Lending Stream - Help

Diabolical_Rem

I took a payday loan previously through lending stream and struggled to make payment.

Thankfully i sold some stuff on ebay to cover repayments but that should have been my first port of call instead, lesson learned, sell stuff you don't use prior to opting for a loan. I just panicked and later learnt that you can list items on ebay on 1 day auctions and pay an additional £5 to paypal to get the cash within 1-2 working days.

Jamez1988

OP

Please don't listen to people telling you to communicate with PDL companies via phone.

Check out the Consumer Action Group forums you will get so much more advice on how to deal with these issues. Always contact PDLs in writing.

I have a mass of experience in this area.

Openwind_Curse

Yes the best bet is to email or send recorded mail, i took a loan a long while back with lending stream and prior to sending letters or emails i rang them to complain, seems that complaint fell on deaf ears and nothing happened, as they had no record of the phone call it was my word against theirs...

danicaverazza

I have to say, as much as dealing with a PDL company as they go, these are actually not that bad, as long as you pay them off.
I have used them a few times to get out of a few financial binds that weren't of my own doing, and knowing I could pay them off in the future, the relief from the first due date of something else and not incurring any fees is the best feeling, the secondary feeling of paying these off once you are on better footing a few weeks later is even better. But that's exactly the thing, a few weeks. This is short term borrowing, the thought of using 12000% apr for a sustainable long term loan? That's just crazy, I know they provide you with a 6 month payment plan, however, my only advice is to pay them off as soon as you possibly can, and don't even consider taking it out unless you can conceivably afford the repayments.

Caladan

Bit sceptical of some of the replies from first time posters here. And the fact this is an ancient thread. Nevertheless, I'll throw in my 2 cents.

Some time ago I got into a real mess with PayDay loans. And I mean a REAL mess. Irresponsibility and all that (lesson learned).

I found the best solution was to take the credit history hit, default on the lot and set up a payment plan with each lender. I was willing to pay for the services of a DMP company because I couldn't be bothered with the hassle but you can do it yourself or for free through Citizens Advice or the CCCS.

Once the DMP wrote to the lenders, the phone calls stopped, the letters stopped and interest was frozen.

Lending Stream was one of the lenders and they were happy to do this. They still tried taking money off my card constantly though, as did most of the others. As others have said - Open a new bank account for your wages to go into.

Ironically a card payment did go through after I stopped the card and informed the bank (this can happen). I complained to the bank and they actually refunded the money, but I wouldn't rely on this (I still feel a bit guilty about it, effectively the bank paid off hundreds of pounds of MY debt through no real fault of its own other than a system glitch (Note - This was before new regulations meant banks were required to block certain payments if you informed them in advance)).

Tldr; Agree a payment plan and they will honour it BUT they will still try and take the full balance by card so you need a new account.