Lending stream compensation

Chris8324

Evening all , 

After some advice so earlier this year got myself into a payday loan spiral finally got out of it however thought I would pursue the company lending stream.

i had 13 loans in total however the last 
9 from March 19 - Oct 19 totalling £2100 some days apart 

Lending stream have said  10-13 were not affordable and offered me £382

Question I have if I go ombudsman 
1. how long will the complaint roughly take 
2. Do you think ombudsman will be in my favour for loans 5-10
3. if ombudsman say there’s no claim will I still get the original £382 offered 

any help appreciated please

DCFC79

Chris8324 said:

Evening all , 

After some advice so earlier this year got myself into a payday loan spiral finally got out of it however thought I would pursue the company lending stream.

i had 13 loans in total however the last 
9 from March 19 - Oct 19 totalling £2100 some days apart 

Lending stream have said  10-13 were not affordable and offered me £382

Question I have if I go ombudsman 
1. how long will the complaint roughly take 
2. Do you think ombudsman will be in my favour for loans 5-10
3. if ombudsman say there’s no claim will I still get the original £382 offered 

any help appreciated please

I cant answer Q3 but 2 and 3 is anyone's guess guess.

The Ombudsman will be snowed under, could be 2 weeks or 3 months to get an answer.

jonesMUFCforever

or even 3 years!

sourcrates

I would take the £382 quid if i were you,

The business model of a payday lender means they sail so close to the wind, they risk going bust at every step, as many already have done, think Wonga, Moneyshop etc.

By the time the FOS gets around to looking at your case, they may too have gone to the wall, just something to think about.

Remember, its only the interest you get back, not the capital.

Chris8324

sourcrates said:

I would take the £382 quid if i were you,

The business model of a payday lender means they sail so close to the wind, they risk going bust at every step, as many already have done, think Wonga, Moneyshop etc.

By the time the FOS gets around to looking at your case, they may too have gone to the wall, just something to think about.

Remember, its only the interest you get back, not the capital.

Yeah very true but then again if I accept dependent on how long they take to pay out as well , if I accept could I still then pursue them for the rest of once you accept are you saying you won’t make further claims

Retireby40

Once you accept theres no going back down the line for the rest. I had an issue with quickquid where they offered me ( cant remember the figures now) say £200 and with the obudsman I recieved near double. It was long and drawn out and I think from the time I lodged the complaint to recieving funds could have easily been 3 months.

Chris8324

Retireby40 said:

Once you accept theres no going back down the line for the rest. I had an issue with quickquid where they offered me ( cant remember the figures now) say £200 and with the obudsman I recieved near double. It was long and drawn out and I think from the time I lodged the complaint to recieving funds could have easily been 3 months.

So you think I’m beat just accepting the vash

Retireby40

Not beat it depends on whether you really need the money now or can wait for a while. Have you went back to leading stream after that offer and requested it to go to the ombudsman? Sometimes if you request that they may up their offer abit to try to avoid that process.

Chris8324

Jsacker said:

Chris8324 said:

sourcrates said:

I would take the £382 quid if i were you,

The business model of a payday lender means they sail so close to the wind, they risk going bust at every step, as many already have done, think Wonga, Moneyshop etc.

By the time the FOS gets around to looking at your case, they may too have gone to the wall, just something to think about.

Remember, its only the interest you get back, not the capital.

Yeah very true but then again if I accept dependent on how long they take to pay out as well , if I accept could I still then pursue them for the rest of once you accept are you saying you won’t make further claims

I've helped a friend with Lending Stream fairly recently. Their case ended up with the Ombudsman because there was no offer prior to this. They did pay up, which was great, but they were weird in that they gave a 3 week(ish) timescale and, when this elapsed, it turned out that they were waiting for my friend to confirm her bank details (the same place that they had deposited money into in the past). Expedited payment when challenged over this.


But there was a constant worry that they were about to go under due to all of this and therefore no settlement money in the bank. I'm on the fence with Lending Stream because they seem like the lesser of two evils, so they may well survive this unlike Wonga etc. But who knows?

As sourcrates said, £382 cash in the bank sounds alright and I'd be fairly confident that they'd pay up. HOWEVER, how much interest did you pay on the loans you are claiming against? If you've paid thousands in interest, for example, then a £382 offer may actually be derisory (even though it evokes the old "a bird in the hand is worth 2 in the bush" adage). So it is up to you to figure out whether the £382 is actually worth it and whether the risk justifies the potential reward.

So in total it was 13 loans totalling £2700 unsure of the actual  total interest risk vs reward is always the same I mean I would have been happy with £600 I may see if I can get some more without going to the ombudsman and see what they say