give LS ammunition against you and embarking on a route that would work against you.

                Originally posted by scottygees View Post
                i have had 3 emails since non payment from them requesting payment but nothing acknowledging my complaint. How long should I give them to reply?
                Companies regulated by the FCA have 8 weeks to respond, so expect to wait that long, or hear nothing at all.
                "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


                • #9
                  Re: Lending Stream and pounds to pocket

                  Originally posted by SaltnVinegar View Post
                  So heres the rub, and no-one is going to judge so please don't worry about that, but were the figures that you gave them accurate? If not then say, because it limits the options available to you, and its better to know now than give LS ammunition against you and embarking on a route that would work against you.



                  Companies regulated by the FCA have 8 weeks to respond, so expect to wait that long, or hear nothing at all.
                  from the questions they asked I suppose they were more of an estimate than exact figures and I can probably see where they would think that there was affordability. But I would have thought they would have seen my credit score and declined the applications. I will see what reply I get back. Thanks for your advice. I will keep this thread updated with any outcome.

                  Comment


                  • #10
                    Re: Lending Stream and pounds to pocket

                    Originally posted by SaltnVinegar View Post
                    So heres the rub, and no-one is going to judge so please don't worry about that, but were the figures that you gave them accurate? If not then say, because it limits the options available to you, and its better to know now than give LS ammunition against you and embarking on a route that would work against you.



                    Companies regulated by the FCA have 8 weeks to respond, so expect to wait that long, or hear nothing at all.
                    just had a reply from lending stream as below. What advice can you give . I still feel they shouldn't have agreed to 5 loans even though the figures look like they were affordable.

                    many thanks


                    Dear Mr............

                    Thank you for waiting patiently while we gathered the information to address the concerns raised.

                    To start with, we would like to confirm that Lending Stream always ensure to run the proper affordability checks before approving or declining a loan application. Mentioned below is the summary of your loan accounts and the details of our analysis and checks performed for your loan accounts.


                    Loan ID Borrowed Date Loan Status Borrowed Amount Outstanding Balance
                    xxx...98 7. Jun. 2015 Closed Early £300.00 N/A
                    xxx...30 20. Jun. 2015 Closed Early £100.00 N/A
                    xxx...18 8. Oct. 2015 Closed Early £200.00 N/A
                    xxx...24 24. Oct. 2015 Arrears £60.00 £74.88
                    xxx...25 12. Nov. 2015 Arrears £150.00 £192.60
                    xxx...55 15. Dec. 2015 Arrears £350.00 £533.00
                    xxx...27 22. Dec. 2015 Arrears £100.00 £171.00
                    xxx...66 4. Jan. 2016 Arrears £60.00 £102.36

                    Affordability Checks:

                    Lending Stream performs all necessary checks before approving a loan and we confirm that these checks were executed on your loan applications as well. This procedure is standard for all customers (existing or new) and conducted on each loan application. Our advanced analytics and underwriting processes review the information provided by the customer, all public information, and details held by Credit Reference Agencies.

                    On reviewing your accounts, we note that your loans were approved based on the following facts:

                    • You were employed full-time during the loan applications
                    • Your monthly income was £1300.00 or above at the time of applications
                    • Your Experian score was ranging between 620 to 681; this was factored into our proprietary underwriting and deemed acceptable
                    • We did not approve any application when it did not meet our lending criteria


                    Loan ID Monthly Income Monthly Expenditure Disposable Income Experian Score Employment Type
                    xxx...98 £1,300.00 £687.00 £613.00 681 Full Time
                    xxx...30 £1,300.00 £693.00 £607.00 668 Full Time
                    xxx...18 £1,500.00 £611.00 £889.00 680 Full Time
                    xxx...24 £1,475.00 £611.00 £864.00 668 Full Time
                    xxx...25 £1,515.00 £761.00 £754.00 668 Full Time
                    xxx...55 £1,515.00 £661.00 £854.00 668 Full Time
                    xxx...27 £1,525.00 £811.00 £714.00 656 Full Time
                    xxx...66 £1,515.00 £711.00 £804.00 620 Full Time

                    Additional Finance:

                    A “Rollover” is an option provided by some lenders where a customer is allowed to delay paying back a loan on the payment of additional fees. Currently, Lending Stream does not offer this option; hence, we confirm that the FCA regulation on “Rollover” loans is not applicable to us. With this, we assure you that we have not rolled your loan(s) over the due course; therefore, no related charges were applied.

