Lending Stream and pounds to pocket

[scottygees]

Re: Lending Stream and pounds to pocket

Had the following response from P2p. Looks like they are writing the loan off. Can you just confirm that this is the case before I respond to them. Also Wonga are now saying it could take a further 6 weeks before they make a decision. Is there anything I can do about this or is it just a waiting game?

Many Thanks


Dear S
Customer #

Thank you for your patience while we’ve reviewed your complaint. We apologise for the delay with providing a response to you. Our understanding of your complaint is; Pounds to Pocket has irresponsibly loaned monies to you.



To that end, our records indicate you've held 3 Pounds to Pocket loans with us, over a 2 year time frame. Our Pounds to Pocket loan is our installment product; it is meant to be repaid between six to twelve months. The monthly payments are made up of both principal and interest.


Your borrowing history with us shows gaps in between the funding of your loans, of at least 30 days. The principal amount borrowed fluctuated throughout. Which demonstrates financial stability. If there was a dependency on our product, we would expect to see a consistent increase in the amount borrowed. Covering the previous loans' interest and principal balance.


Your repayment history shows that you've assessed a total of 1 late fee. Our records indicates that you've experience a decrease in the house hold income. In lieu of your circumstances we've contacted you to offer an affordable repayment arrangement. Unfortunately no arrangement has been made, leaving a defaulted balance of £219.77.


Your complaint states that Pounds to Pocket did not adequately assess your credit or ability to repay. A thorough review of your account has determined that we followed all of our processes and conducted a creditworthiness and affordability assessment on each credit application and extension. The search
} confirms one of the affordability checks that we ran. Furthermore, the credit checks and affordability assessments are performed at the time of each loan application and throughout your borrowing history. The checks take into account the current financial commitments, insolvency records, delinquency records, County Court judgements, credit enquiries and other credit account currently open.However, we pride ourselves on resolving our customer's concerns and complaints in a straightforward, efficient and amicable manner. Having taken all your comments into consideration, we would like to make you an offer that we believe is fair to address the loans that you feel were irresponsibly given to you.In full and final settlement of your complaint, we are offering to discharge your defaulted balance of £219.77. Relieving you of any financial responsibility related to loan #. As well as remove the defaulted loan from your credit profile. For the interest on the loans you feel were irresponsible for us to lend. To accept this offer please email back advising that you are in agreement with our offer.
As this is our Final Response regarding your concerns to the above referenced account, if you are not happy with this outcome I need to ensure that you are aware of the ultimate availability of the Financial Ombudsman Service. You have the right to refer your complaint to the Financial Ombudsman Service, free of charge but you must do so within six months of the date of this letter.


If you do not refer your complaint in time, the Ombudsman will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances. For example, if the Ombudsman believes that the delay was as a result of exceptional circumstances. I have provided you with a link to the leaflet for your information to assist you if you decide to pursue this further course of action. They can be contacted at:

The Financial Ombudsman Service,
Exchange Tower,
London,
E14 9SR.
Tel: 0300 123 9123
Email: complaint.info@financial*ombudsman.org.uk
Further details are also available on www.financial*ombudsman.org.uk

FOS consumer leaflet: http://www.financial-ombudsman.org.u...er-leaflet.htm






--
Kind regards,

Alantha


WARNING: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk


Pounds to Pocket Resolution Team
Direct Line: 0800 016 3143
Complaint@poundstopocket.co.uk
www.PoundstoPocket.co.uk


Call free from landlines. Mobile phone companies may charge up to 40p per minute.


Representative Example: Amount of credit: £700 for 12 months at £111.27 per month. Total repayment of £1335.24. Interest: £635.24. Interest rate: 140% pa (fixed). 277.5% APR Representative.


Pounds to Pocket is the trading name of CashEuroNet UK, LLC. Head Office: 23 Austin Friars, London, EC2N 2QP. Correspondence Address: 483 Green Lanes, London, N13 4BS. Authorised and regulated by the Financial Conduct Authority. Firm registration number 673738. Authorisation can be checked on the Financial Service Register at www.fca.org.uk.

They must provide a final written response within 8 weeks of receiving your complaint.

If they do not, then you have the option of taking your complaint to the FOS (though chances of them taking your side are slim).

However, what it does give you is more ammunition to show that they have a habit of breaching FCA guidelines and also gives you something to immediately put a debt purchaser on the back foot.

What you want is lots of ammo to show you're not going to be a pushover - they'll then move on to other prey.

[cymruambyth]

Re: Lending Stream and pounds to pocket

It looks to me like they have written it off. Well done. I would maybe give wonga another few weeks, just in case ......

[Grassy_K]

Re: Lending Stream and pounds to pocket

Result! Well done.

