Lending Stream - Help

eseexEIE

Hi there,

I'm in need of some help please.

A few months ago I took out two payday loans with Lending Stream - wish I hadn't now as communicating with them is like getting blood from a stone, but I needed the money.

Anyway, as soon as I realised that I couldn't pay it all back, I emailed them as it said to do if I was having problems repaying the loan. I must of sent about 10 emails before I got response saying please call us to arrange a payment plan. So I thought, I'm not going to call you as they couldn't be bothered to reply to my emails.

Then the phone calls started happening, to both my mobile and landline, every other day, I tried to speak to them and tell them I did not want to speak to them over the phone, only in writing.

I then received a letter in the post dated 29 July headed 'default notice', to which I wrote back on 2 August with a letter explaining that I was having difficulty repaying the loan and that all I could afford was £25 a month and attached a print out of all the emails that I had sent previously.

Today, I receive a letter headed 'Formal Demand Pursuant to Default Notice under the Consumer Credit Act 1974, s 87 (1)'


I am unsure of where to go from here?

Thanks

retepetsir

You didn't phone them? Call them now and discuss it asap.

Gareth19

agree with above post. They told you to phone them to discuss - you chose not to. So they registered a default against you. You need to contact them as they suggested in the first place

eseexEIE

thought it would be better to have the payment plan confirmed in writing?

Mara69

eseexEIE wrote: »

thought it would be better to have the payment plan confirmed in writing?

This mess is entirely of your own making as you

a) Defaulted
b) failed to contact them by phone to arrange a payment plan.

You now need to phone them, arrange a payment plan and then follow up the call with a letter or e-mail. Stick to the agreement. Never use PDL companies as you are clearly unable to manage your finances.

CATS

Hi OP,
Huge contradiction here!!

"communicating with them is like getting blood from a stone"

"Then the phone calls started happening, to both my mobile and landline, every other day"

seems like it was you who didn't want to communicate. Very stupid thing to do, ignoring the calls!

Apples2

Who is trying to get blood from a stone here?

You took money with no intention of repaying, won't speak to them and complain on here they are making things difficult!!

They will have piled on loads of extra fees by now which hopefully will teach you a valuable lesson.

rdchick

Not proud but I also took out a loan with lending stream - now going onto a DMP and just let them know once the payment bounced they called a few times but then I just said please don't call I will correspond in writing. Calls have stopped instantly as have the interest and they are playing ball - you have to give respect to gain respect. I know these companies aren't known for being 'nice' but at the end of the day you have to face the facts that it was YOU that took out THEIR loan. I will pay them back, along with the other creditors and vow never to take out credit (unless it's a phone contract or a mortgage) again. xxx

eseexEIE

I am fully aware of the consequences, and did not come on here to complain at all, I was just seeking advice.

I do intend the pay back to loans, and have tried to set up payment plan, the times I have spoken to them on the phone - their English is basic at best and sounds like they are on another planet.

rdchick

Just email them with what you want to happen, tell them not to call and it should all calm down

eseexEIE

rdchick wrote: »

Just email them with what you want to happen, tell them not to call and it should all calm down

I emailed them about 10 times saying exactly that.