                    Loan Events:

                    Our constant message to the customers who are facing financial difficulties is to inform us. Had we been made aware of your financial difficulties, we would have definitely helped you to clear the debt in affordable repayments.

                    We understand from your email about your enrollment in a debt management program. Please be informed, Credit Resource Solutions (CRS) is now handling all debt management plans for Lending Stream. Since you have set up one with the debt management company, please send us the relevant paperwork to CRS your outstanding loans and they will contact you to discuss an affordable payment arrangement.

                    Please note that CRS does not act as a debt collection agency, they will work with you on behalf of Lending Stream to understand your financial situation and help you repay your loans according to your convenience.

                    If you have any questions about your Lending Stream loans, you can contact CRS. You or your debt adviser can reach CRS by the following means:



                    Additionally, we have stopped our automated system from processing any funds from your registered debit card. However, we are unable to freeze any interest and charges, until the payment arrangement will setup.

                    In view of the above, we confirm that Lending Stream performed the necessary checks at the time of your loan applications. However, if you are facing any difficulty paying of the current debts, we are ready to assist you with affordable payment arrangement.

                    Please note:

                    • We are required to report the status of your loans to credit bureaus on a regular basis
                    • Your decision to setup a payment arrangement will reflect on your credit file
                    • If you fail to make the payment, we may transfer your accounts to a Debt Collection Agency for servicing


                    We await a confirmation of the aforementioned offer.

                    For further queries, please email us at info@lendingstream.co.uk or call on 0203 564 7034 (call charges apply) Mon-Fri, 8:00 AM till 8:00 PM.

                    Regards,
                    Lending Stream Customer Service



                    This message was sent by Lending Stream LLC | Contact Address: Lending Stream, Wisteria Grange Barn, Pikes End, Pinner, London, United Kingdom, HA5 2EX | Registered Address: 2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA | Registered in the State of Delaware, USA | Registration Number: 4124111 | Authorised and Regulated by the Financial Conduct Authority. Interim Permission Number 643942.

                    Responsible Lending: You need to carefully consider whether borrowing is right for your financial situation. Borrowing of this type may be an expensive form of credit that may be appropriate for your current financial needs but may not be appropriate if you are in financial difficulty. All applications are subject to status, terms and conditions and to satisfactory passage of checks on creditworthiness and affordability. Please ensure that you only borrow amounts that you are able to comfortably repay.

                    *Subject to approval, you will receive cash through our Express Cash transfer option for free if supported by your bank. We can initiate the transfer of funds into your account within 4 minutes after final approval subject to an assessment of affordability and creditworthiness. The time that it takes for cash to appear in your account will depend on your bank’s policies and procedures.

                    This message may contain confidential and/or privileged information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. If you are not the intended recipient you are notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited. Internet messages are not secure and therefore Lending Stream LLC does not accept legal responsibility for the contents of this message.



                    01/31/2016 13:03 - wrote:
                    Current system time : 2016-01-31 13:01:29.325660

                    I am writing in connection with recent missed payments on my
                    loans. After some research I feel that Lending Stream are guilty of irresponsible
                    lending and haven't carried out stringent enough affordability checks. I also feel
                    that it is unethical for Lending Stream to have authorised 5, I stress 5, loans in
                    such a short space of time. I am therefore querying your practices and to dispute
                    that you should never have authorised these loans. I am currently in a Debt
                    Management plan and not once in the applications does it ask about this kind of
                    arrangement. I await your reply. In the meantime I believe that as the accounts
                    are now in dispute that you can not add any further charges to the account.
                    rating =
                    feedback_cmnts =
                    Last edited by Pixie; 1 March 2016, 13:43. Reason: Removed personal info

                    Comment


                    • #11
                      Re: Lending Stream and pounds to pocket

                      So I posted this a few days ago.Just wondering what action Lending Stream are liable to take if I do absolutely nothing at this stage.

                      Originally posted by scottygees View Post
                      just had a reply from lending stream as below. What advice can you give . I still feel they shouldn't have agreed to 5 loans even though the figures look like they were affordable.

                      many thanks


                      Dear Mr............

                      Thank you for waiting patiently while we gathered the information to address the concerns raised.

