Lending stream

deaglecat

Lending Stream wrongly debited money from my wife's bank account.

We have never had any relationship with any payday loan company - let alone Lending Stream.

LS have confirmed that the loan was taken out in a different name/address - either with fraudulent card details ... or simple error - and the bank has agreed to refund the monies upon completion of some paperwork...

I am looking for some information / advice ...

1. Does anyone know how do these loan companies work - I know that LS require that you have valid debit card number ... but surely it must be one which is in the same name as the borrower (not just any old card) ?

2. Is there anything else that we need to do ? e.g. to protect against future claims for this (fictitious) debt - which LS have (in fairness) stated is not ours....

Thanks

Deag

sharpy2010

Does it matter how they work? Just sign the paperwork and get your money back, and surely thats the end of it?

iluvmarmite

Maybe the end of it for the OP but what about others?? Of course it matters how they work if they are just taking money willy nilly from accounts that have nothing to do with them.

Nikram

I also have money taken from my bank account by lending stream, I do not know how the have obtain my details as i have never had any contact with this company or any of the other pay day loan companies, but thank fully my bank alerted me, my bank has agreed to refund the money, but how can a loan company be able to do this, they made several transactions on a Sunday!

DevCoder

Lending Stream cannot just randomly guess account numbers so either

1. You've put your card details in some other site which offers loan (broker) services
2. Someone who knows your card details has done the above.
3. Its an administrative error

If it's 1 or 2 then expect Lending Stream to claim the money back.

dalesrider

deaglecat wrote: »

LS have confirmed that the loan was taken out in a different name/address - either with fraudulent card details ... or simple error - and the bank has agreed to refund the monies upon completion of some paperwork...

I am looking for some information / advice ...

Thanks

Deag

Go back to the bank and tell them that under PSD (payment services directive) they HAVE TO refund any unrecognised or fraudlent (which this is) straight away.... ie as soon as they are aware (we do this as soon as we have finished talking to the person) This also includes debit interest/charges and if you have a offset mortgage, interest on that as well.
If they refuse. Then raise a complaint. FOS will slap them with a nasty fine for this....

What you have to remember is that everytime you use the card. The retailer retains the full card number. So any dodgy staff mamber can take these. Time retail staff that have access to these were peopery checked as bank staff have to be :mad:

At the moment there is a lot of fraud to these types of companies.
Seems they have lack systems and do not check that the card holder is the person taking out the loan... But i guess they don't care where the money comes from so long as they get it back....
Which they won't as the bank will claim it back.

Have had a few people who have then recieved a debt letter from them saying they want payment, or they will take them to court.
If they send one send it back stating, not your debt and that your bank have delt with it as fraud. :T

poppasmurf_bewdley

For it to be an error or fraud, Lending Stream (or someone else) will have had to guess:

Your name (as it appears on your debit card)
Your debit card number
Your three digit code off the back of your card.

Which is highly unlikely.

dalesrider

poppasmurf_bewdley wrote: »

For it to be an error or fraud, Lending Stream (or someone else) will have had to guess:


Your three digit code off the back of your card.

Which is highly unlikely.

You do not need this....

A retailer can process ANY card holder not present without it.

DCFC79

You know the thread starter deaglecat started the thread in 2011 and Nikram has kindfully resurrected it.