[SaltnVinegar]

Re: Lending Stream and pounds to pocket

so today it is 8 weeks since i wrote my letters of complaint. Lending stream and Satsuma have replied but still aren't admitting irresponsible lending but i haven't had a resolution from Pounds to Pocket or from Wonga, though Wonga did send me an acknowledgment on the 13th April stating that they have 8 weeks from from the date of this acknowledgment and not my initial complaint to respond!!

Should i just hold tight or should i contact them to request a reply now the 8 week deadline has past?

Thanks in advance

If they haven't responded then they are in breach of the complaints procedure. Don't remind them of this, sit on it, and use it if/when you get further contact.

Had the following response from P2p. Looks like they are writing the loan off. Can you just confirm that this is the case before I respond to them. Also Wonga are now saying it could take a further 6 weeks before they make a decision. Is there anything I can do about this or is it just a waiting game?

Excellent result!

That looks like they are writing off the loan to me! Thats great news!

As with the others, if its going to take Wonga another 6 weeks to respond then let them. Time is your friend, not theirs, and Wonga are under a lot of pressure right now when it comes to responsible lending so you may yet get a result with them too.

Patience is the way forward with these companies - no need to prod the bear!

[scottygees]

Re: Lending Stream and pounds to pocket

Big thank you for all the advice on here. Wouldn't have been able to get this result on my own

If they haven't responded then they are in breach of the complaints procedure. Don't remind them of this, sit on it, and use it if/when you get further contact.



Excellent result!

That looks like they are writing off the loan to me! Thats great news!

As with the others, if its going to take Wonga another 6 weeks to respond then let them. Time is your friend, not theirs, and Wonga are under a lot of pressure right now when it comes to responsible lending so you may yet get a result with them too.

Patience is the way forward with these companies - no need to prod the bear!

[SaltnVinegar]

Re: Lending Stream and pounds to pocket

Big thank you for all the advice on here. Wouldn't have been able to get this result on my own

Hi Scotty

Thats very kid thank you, but you have to give yourself the biggest pat on the back. If you didn't have the courage to stand up, get those letters out, and hold your nerve waiting for their response you'd have got no result at all.

Keep your confidence going, and remember the PDL accounts are your LEAST priorities when it comes to your finances, and with the way they have handled your accounts keep standing up to them and theres no reason why you won't get the others written off too.

Best

SnV

[scottygees]

Re: Lending Stream and pounds to pocket

So. I have finally had a response from Wonga. This is copied below. Obviously not what I was hoping for.Any advice ?

Thanks

Dear Mr G Thank you for your recent correspondence regarding your complaint. Please accept our sincere apologies for the delay in issuing our full response. We have investigated your complaint and our findings are set out in more detail below. Our Understanding of Your Complaint You are unhappy with loan xxxxxxxxxxxx did not consider your personal circumstances when it was granted. You feel we breached the lending criteria so you want it reviewed. To resolve the complaint, you want all the interest and charges paid on the loans refunded. Our response We are sorry that you are unhappy with the loans you got from us. We will now respond to the issues you have raised, in turn and also the other loans you took from us. Our approach to assessing affordability Before approving a loan, we carry out a credit reference agency check. This information is available to us from CallCredit and Experian and can be accessed instantly by us when we receive a loan application. When you applied, we combined that data with the personal data you provided to us including salary, employment, marital status, dependents, home ownership status, motor owner status amongst other information, and we also considered your repayment history. All of this information was entered into our underwriting system so we could carry out an assessment of affordability. You achieved an acceptable underwriting score and the loans were approved on that basis. Affordability of loans and difficulties in repaying them We consider that the loans were affordable because: In your loan applications, you stated that you were in receipt of net monthly income of £1800. Looking at the loan amounts you borrowed for your short term loans, we considered each amount represented a reasonable portion of your stated net monthly income. We are not aware of any other factors that indicated unaffordability. You repaid all the loans in full and on time apart from the last loan that is currently in arrears. At the time you took it, there was no indication it would go into arrears. We feel it’s important to also explain that we have reviewed the loans using the affordability criteria agreed with the Financial Conduct Authority (FCA), the industry regulator, in 2014. We have not found any error with the affordability of the loans. We do sympathise with your situation that you’ve explained, however, we do not have any records to show that you contacted us about financial difficulties until after the last loan had been granted. As you know, we put in place an affordable repayment plan that was meant to allow you to clear the outstanding balance. Should you want to discuss the loan and your circumstance you need to contact our Hardship Team on the number listed below. We do not accept that we disadvantaged you financially by approving your loans. You approached as you had financial obligations to meet and we feel it reasonable that you could have approached other lenders if you were unhappy with our terms. At this point, we should also mention that if you are experiencing any financial difficulties, you can obtain free debt advice from a number of organisations including: Step Change Debt Charity - 0800 138 1111 National Debt Line - 0808 808 4000 Citizens Advice - 03444 111 444 Outcome Having looked in detail at your complaint and the information we had access to when we made our lending decisions, we have not found any indication that your loans were unaffordable or that you were not eligible for them. On that basis, we are unable to uphold your complaint. This is our final response, however if you are not satisfied with it, you have the right to refer your complaint to the Financial Ombudsman Service, free of charge but you must do so within six months of the date of this letter. If you do not refer your complaint in time, the Ombudsman will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances. For example, if the Ombudsman believes that the delay was as a result of exceptional circumstances. For more information on the Financial Ombudsman Service, please see the consumer information leaflet found at: http://financial-ombudsman.org.uk/pu...er-leaflet.htm. If you want a hard copy of the consumer information leaflet, please call us on 0207 138 8330. The address of the Financial Ombudsman Service is: The Financial Ombudsman Service Exchange Tower London E14 9SR Telephone: 0800 023 4567 or 0300 123 9123 Email: complaint.info@financial-ombudsman.org.uk Website: http://financial-ombudsman.org.uk Yours sincerely Francis Specialist Complaints Handler