                      To start with, we would like to confirm that Lending Stream always ensure to run the proper affordability checks before approving or declining a loan application. Mentioned below is the summary of your loan accounts and the details of our analysis and checks performed for your loan accounts.


                      Loan ID Borrowed Date Loan Status Borrowed Amount Outstanding Balance
                      xxx...98 7. Jun. 2015 Closed Early £300.00 N/A
                      xxx...30 20. Jun. 2015 Closed Early £100.00 N/A
                      xxx...18 8. Oct. 2015 Closed Early £200.00 N/A
                      xxx...24 24. Oct. 2015 Arrears £60.00 £74.88
                      xxx...25 12. Nov. 2015 Arrears £150.00 £192.60
                      xxx...55 15. Dec. 2015 Arrears £350.00 £533.00
                      xxx...27 22. Dec. 2015 Arrears £100.00 £171.00
                      xxx...66 4. Jan. 2016 Arrears £60.00 £102.36

                      Affordability Checks:

                      Lending Stream performs all necessary checks before approving a loan and we confirm that these checks were executed on your loan applications as well. This procedure is standard for all customers (existing or new) and conducted on each loan application. Our advanced analytics and underwriting processes review the information provided by the customer, all public information, and details held by Credit Reference Agencies.

                      On reviewing your accounts, we note that your loans were approved based on the following facts:

                      • You were employed full-time during the loan applications
                      • Your monthly income was £1300.00 or above at the time of applications
                      • Your Experian score was ranging between 620 to 681; this was factored into our proprietary underwriting and deemed acceptable
                      • We did not approve any application when it did not meet our lending criteria


                      Loan ID Monthly Income Monthly Expenditure Disposable Income Experian Score Employment Type
                      xxx...98 £1,300.00 £687.00 £613.00 681 Full Time
                      xxx...30 £1,300.00 £693.00 £607.00 668 Full Time
                      xxx...18 £1,500.00 £611.00 £889.00 680 Full Time
                      xxx...24 £1,475.00 £611.00 £864.00 668 Full Time
                      xxx...25 £1,515.00 £761.00 £754.00 668 Full Time
                      xxx...55 £1,515.00 £661.00 £854.00 668 Full Time
                      xxx...27 £1,525.00 £811.00 £714.00 656 Full Time
                      xxx...66 £1,515.00 £711.00 £804.00 620 Full Time

                      Additional Finance:

                      A “Rollover” is an option provided by some lenders where a customer is allowed to delay paying back a loan on the payment of additional fees. Currently, Lending Stream does not offer this option; hence, we confirm that the FCA regulation on “Rollover” loans is not applicable to us. With this, we assure you that we have not rolled your loan(s) over the due course; therefore, no related charges were applied.

                      Loan Events:

                      Our constant message to the customers who are facing financial difficulties is to inform us. Had we been made aware of your financial difficulties, we would have definitely helped you to clear the debt in affordable repayments.

                      We understand from your email about your enrollment in a debt management program. Please be informed, Credit Resource Solutions (CRS) is now handling all debt management plans for Lending Stream. Since you have set up one with the debt management company, please send us the relevant paperwork to CRS your outstanding loans and they will contact you to discuss an affordable payment arrangement.

                      Please note that CRS does not act as a debt collection agency, they will work with you on behalf of Lending Stream to understand your financial situation and help you repay your loans according to your convenience.

                      If you have any questions about your Lending Stream loans, you can contact CRS. You or your debt adviser can reach CRS by the following means:



                      Additionally, we have stopped our automated system from processing any funds from your registered debit card. However, we are unable to freeze any interest and charges, until the payment arrangement will setup.

                      In view of the above, we confirm that Lending Stream performed the necessary checks at the time of your loan applications. However, if you are facing any difficulty paying of the current debts, we are ready to assist you with affordable payment arrangement.

                      Please note:

                      • We are required to report the status of your loans to credit bureaus on a regular basis
                      • Your decision to setup a payment arrangement will reflect on your credit file
                      • If you fail to make the payment, we may transfer your accounts to a Debt Collection Agency for servicing


                      We await a confirmation of the aforementioned offer.

                      For further queries, please email us at info@lendingstream.co.uk or call on 0203 564 7034 (call charges apply) Mon-Fri, 8:00 AM till 8:00 PM.

