Payday Loan Complaint - Please Help

r_nunez

Good Afternoon people,


I was really hoping for some advice on what is best to do and mainly whether or not I have a valid case and reason to be upset regarding my issue.


I had taken a loan out with lending stream a few months ago, not long after taking the loan out I hit a really rough financial patch where my personal circumstances changed. I rang lending stream and spoke to them directly at first and explained my issues and I would be unable to make the required payments, they offered me a repayment plan which sounded good to me as I wanted to clear the balance so it wasn't affecting my credit score. The amount they offered for me to pay was still too much on what I could afford and I did tell them this but they said that's all they could accept, I stupidly agreed to the repayment plan in a panic of what would happen if I didn't agree. as expected I struggled to make these payments which resulted in the repayment plan failing. I have received and email stating a notice of termination of the loan stating I could be taken to court if it wasn't paid or dealt with so today I got in contact via there online chat and spoken with there customer service to explain everything and that I wanted some help on what I could do and if I could get this sorted as I wanted to make some payments regardless of how little they was of what I can afford. They declined to offer any help stating they have previously set up payment plans that had failed so they was unable to offer me a repayment plan to settle the balance and I should contact a debt management company. I told them I didn't wish to do this as I would like to deal with it myself and get this sorted. They then stated in order to bring my loan up to date I would need to make a certain payment otherwise my account would be passed to a debt collection agency, I told them I couldn't afford the payment they was requesting as previously stated I am struggling financially. I told them I was extremely unhappy with the customer service of being offered no additional help when I am trying to sort it and they are point blank refusing any offer I was willing to make. I then asked for a copy of the transcript to be emailed to me so I have proof they are declining any offers or help towards me in which I was told it was not possible for me to receive the transcript so I screen shot the whole thing as I wanted to proof, I then asked what now happens seeing as they have refused and offer from myself in which they said again just speak to a debt management company. I advised I was not happy in any way in how I've been treated and I would making a complaint in which they gave me the complaints number and asked me if there anything else they could assist with.


I understand this is my problem to deal with an I got myself into this mess but I am also trying to resolve it only for it to be refused.


Can anyone advise on what I should do next? should I just complain to them directly or go down a different route and also do I have a valid reason for being upset on how ive been treated regarding the above?


Thanks

Willing2Learn

Hi,

If it was me, I would write to Lending Stream, asking for the account to be frozen, while you seek advice. You need to work out your monthly budget (income and expenses). You can then provide Lending Stream a copy of your monthly budget, with an repayment offer that is affordable (within your monthly budget).

I would begin by completing an SOA, to help work out your monthly budget. You can then contact, if you find it helpful, a free Debt Counselling Service for advice on how to move forward.
http://www.stoozing.com/calculator/soa.php

Do you have any other debts?

Edit: Also, have a read of the following article, to see whether you are eligible for a refund:
https://debtcamel.co.uk/payday-loan-refunds/

r_nunez

Thank you for your reply,


I have been through my monthly expenditure with them over the phone originally and that's when they told me the monthly repayments they was willing to originally accept, I didn't have a lot spare per month with the offer they originally offered me to pay back but in a bit of a panic I just accepted it knowing it was going to be difficult getting through the remainder of the month with next to nothing I did explain this to them at the time, I do have other debts in which I am in repayment plans that are realistic and I am making the payments with no problems but lending stream just seem to be unrealistic. it's probably worse now as they are not even entertaining the idea of listening to what I was willing to offer to repay it back. they have just demanded I pay a certain amount to stop the account being passed to a debt recovery agency. I understand the amount I am offering is not an awful lot but at least I am willing to make an offer of something to reduce the balance and in the future when I have cleared further debts I can up to payments which I have explained all this to them.


Thanks

Willing2Learn

You need to do it in writing, not on the phone and not by online chat.

Make your affordable offer in writing, include a copy of your monthly budget and make sure you make it clear when the repayments will start and what the schedule will be (monthly).
When you make the offer in writing, make it clear that you only consent to communication in writing, by royal mail.
State clearly that you have withdrawn your consent for all other forms of communication.
Cancel your CPA, in writing, with both your bank and Lending Stream

Edit: See the National Debtline article on PayDayLoans. In particular, pay attention to the template letters for cancelling (stopping) a CPA.
https://www.nationaldebtline.org/EW/factsheets/Pages/payday-loans/payday-loan-debt.aspx

r_nunez

Not a problem I will deffo follow your advice and thank you once again,


If after doing the above they refuse the offer I make what should be my next course of action? It's really silly to be honest as I just want to resolve this and I think I've made so far enough effort to do so. If Lending stream decline the offer what would be the next step for myself do you think?


Thanks

Willing2Learn

If they decline your offer then they will have to pass the debt on to debt collectors (DCAs). But you can keep on paying in the meantime according to your schedule of repayments. Once you received written notification from a DCA that they are now managing the debt, you can re-offer your affordable payment plan to them, in writing, including a copy of your monthly budget (again). And so the process continues...


Do you have any other debts??

r_nunez

I understand and I will get straight onto it,


yes I have a few outstanding debts which are currently in repayment plans, they are up to date and there are no issues so forth, it will take ma quite a while to pay these off however but they are being paid which is the main thing.


Thanks

Willing2Learn

If you want to, you can post your SOA up on the Debt-Free Wannabe forum. That is, if you want general advice and support with your budgeting and management of debts.