Student loans and pensions

3rni3

Hi All,

After finally getting my head out of the sand and realising that at 30 years of age this is not the way to live my life laying in bed every night worrying about debt I have with the help of my partner started the long journey of getting back on the straight and narrow. I fell into the payday lending spiral many years ago and have started contacting lenders for statements to calculate how much interest I have paid and whether I can file a claim for irresponsible lending. Lending Stream however have thrown me on the backfoot with their response this morning. Please see my initial email and then their response below.

My initial email;
To whom it may concern,

I am looking at making a complaint to you about irresponsible lending. To help let me explain the details, I have been in a constant cycle of lending with you for multiple years now continually overlapping loans and repayments and they take up a significant amount of my income every month resulting in my debt spiralling.

I would like a list of my loans, showing when they were taken out and how much was repaid and when. Please note that I am asking for a Statement of my Account with you, therfore not making a Subject Access Request.

I have tried using the account summary on your website however each loan statement is password protected to which I have not been given a password to unlock and I do not believe the website shows my complete loan history.

Please can you send me this as a matter of urgency.

To which I got this response;
We are writing in reference to your recent correspondence, requesting the information that Lending Stream holds for you.

We have reviewed your accounts and would like to share our findings. You borrowed thirty two loans from Lending Stream out of which five loan accounts

---

,

---

,

---

,

---

and

---

are outstanding with Lending Stream.

We see that you are requesting to investigate your concern regarding the affordability analysis and credit checks conducted when the loans were approved. We would like to inform you that such nature of query falls under the purview of Subject Access Request (SAR).

Therefore, in order for us to provide you with the information, we would request you to send us a written letter addressed to Lending Stream with a £10.00 cheque (in favor of Lending Stream LLC) as per the Subject Access Request (SAR) requirements under the Data Protection Act 1998.

To ensure that you understand and agree to the terms and conditions of your loans, please refer to the agreements which were initially sent to your registered email address at the time of borrowing. We would request you to refer to our emails for all the information shared by Lending Stream with regards to your loan accounts.

Upon receipt of the request, we will be able to share the information within 40 calendar days. As a regulated organization under the FCA, we make sure that we treat our customers fairly and provide the appropriate resolution.

We look forward to hear from you soon and hope that you would give us an opportunity to help us serve you better.

32 Loans.... I am ashamed.... However a £10 cheque to get the information is this correct?

henrryyyy

3rni3 wrote: »

Hi All,

After finally getting my head out of the sand and realising that at 30 years of age this is not the way to live my life laying in bed every night worrying about debt I have with the help of my partner started the long journey of getting back on the straight and narrow. I fell into the payday lending spiral many years ago and have started contacting lenders for statements to calculate how much interest I have paid and whether I can file a claim for irresponsible lending. Lending Stream however have thrown me on the backfoot with their response this morning. Please see my initial email and then their response below.

My initial email;
To whom it may concern,

I am looking at making a complaint to you about irresponsible lending. To help let me explain the details, I have been in a constant cycle of lending with you for multiple years now continually overlapping loans and repayments and they take up a significant amount of my income every month resulting in my debt spiralling.

I would like a list of my loans, showing when they were taken out and how much was repaid and when. Please note that I am asking for a Statement of my Account with you, therfore not making a Subject Access Request.

I have tried using the account summary on your website however each loan statement is password protected to which I have not been given a password to unlock and I do not believe the website shows my complete loan history.

Please can you send me this as a matter of urgency.

To which I got this response;
We are writing in reference to your recent correspondence, requesting the information that Lending Stream holds for you.

We have reviewed your accounts and would like to share our findings. You borrowed thirty two loans from Lending Stream out of which five loan accounts

---

,

---

,

---

,

---

and

---

are outstanding with Lending Stream.

We see that you are requesting to investigate your concern regarding the affordability analysis and credit checks conducted when the loans were approved. We would like to inform you that such nature of query falls under the purview of Subject Access Request (SAR).

Therefore, in order for us to provide you with the information, we would request you to send us a written letter addressed to Lending Stream with a £10.00 cheque (in favor of Lending Stream LLC) as per the Subject Access Request (SAR) requirements under the Data Protection Act 1998.

To ensure that you understand and agree to the terms and conditions of your loans, please refer to the agreements which were initially sent to your registered email address at the time of borrowing. We would request you to refer to our emails for all the information shared by Lending Stream with regards to your loan accounts.

Upon receipt of the request, we will be able to share the information within 40 calendar days. As a regulated organization under the FCA, we make sure that we treat our customers fairly and provide the appropriate resolution.

We look forward to hear from you soon and hope that you would give us an opportunity to help us serve you better.

32 Loans.... I am ashamed.... However a £10 cheque to get the information is this correct?

Dont be ashamed, many of us have been there, and its a difficult cycle to get out of.
Most of us are instilled with a fear of creditors which makes us keep on getting unaffordable loans, rather than facing upto them and telling them we cant pay.

I would make it clear(although you already did) that you are requesting a statement of account of loans that you have taken out with them, you are not requesting information regarding the affordability analysis and credit checks conducted - they are of no relevence to you.

Im no expert as I previously said but when making my complaint i received this response from a creditor:
"This account currently has no sums due or payable. Therefore, we have no current obligation to provide a statement of account under Section 77 of the Consumer Credit Act as per Subsection (3) of Section 77 which states that the requirement under “Subsection (1) does not apply to – (a) an agreement under which no sum is, or will or may become payable by the debtor.”

You clearly still have a balance payable so maybe they are obligated to send it, although a fee of £1 is payable according to the act. They may only be obligated to send the statements for the 5 open loans you have, im not sure. As I say Im no expert so may be better waiting for better advice.

