Lending Stream.... Help...

benjwg

So...

Took out loan with LS 2 months ago... contract was 6 months

My plan was 6 months of different payment, left was...

Nov - £50
Dec - £123
Jan - £104
Feb - £85


So I logged in today to double check and they have changed it, without consulting me, and have made it much harder to pay back... They have made it so I will have no choice to default due to amount of money I have next month...

They now want

Nov 23rd - 130
Nov 26th - 162

How the hell can they do this??

They have done it and would of automatically just taken this money from me on 23rd and 25th....

It said on my plan I was paying £50 next month...


Can they legally change this without consulting me? I have a record of my original plan.

Thanks.

DevCoder

Have your rung them and asked?

Enfieldian

Why was November's payment only £50?

That seems very low...

How much did you originally borrow and what were the first two payments made?

DevCoder

Details in this other thread

https://forums.moneysavingexpert.com/discussion/comment/56904123#Comment_56904123

OP, please keep questions to the one thread as it makes tracking things difficult and questions will be asked that have already been answered.

benjwg

krisdorey wrote: »

Details in this other thread

OP, please keep questions to the one thread as it makes tracking things difficult and questions will be asked that have already been answered.

You sent me back to this thread... the only one about this

Enfieldian - I paid them an extra £50 after my £157 payment for October

They took 94.5 in september.

krisdorey - I have sent them about 6 emails which they have now started ignoring... I find it easier to keep records of emails etc for when they will be needed... I am sure they will be



Thing is tho... Can they do this ?

DevCoder

So is this thread
https://forums.moneysavingexpert.com/discussion/comment/56795215#Comment_56795215

not related?

benjwg

Well... That thread is the reason I have the photo of my original plan and why I am able to explain how much I was supposed to be paying.

That thread is indeed, not related to this question.

Last question was if the repayments were wrong... since then, they changed them without me even contacting them.... they made it worse for me.

benjwg

All I PLEASE wanna know....

Can they change my plan from 6 months to 3 months without asking me or telling me?

Can they make me pay the rest of my loan in November if I originally agreed with them paying it off by February ?

Thanks in advance.

DevCoder

They can't under normal circumstances change an agreed loan plan (as long as its not a repayment plan after falling into arreas).

Have you tried calling them on 0845 351 1482 ?

benjwg

Thanks Kris.

No I have not tried calling them, I like to keep records so emails do good for me.

I will give them a little longer to respond via email, if they dont I will ring.

I have not fallen into arreas... I have even paid them an extra 50 than my original plan(The one that they switched).

Do you know where I could find any legislation or rules for payday lenders that state that?

I can get things across better to them if I have something to quote.

Really, thanks for the help.

SnowTiger

benjwg wrote: »

All I PLEASE wanna know....

Can they change my plan from 6 months to 3 months without asking me or telling me?

Can they make me pay the rest of my loan in November if I originally agreed with them paying it off by February ?

Probably not. It's a six month repayment plan, however YOU can choose to make additional payments.

In your other thread you mentioned:

"So... I have paid total over £300 back for a £315 loan with lending stream.

They say I owe £200 more to clear it off, but their plan works out at over £360?"

Total credit charged for a £300 loan over six months is £360. I wonder if there's been some confusion caused by your emails and they think you want to only pay £200 in interest, so have reduced the length of your loan accordingly?