Hi Scotty

Thats very kid thank you, but you have to give yourself the biggest pat on the back. If you didn't have the courage to stand up, get those letters out, and hold your nerve waiting for their response you'd have got no result at all.

Keep your confidence going, and remember the PDL accounts are your LEAST priorities when it comes to your finances, and with the way they have handled your accounts keep standing up to them and theres no reason why you won't get the others written off too.

Best

SnV

[Susie]

Re: Lending Stream and pounds to pocket

I cannot help with this, but would suggest that it may be worth taking out your name, the reference number at the end and the loan numbers int he middle as they will identify you.

[Deepie]

Re: Lending Stream and pounds to pocket

I cannot help with this, but would suggest that it may be worth taking out your name, the reference number at the end and the loan numbers int he middle as they will identify you.

Thank you Susie ....I've edited the post

[SaltnVinegar]

Re: Lending Stream and pounds to pocket

So. I have finally had a response from Wonga. This is copied below. Obviously not what I was hoping for.

While it wasn't what you were hoping for, it is unfortunately, not unexpected.

With regard to these two points:

• We are not aware of any other factors that indicated unaffordability.
• You repaid all the loans in full and on time apart from the last loan that is currently in arrears. At the time you took it, there was no indication it would go into arrears

Had you already gone into arrears with any of the other payday loans when this final loan was issued?

Remind me how many payday loans did you have at the time this final loan was taken out?

[scottygees]

Re: Lending Stream and pounds to pocket

At the time that this loan was taken out there would have been the 5 LS loans, 1 p2p loan and a satsuma loan. I think the only one in arrears at the time was the satsuma loan

While it wasn't what you were hoping for, it is unfortunately, not unexpected.

With regard to these two points:

• We are not aware of any other factors that indicated unaffordability.
• You repaid all the loans in full and on time apart from the last loan that is currently in arrears. At the time you took it, there was no indication it would go into arrears

Had you already gone into arrears with any of the other payday loans when this final loan was issued?

Remind me how many payday loans did you have at the time this final loan was taken out?

[scottygees]

Re: Lending Stream and pounds to pocket

With regards to lending stream. It has been some time now since they wrote and confirmed they weren't prepared to accept irresponsible lending. Since this reply I have heard nothing at all. Should I rejoice in this fact or would it be likely that sooner rather than later that they will be in touch?

While it wasn't what you were hoping for, it is unfortunately, not unexpected.

With regard to these two points:

• We are not aware of any other factors that indicated unaffordability.
• You repaid all the loans in full and on time apart from the last loan that is currently in arrears. At the time you took it, there was no indication it would go into arrears

Had you already gone into arrears with any of the other payday loans when this final loan was issued?

Remind me how many payday loans did you have at the time this final loan was taken out?

[Pixie]

Re: Lending Stream and pounds to pocket

I think it's highly likely that they'll be in touch but who knows when? Enjoy the peace and quiet while it lasts.

[SaltnVinegar]

Re: Lending Stream and pounds to pocket

Hi Scotty

You've got nothing to say to them at this point, unless they send you anything different or the threats get more significant..........

No need to go chasing, let them make the next move.

Best
SnV

[scottygees]

Re: Lending Stream and pounds to pocket

So it's over 12 months now since I paid Lending Stream anything and they still haven't been in touch.is this normal?

Hi Scotty

You've got nothing to say to them at this point, unless they send you anything different or the threats get more significant..........

No need to go chasing, let them make the next move.

Best
SnV