Lending Stream and pounds to pocket

[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!

[Grassy_K]

Re: Lending Stream and pounds to pocket

Result! Well done.

[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 ......

[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

I wouldn't remind them; as long as they are investigating your complaint they shouldn't be hassling you! Next stage is FOS, though as snv said you won't get much success.

[scottygees]

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

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.

[scottygees]

Re: Lending Stream and pounds to pocket

Thanks again. It also looks like the phone calls have reduced for the time being. I will give one big update on all 4 payday loan lenders once the 8 weeks deadline has been reached.

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.

[SaltnVinegar]

Re: Lending Stream and pounds to pocket

No the P2P loan is not on the DMP.So they only have so long to reply? Is that correct? What if I have had no reply from them at all to my complaint about irresponsible lending?

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.

[scottygees]

Re: Lending Stream and pounds to pocket

No the P2P loan is not on the DMP.So they only have so long to reply? Is that correct? What if I have had no reply from them at all to my complaint about irresponsible lending?

Hi Scotty, yes they're able to do this. Good news is that if there is an outstanding complaint, and they have not sent a final response, and the account is sold, then it sort of puts the debt purchaser immediately on the back foot.

Isn't this one you are paying on your DMP?

If it gets sold I'd consider your options........................

[SaltnVinegar]

Re: Lending Stream and pounds to pocket

Ok so I have had an impending debt sale email from p2p. Don't have a problem with that apart from as they still haven't resolved my complaint about irresponsible lending. Are they able to do this whilst this complaint is still unresolved?

Hi Scotty, yes they're able to do this. Good news is that if there is an outstanding complaint, and they have not sent a final response, and the account is sold, then it sort of puts the debt purchaser immediately on the back foot.

Isn't this one you are paying on your DMP?

If it gets sold I'd consider your options........................

[scottygees]

Re: Lending Stream and pounds to pocket

Ok so I have had an impending debt sale email from p2p. Don't have a problem with that apart from as they still haven't resolved my complaint about irresponsible lending. Are they able to do this whilst this complaint is still unresolved?

QUOTE=SaltnVinegar;562880]Hi Scotty - yes this is likely - they will sell off the accounts to a DCA unless you have a payment arrangement with them, in which case they may just keep accepting the payments. Either way they are just carrying out their requirements under the Consumer Credit Act.



With regards to LS your options haven't changes from post 13

http://forums.all-about-debt.co.uk/s...l=1#post555652[/QUOTE]

[scottygees]

Re: Lending Stream and pounds to pocket

Thanks for the reply. I will ride the storm as far as LS is concerned and await for them to pass to a DCA. I will revisit my options then. I wrote to p2p citing contravening communications act etc and confirming I will report to trading standards Ofcom etc. They have sent me a reply saying tough we will still ring you to arrange payment even though I am disputing the loan under irresponsible lending. Any further advice. QUOTE=SaltnVinegar;562880]Hi Scotty - yes this is likely - they will sell off the accounts to a DCA unless you have a payment arrangement with them, in which case they may just keep accepting the payments. Either way they are just carrying out their requirements under the Consumer Credit Act.



With regards to LS your options haven't changes from post 13

http://forums.all-about-debt.co.uk/s...l=1#post555652[/QUOTE]

[SaltnVinegar]

Re: Lending Stream and pounds to pocket

Also had emails confirming Notice of termination for all 5 loans from LS today.i assume this will now pass to a DCA?

Hi Scotty - yes this is likely - they will sell off the accounts to a DCA unless you have a payment arrangement with them, in which case they may just keep accepting the payments. Either way they are just carrying out their requirements under the Consumer Credit Act.

Another update.Wonga have written saying their investigation is taking longer than expected. When you get time can you advise on the next course of action to take regarding the Lending Stream reply.

With regards to LS your options haven't changes from post 13

http://forums.all-about-debt.co.uk/s...l=1#post555652

[scottygees]

Re: Lending Stream and pounds to pocket

Another update.Wonga have written saying their investigation is taking longer than expected. When you get time can you advise on the next course of action to take regarding the Lending Stream reply.

Many Thanks

Hi Scotty

Well if they are getting payments from your DMP then its not a surprise that they are not going to write off the loans either

Lets see what you get back from the others...[/QUOTE]

[scottygees]

Re: Lending Stream and pounds to pocket

Also had emails confirming Notice of termination for all 5 loans from LS today.i assume this will now pass to a DCA?