Lending Stream - Literally lying to me ?

SnowTiger

The helpful folk at CAG don't appear to have told you that cancelling the CPA (Continuous Payment Authority) might make matters worse.

Picture the scene: Lending Stream attempt to take payment from your bank account; the transaction fails; Lending Stream send a black mark to credit reference agencies and add a hefty fee for not paying to your account.

They may be (in the) wrong, but it leaves you with more to sort out. And all this for the sake of £300.

Anyway, it appears to me that Lending Stream think you've entered a DMP (Debt Management Plan) with Debt Reverse.

Payday loans and debit management are bed fellows and often go hand in hand (in bed - LOL). Some payday loan brokers (spit) will pass punter's details on to both. Have you been scratching around for a loan or a magic way to wipe or reduce your debts? Just entering your information in to a form on their website for further information is enough to make you their bytch as far as they're concerned.

People who aren't having financial problems don't tend to pimp themselves to companies such as Lending Stream and have often looked around elsewhere first.

breathe81

Take it from someone who has been in pay day loan hell for months.. Never never never borrow from pay day lenders.. They are worse than loan sharks.. A 300 loan will end up costing over 660 in three months. Can you try and ask them how much in total you owe now and pay it off now if possible. For them to ignore you is against the financial lending guide.. Can you contact the financial ombudsman or the cab for advice? Try national debt line for help too.

JuicyJesus

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.

That's because they are. CAG's general approach meanwhile is to go in all guns blazing quoting all sorts of laws and rules and regulations.

And this then bites you in the a*se because sometimes working things through with companies and following the right channels has better results than immediately quoting chapter and verse.

Paul1979_2

What is interesting about the post regarding cancelling your CPA by the Consumer Forum is that the FSA do not regulate lenders, the OFT dose. New guideline regarding how lenders should use CPA are due to be in place early 2013. Until then just trying to cancel with your bank probably isn't the best option and they probably won't be that helpful.

Speak with the lending and arrange a pay plan which you can stick to, also make sure you get something in an email agreeing to it. Most lenders reach a point of damage limitation where they just want to get some money back. This doesn't mean they won't pursue you for the full amount if you are not in contact with them but most will be happy to take a lesser amount over a longer period so long as you stick to the plan. Stay in contact with them and stick to any agreement you make.

Brains64

I do have a loan with Lending Stream myself, no major problems with them so far but I was a bit confused by the way they classify a 'top up loan' as a separate account from the original loan, I took a few of their offered top ups which I thought would be just added to the total to repay over the course of the 6 months on that original loan but when I rang them the other week over one small payment they failed to get I was told that I had "three accounts with them" with one in £16 arrears and the other two up to date, so I then said (thinking there was a mix up or fraud ) "hang on....I've only ever opened one loan account with you I haven't got three!" to which the lady on the phone explained that the top ups are opened as separate loan accounts, this is not really a big issue but I think it would be much less confusing if they just called it an additional loan rather than a "top up", it's hardly a top up if it's on a different contract with a different account, to be honest, when I signed the contract for the so called top ups I presumed they would just tie them all together but that's not quite how it works.

Like I say, Lending Stream seem okay but the email they sent me regarding the small arrears on one of the accounts was a little over reactionary, they were saying how they were "disappointed that I haven't got back in contact with them about this matter despite contacting you on several occasions about it" etc, when in actual fact, this was the first I'd heard about it, it was the first time I missed a payment and it was only the day after the pay day it was due and they took the rest of the funds I owed on the other two accounts, so there's no way they could have contacted me about it before then, I hate to think what they'd be like if I'd missed ALL the payments on All the accounts and let it go for months if that is how they act after one day missing just £16 on one of three otherwise good accounts with them :eek:

geoffky

Brains64..I gave up after 3 lines...Use paragraphs..

Brains64

geoffky wrote: »

Brains64..I gave up after 3 lines...Use paragraphs..

Oh for crying out lou....(calm down Brains)....uh....okay sir:D, try this..........

I do have a loan with Lending Stream myself, no major problems with them so far but I was a bit confused by the way they classify a 'top up loan' as a separate account from the original loan.

I took a few of their offered top ups which I thought would be just added to the total to repay over the course of the 6 months on that original loan but when I rang them the other week over one small payment they failed to get I was told that I had "three accounts with them" with one in £16 arrears and the other two up to date, so I then said (thinking there was a mix up or fraud ) "hang on....I've only ever opened one loan account with you I haven't got three!".

To which the lady on the phone explained that the top ups are opened as separate loan accounts, this is not really a big issue but I think it would be much less confusing if they just called it an additional loan rather than a "top up", it's hardly a top up if it's on a different contract with a different account, to be honest, when I signed the contract for the so called top ups I presumed they would just tie them all together but that's not quite how it works.

Like I say, Lending Stream seem okay but the email they sent me regarding the small arrears on one of the accounts was a little over reactionary, they were saying how they were "disappointed that I haven't got back in contact with them about this matter despite contacting you on several occasions about it" etc, when in actual fact, this was the first I'd heard about it.

It was the first time I missed a payment and it was only the day after the pay day it was due and they took the rest of the funds I owed on the other two accounts, so there's no way they could have contacted me about it before then, I hate to think what they'd be like if I'd missed ALL the payments on All the accounts and let it go for months if that is how they act after one day missing just £16 on one of three otherwise good accounts with them :eek:......


Goddit???:)

sharpy2010

Much better, but do you really have to shout? (post in bold!)