Lending Stream - Literally lying to me ?

benjwg

So ill start from the beginning... again.

I took out a loan with LS for approx £300.

everything was going fine then one day i logged onto the website and it said that the full amount to be paid was about 400 and these were dated 23rd november and 26th november... (They changed my 6 month agreement to 2 months and made the charges on these months much higher)

So I contacted them and asked them to fix this as it was wrong and random and they didnt consult me in the decision....

So after speaking to them, i log onto my account and see....

- We have organised a temporary payment arrangement for you that takes into account your current financial circumstances. Please note that your credit rating could be affected by this. If you have any queries, please get in touch with the customer care team by emailing us at [email]info@!!!!!!!!!!!!!.co.uk[/email]


Immediately I was like... !!!!!! ?

Emailed them and they replied
Good Evening Mr.*****

We apologize for the delayed response and thank you for your email.

We would like to inform that you have one loan with the agreement number ******* with Lending Stream.

Please be informed that we have receive a proposal from the Debt Management Company named Debt Reverse on your behalf and there reference number is 19504 and accordingly your loan account was processed.

In case you are no more dealing with Debt Reverse then please confirm us the same after which we will be able to work on your case accordingly.

We apologize for any inconvenience this might have caused you.

Should you require additional assistance please email us at [email]info@!!!!!!!!!!!!!.co.uk[/email].

Regards,



Now obviously... Why would I contact debt management for a 300quid loan when I take home 8x that each month

So I told them this is false... again, again and again...

For over a week now they have ignored all my emails, tell me on the phone they will email me back or call me back and never do.

Baring in mind, due to a former dispute I actually had evidence of how much they were supposed to be taking over 6 months. (I was wrong about the previous dispute, just there stupidly high intrest rates confused me)

They have told me on the phone, but wont give it in writing or change on the internet that they are going to charge me 150 this month.

I have a screenshot of owing
23 nov - £50.00
24 dec - 123.60
25 jan - 104.70
25 feb - 85.80

But they say on the phone they will be taking over 150...


Now... Am I able to revoke their right to take money from my account and carry on paying that plan by depositing that straight into their account ?

What do I have the right to do here? the stress is kind of getting stupid..


Summary

I call them, they tell me itl be sorted in 48 hours... call back in 48 hours, told itl be sorted in 48 hours... thats happened about 5x now.

all emails blatantly ignored

payment amounts changed/altered without my consent

Payment plan shortened by 3 months without asking me or telling me

speaking with debt management companies on my behalf when I do not need the help and have never contacted this company.




They are blatently not going to help, they are possibly going to take the full amount this month with huge interest which I cant give this month due to the payment I need to finish my car off with on finance

What can I do ? Closing bank account isnt an option as I dont have time to do this and have many DD's that need to go out

Any help I will really appreciate.

Thanks.

debtcutter

Hi Ben,

Firstly, I'd delete your agreement number and personal details like your last name from your post ASAP.

Someone could probably get them to discuss your account if they could find your DOB under your name on a social networking or similar.

Always best to remove identifyuing stuff from your posts

tell_it_how_it_is

If as you say you're earning over £2400 a month, is it not fair to suggest you should be able to let them take the £150 at the end of this month, and then pay the rest off in full as soon as you next get paid?

I'm not saying they are right, but doing that would be far simpler, cheaper (including chasing phone calls etc.), and less stressful for you, surely?

And taking your salary into account again, without wanting to sound flippant, might it be wise also to suggest taking a closer look closer at the management of your money long term if you're feeling the need to resort to payday loans?

benjwg

tell_it_how_it_is wrote: »

If as you say you're earning over £2400 a month, is it not fair to suggest you should be able to let them take the £150 at the end of this month, and then pay the rest off in full as soon as you next get paid?

I'm not saying they are right, but doing that would be far simpler, cheaper (including chasing phone calls etc.), and less stressful for you, surely?

And taking your salary into account again, without wanting to sound flippant, might it be wise also to suggest taking a closer look closer at the management of your money long term if you're feeling the need to resort to payday loans?

I will be making the finishing payment for my car from finance company... I did say this. (this is just under £2k)

The fact is, as i said, they may be taking over 400... I have no proof of what they are going to take, they wont give me this in writing. but no, it would be more stressfull to pay them the 150 as I only have 500 in savings along with my salary.... Please dont tell me to plan ahead next time, budget better, I am talking about right here and now.

Taking out a PDL was a failure, i know this, as much as you may be trying to help, I dont need to be told they are bad ideas but thanks.

Its a long story why i took it out but that information is not needed right now.

All I am trying to sort out is the current situation at hand.

