Advice Required - Trying to reclaim payday loan interest from Lending Stream.

casa_nova

Hi All,

I am a recovering gambing addict, who was a really good at saving, never in debt but when got into gambling just over 10 years ago I have now ended up in about 18k worth of debt.

I currently have 5 credit cards all close to limit. 1 Store card. 1 Very account and currently 6 different payday loans with different payday lenders. (Had over 100, yes 100 payday loans with every payday provider going since summer 2014 - and had many on the go at once in a spiral of paying one off to pay another - then using other loan funds to gambling etc to try and get money to pay others)

I know I've acted very irresponsibly and stupid and have decided recently I need to change my life as it is either that or I'll end up killing myself due to debt worry. I have been quite hard on myself and depressed over the situation I have put myself in, as I do work full time and have a good job, but never seem to have any money once the bills and payday loan payments go out each month.

Therefore I'm now trying to rebuild my life and thinking of writing a letter to lending stream (my most used) payday loan provider in particular to request interest on all 28, yes 28 loans I've taken out with them since April 2015 (Last 2 years) is repaid back to me with 8% statatory interest on top for each when settled.


I was going to request this under the following grounds -

1) Lending stream not conducting proper credit checks to ascertain level of debt already in since April 2015 to present. Always been in overdraft situation with my bank since this time. Was about 10k in debt when took out first payday loan with them. Total debts now spiralled to around 18k at present, which they have partly contributed to.

2) Not spotting other warning signs of a pattern of me taking out multiple payday loans with other providers from the start of my first loan taken out with them. Demonstrating my financial problems.

3) Allowing me to take out up to 3 / 4 payday loans at any one time with them alone. Also allowing me to take out a total of 28 loans with them alone over 2 year period. For all 28 loans with them they allowed me to borrow £5,100 in total on which I've calculated I've paid them £952.72 in interest.

4) Lending Stream partly responsible to my constant debt worry and depression. Resulting in me suffering financial hardship as time went on etc.


I know I've acted bad and i'm so disgusted with myself - now going gamblers anon. But does anyone think these are good enough grounds to claim lending stream repay this intest under grounds they never should of approved these loans if they had lended responsibly and done a proper credit check. My current loan with them has recently been frozen and put on a payment plan at present.

Only thing is I did give false financial commitment information to them regarding the level of debt I was in from the very first loan. As I was desperate and out of control during this time trying to fund my gambling habit. 27 of the 28 loans have been paid back with the interest. Its just last 1 I defaulted on.


I would really appreciate everyones honest advice or experience if they have claimed from a payday lender.


I'm partly scared I could be done for fraud for lying about my financial commitments if I try to reclaim any interest from them and reveal these true details. But then again they can't of done credit checks and also acted irresponsibly lending to me. Any advice would greatly be appreciated.

Clive_Woody

I doubt very much you will get the interest back and even less likely to get it back with interest paid to you on top of this, particularly if you were dishonest with your loan application.

My advice would be for you to contact one of the free debt charities and seek their advice on how to manage your debt and get this cleared. Don't let this get you down, give StepChange a call and talk through your options as they will have seen this a 100 times before.

[Deleted User]

There is a great big thread over on the debt free wannabe board. You'll do better there.

I really don't know, your interest being froze jumps out at me.

New age lending (which is kind of what you fall under) don't get me started - there is another lender that allows it's borrowers to have 4 loans out up to their credit limit in anyone time (no idea how that got past regulation) but yet can't offer assistance to someone who find their pay delayed. Again a customer of this lender of new times since 2014 and you know what never been recognised as such unless you count the point they don't check repeat borrowers. Not that that would have saved me or what was then threatened.

To be honest you only have to think where do I end up if your lender then gets to say's ta-ra like another ex lender only to recently.

If it weren't for the lenders, Lord why doesn't someone look at the regulators.