Lending Stream and pounds to pocket

[scottygees]

Re: Lending Stream and pounds to pocket

So are you saying I should hold fire and await replies from the others before I take this further.Incidently I got a mail shot email from Satsuma the other day offering me to apply for a loan!!

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]

[SaltnVinegar]

Re: Lending Stream and pounds to pocket

I'm not sure what you mean by 'take things further'? If you mean to the FOS then I can almost guarantee this will be a waste of time and effort.

So are you saying I should hold fire and await replies from the others before I take this further.Incidently I got a mail shot email from Satsuma the other day offering me to apply for a loan!!

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

Yes that's what I meant. So if I stopped paying Satsuma what would a likely turn of events be?

I'm not sure what you mean by 'take things further'? If you mean to the FOS then I can almost guarantee this will be a waste of time and effort.

[/QUOTE]

[scottygees]

Re: Lending Stream and pounds to pocket

Had the following reply from Lending Stream. Any advice?

[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?

[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]

[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

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]

[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]

[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

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

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

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.

[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.

[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.