Lending Stream early settlement

brownstone73

Hi,

I need some urgent advice please. I have a loan with Lending stream which I initially thought was a payday loan, but it appears it was a short term loan that must be paid over 6 months.

Nevertheless, I accepted the loan with the intention of paying in back within 2 months. Today I asked Lending Stream to provide me with a balance to settle my loan in full. They gave me the full amount that is the same when paying it off over the 6 month period which accumalates to £500+. I read in their terms that one can pay off the loan early and save on interest which is what I'm trying to do right now.

Can they do this and is there some guidance out there to help me with my issue please.

Thanks in Advance!

Enfieldian

If you log in to your account on their website you should be able to see how much is currently outstanding, which would be your settlement figure.

This changes each month as a payment is made and interest is recalculated.

Apples2

Did you ask for a Balance or a Settlement Figure?
they are different, the Settlement figure will only be valid for 30 days, and get it in writing in case they play silly games later on.

brownstone73

Thanks for your replies, I did ask for a settlement figure. Let me give a breakdown of how ridiculous this is... I'm so upset with myself, a payday loan would have worked out much cheaper, anyway, back to the breakdown.

1st loan taken in February for £250, so far I already paid £200 on that loan, but to settle it now or before the 27th of April, I need to pay £260.00

2nd loan taken in March for £245, so far I already paid £73.50 on that loan, but to settle it now or before the 27th of April, I need to pay £318.50

In total to settle, I need to pay £576.50.

If I leave it and pay it off as per the schedule, the first loan will come out to £350.00 and the second loan will come out to £465.50.

Don't know what I got myself into.. SERIOUSLY

Apples2

If you don't repay a PDL on time, the overall figure would have ramped up much quicker than this one.

That's not to say you aren't in a bad position, but it could have been much worse.

The part payments and hence, leaving a balance is killing you. Can you not borrow from Family to clear this lot. £578.50 isn't a phenominal figure to aquire, what about a rapid Ebay clear out?

brownstone73

Apples2 wrote: »

If you don't repay a PDL on time, the overall figure would have ramped up much quicker than this one.

That's not to say you aren't in a bad position, but it could have been much worse.

The part payments and hence, leaving a balance is killing you. Can you not borrow from Family to clear this lot. £578.50 isn't a phenominal figure to aquire, what about a rapid Ebay clear out?

Unfortunately, I'd rather not consult family as they also have their own problems to deal with, otherwise I would have approaced them in the first place. The only reason why I took out these stupid loans was to sort out my car. The garage quote me £250 for new clutch, which is why I took out the 1st loan, but then they came back and said something else was broken, so I had to go for the 2nd loan. Worse mistake ever.

I have now asked Lending Stream to accept a full payment of £400 today, I'm hoping they would say yes so that I can have this headache out of my life for good!!!

KingElvis

With high risk comes high charges and interest.......

Don't forget, a generous percentage of Lending Stream's "clients" will not be looking at paying back AT ALL let alone early and the few decent fish in the barrel (you and about 6 others) pay the price.

brownstone73

I will approach the ombudsman for assistance if it's not acceptable by Lending Stream. If I pay them £400 today, they will still make a £173.50 profit off from me.

Apples2

brownstone73 wrote: »

I will approach the ombudsman for assistance if it's not acceptable by Lending Stream. If I pay them £400 today, they will still make a £173.50 profit off from me.

Good luck with that one buddy :beer:

brownstone73

Just an update, Lending Sream agreed for me to pay £500 on or before the 27th... which is a bit better than £578.50.

Apples2

brownstone73 wrote: »

Just an update, Lending Sream agreed for me to pay £500 on or before the 27th... which is a bit better than £578.50.

Logic would suggest you would then owe £78.50 next Month to clear it... Do you have any idea what you would owe next month to clear it?

If you can stretch to £500, couldn't you manage to get the extra £78.50?