                      Regards,
                      Lending Stream Customer Service



                      This message was sent by Lending Stream LLC | Contact Address: Lending Stream, Wisteria Grange Barn, Pikes End, Pinner, London, United Kingdom, HA5 2EX | Registered Address: 2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA | Registered in the State of Delaware, USA | Registration Number: 4124111 | Authorised and Regulated by the Financial Conduct Authority. Interim Permission Number 643942.

                      Responsible Lending: You need to carefully consider whether borrowing is right for your financial situation. Borrowing of this type may be an expensive form of credit that may be appropriate for your current financial needs but may not be appropriate if you are in financial difficulty. All applications are subject to status, terms and conditions and to satisfactory passage of checks on creditworthiness and affordability. Please ensure that you only borrow amounts that you are able to comfortably repay.

                      *Subject to approval, you will receive cash through our Express Cash transfer option for free if supported by your bank. We can initiate the transfer of funds into your account within 4 minutes after final approval subject to an assessment of affordability and creditworthiness. The time that it takes for cash to appear in your account will depend on your bank’s policies and procedures.

                      This message may contain confidential and/or privileged information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. If you are not the intended recipient you are notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited. Internet messages are not secure and therefore Lending Stream LLC does not accept legal responsibility for the contents of this message.



                      01/31/2016 13:03 - wrote:
                      Current system time : 2016-01-31 13:01:29.325660

                      I am writing in connection with recent missed payments on my
                      loans. After some research I feel that Lending Stream are guilty of irresponsible
                      lending and haven't carried out stringent enough affordability checks. I also feel
                      that it is unethical for Lending Stream to have authorised 5, I stress 5, loans in
                      such a short space of time. I am therefore querying your practices and to dispute
                      that you should never have authorised these loans. I am currently in a Debt
                      Management plan and not once in the applications does it ask about this kind of
                      arrangement. I await your reply. In the meantime I believe that as the accounts
                      are now in dispute that you can not add any further charges to the account.
                      rating =
                      feedback_cmnts =

                      Comment


                      • #12
                        Re: Lending Stream and pounds to pocket

                        Hi Scotty

                        Sorry work is stupidly busy the last couple of months and I totally missed your post. I didn't want to read and run so will post up your options later this evening.

                        Cheers
                        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


                        • #13
                          Re: Lending Stream and pounds to pocket

                          Hi Scotty

                          Ok so what are your options with regards to LS? Well you've got a few which include but not limited too:

                          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 5 loans is responsible as this could be VERY bad for their business model). You will also get bombarded initially with phone calls and letters from their collections departments, and possibly collection agencies if they sell the accounts on.

                          This is the reason whether I asked if you had a mortgage and/or had equity in your property. The chances of a court claim being issued, and them then applying for a charging order on your home is miniscule, but you need to be aware of it. What you need to remember is there is a VERY long process for this to go through before things even got to that stage.

                          On the plus side the benefits to this option 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.
                          "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


                          • #14
                            Re: Lending Stream and pounds to pocket

                            Thanks for replying SNV. I did write too them arguing irresponsible lending prompting their response. Are you saying I should argue this cause further with them? Sorry if I a, coming across a bit dim!

                            Originally posted by SaltnVinegar View Post
                            Hi Scotty

                            Ok so what are your options with regards to LS? Well you've got a few which include but not limited too:

                            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 5 loans is responsible as this could be VERY bad for their business model). You will also get bombarded initially with phone calls and letters from their collections departments, and possibly collection agencies if they sell the accounts on.

                            This is the reason whether I asked if you had a mortgage and/or had equity in your property. The chances of a court claim being issued, and them then applying for a charging order on your home is miniscule, but you need to be aware of it. What you need to remember is there is a VERY long process for this to go through before things even got to that stage.

                            On the plus side the benefits to this option 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.

                            Comment


                            • #15
                              Re: Lending Stream and pounds to pocket

                              Originally posted by scottygees View Post
                              Thanks for replying SNV. I did write too them arguing irresponsible lending prompting their response. Are you saying I should argue this cause further with them? Sorry if I a, coming across a bit dim!
                              I'm saying yes you could argue this, but the difference is I can help you with your argument

                              That, unfortunately, is no guarantee of success, and LS have a tendency to be intractable, but at the least we could string things out for several more months, with them not getting any more. That tends to focus their minds..........

                              However ultimately, as I mentioned, its your choice, I can't advise you one way or another, just offer support.
                              "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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