Thanks to any1 who can help with this problem

benjwg

debtcutter wrote: »

Hi Ben,

Firstly, I'd delete your agreement number and personal details like your last name from your post ASAP.

Someone could probably get them to discuss your account if they could find your DOB under your name on a social networking or similar.

Always best to remove identifyuing stuff from your posts

Yeh I did that, thanks... Didnt even realise it was there.

benjwg

Can someone who has any knowledge about this sort of thing let me know if I can revoke their right to take cash from my bank, inform my bank to stop any payments to lending stream and just keep depositing the original agreement amount rather than whatever they are going to try and take ?

If they take this money before my other payments leave, I will inevitably be screwed with at least one...

Please note... they have changed this plan without my permission or even speaking to me... so can i cancel it and carry on as normal?

Thanks..

benjwg

Ok so I posted the same stuff on consumeractiongroup..... suprisingly they arent the same responses you would get here...

here you get..

"Payday loans are bad, you are stupid"
"Dont do payday loans"
"Debt is bad"
"U owe money to them, give it to them"
"I am better than you so I dont have debt"

Those are your typical sort of responses... not so drastic... everyone says it on their first post here...



Consumer forum -

Re: Payday loan - Lending stream HELP PLEASE!
Please note the following, in particular the highlighted statements.
55.—(1) A payment transaction is to be regarded as having been authorised by the payer for the purposes of this Part only if the payer has given its consent to—

(a)the execution of the payment transaction; or .
(b)the execution of a series of payment transactions of which that payment transaction forms part. .
(2) Such consent—

(a)may be given before or, if agreed between the payer and its payment service provider, after the execution of the payment transaction; and .
(b)must be given in the form, and in accordance with the procedure, agreed between the payer and its payment service provider. .
(3) The payer may withdraw its consent to a payment transaction at any time before the point at which the payment order can no longer be revoked under regulation 67.

(4) Subject to regulation 67(3) to (5), the payer may withdraw its consent to the execution of a series of payment transactions at any time with the effect that any future payment transactions are not regarded as authorised for the purposes of this Part.

This means that you can simply ask your bank to refuse the payments, it is also good practice to let the lender know too.

So, if you would like your creditor to stop trying to take a payment all you need to do, in theory, is to inform them that you remove their authority. It's probably better to do this in writing and via recorded delivery - if possible.

You can learn more about your rights via the following fsa guide :

In addition this information may be useful
Cancelling a recurring payment

152a Recurring payments, is the term used to describe transactions for which a client has granted written permission for her/his credit or debit card to be debited for recurring goods or services, for example, club membership subscriptions, insurance cover or payday loans. The card may be debited annually, monthly or at other regular intervals.
152b In most cases, recurring payments can be cancelled by telling the trader taking the payments. However, a client has the right to withdraw consent by simply telling whoever issued the card (the bank, building society or credit card company) that s/he does not want a payment to be made. S/he can tell the card issuer by phone, email or letter.
152c The card issuer has no right to insist that the client ask the trader to stop taking the payment first. The card issuer has to stop the payments if the client has asked them to. The client could point out to the card issuer that they should follow the FSA guidance available in the FSA know your rights booklet which is available on the FSA website at https://www.fsa.gov.uk.
152d If money is still taken from the client's account, it will be deemed to be an unauthorised transaction, and the card issuer must give her/him an immediate refund. The card issuer will have to cancel any interest and charges added to the her/his account because the payment was taken. It is not up to the client to prove that s/he told the card issuer to stop taking payments. Instead, the card issuer would have to prove that s/he did not tell them to stop making payments.
152e The client should complain to the Financial Ombudsman Service when all the internal complaints systems within the company issuing the card have been exhausted.

I hope this infomation is of assistance

Good Luck

iolanthe07

Best stick with Consumer Action Group, then, though I must say that I thought the replies to your original post here were perfectly reasonable.

Eonel

benjwg wrote: »

here you get..

"Payday loans are bad, you are stupid"
"Dont do payday loans"
"Debt is bad"
"U owe money to them, give it to them"
"I am better than you so I dont have debt"

I see none of those responses in your thread.

DevCoder

Ive seen plenty of users on MSE (myself included) who can quote the PSR 2009, specifically the sections mentioned relating to CPA's.

MSE is just a bit more "blunt" and some would say more morally correct then CAG, but then thats just some peoples opinion.

SnowTiger

iolanthe07 wrote: »

Best stick with Consumer Action Group, then, though I must say that I thought the replies to your original post here were perfectly reasonable.

Two problems with CAG: it's riddled with adverts and its forums are too focused for my liking. But I suppose some people like that.