However, you can still put your complaint in to lending stream without your statement of account and without knowing the facts, which is what I did(with a different company though). If they make you an offer then tell them you cannot accept/reject the offer without knowing all the facts. If they still refuse put your complaint into the financial ombudsman. The financial ombudsman would get all the facts and make a fair judgement.

The number of loans would play in your favour im guessing so it may be worth going all the way with your complaint if lending stream dont make a fair offer.

Everything im saying is just based on my experience, good luck!

acee

Really need some help here I'm on a DMP, Lending Stream have passed it onto CRS to manage, however ive also sent letters about irresponsible lending to claim interest etc back this is what Lending Stream have come back with:


We write in reference to your recent correspondence.

We would like to share our findings, you borrowed 16 loans from Lending Stream, out of which one loan is outstanding.

Affordability Check:

We confirm that an affordability analysis is conducted for all customers (existing or new) and on each loan application. Our advanced analytics and underwriting processes review the information provided by the customer, all public information and details held by Credit Reference Agencies before making a decision.

• Your Experian score was ranging between 564 – 768; which factored into our proprietary underwriting and deemed acceptable
• At the time of applications, You were full-time employed
• Your monthly income at the time of applications was ranging from £1070.00 - £1800.00
• We could observe a sufficient disposable income, which denoted that repayments towards the loans can be made without any financial difficulties

Rollover:

We would also like you to note that a “Rollover” is an option provided by some lenders where a customer is allowed to delay paying back a loan on the payment of additional fees. Currently, Lending Stream does not offer this option; hence, we confirm that the FCA regulation on “Rollover” Loans is not applicable to us.

Credit file/Data Validation:

When a customer requests for a credit report from a Credit Reference Agency, he may acquire specific information including names of different lenders and their respective reporting. However, when a financial institution does a credit search on a customer’s credit report, they are not privy to that exact information. Hence, our decision to lend money does in part rely on the information received from Experian (credit scores).

Financial Difficulties:

Our constant message to customers whose circumstances change, or who experience hardship, is to speak to us and we will work something out together. Upon reviewing your accounts, we found that the required assistance was offered, when, we were informed about the change in your circumstances.

Resolution:

In lieu of the overall situation, we confirm that the affordability checks were performed with due consideration while approving your loans.

With the above being said, we are ready to extend our support in clearing the debt and offer to waive all the interest and charges (£403.08) incurred on the outstanding loan (3448245) and are ready to accept the remaining principal balance (Borrowed amount – Paid amount). The remaining balance on the loan would be £630.00.

We find it worth mentioning that the stated settlement amount (£630.00) can be paid in a full one time payment or in an affordable payment arrangement.

Should you wish to re-schedule the payment arrangement, please note:

• We are required to report the status of your loans to credit bureaus on a regular basis
• Your decision to re-schedule the Payment Arrangement will reflect in your Credit Report
• If you fail to make a payment, we may transfer your account to a Debt Collection Agency for servicing

We would request you to help us with the following details for us to be able to setup the payment plan.

• Amount you would like to pay every month/week
• Date(s) on which transactions should be processed
• Preferred mode of payment

Please send us a confirmation of the aforementioned offer so that the required changes can be made.

For further queries, please email us at [EMAIL="info@!!!!!!!!!!!!!.co.uk"]info@!!!!!!!!!!!!!.co.uk[/EMAIL] or call us on 0203 365 0138 (Monday to Friday between 7 am to 10 pm). Call charges apply.

Regards,
Lending Stream Customer Service
[FONT=Arial, sans-serif][/FONT]


They say my wage was between £1070.00 - £1800.00 which is incorrect its been at £1070 for a few years ive never been on £1800 in a month in my life. The credit rating is false too because it hasn't been that high for about 8 years.

emzmommy

Acee,

I am only starting out myself but personally i think they are hoping if they tell you that you have no case but they are "willing" to credit the interest on this occasion they are praying on you to get away with paying the min i have ready many of the posts on this thread and the same thing has been said and they sent it to the FCA i think (its late i cant remember the letters lol) and won thousands i would save of you can pay this one off and continue with the claim go for it if you really cant take it its upto you do you think he amount is fair? And also if they were in the right why would they offer you anything?? The world doesnt work like that in my opinion anyway!!

Hope my opinion helps!! :D

acee

Emzmommy
Thanks for the reply yeah I thought the same if they acted so fair and I don't have a case why wipe off £400 hmm. I've emailed asking for a statement of account so I can see how much interest I actually paid. Maybe they will come back with a better offer.

kat81

Has anyone ever reapplied after getting a negative ombudsman result?

KatieShopstoomuch

I had a lot from wonga, mr lender and payday U.K., but this was between 2010-2011 some possibly into 2012 however I have very little info on them now as I actually opened a new bank account and the one I used for these is no longer active. has anybody had any success with older difficult to trace payday loans as it's past the 6 years?

emzmommy

Had a reply from Sunny to say they have added the details to my complaint...the one they raised when i asked for a statement :undecided and that they will be back in touch within the 8 weeks they have could really do with some answers as i an reallys struggling i am kicking myself i didnt do this years ago!!

For previous questions, i am not sure if the ombud has said no if you can appeal maybe someone else can help, and i think you can (not done it so not sure) claim if you go to ombud maybe worth a google or read the first few pages of this tread it surely would have been mentioned?if not someone who actually knows 100% will come along to help!!

Link182

Does anyone know if I were to put in a complaint would it affect the Scottish DPP I'm currenty on?

Almoquad

Hello all - just sharing my progress to date - complaint submitted to lending stream 31/6/17 today recieved response offering a full refund of all interest and charges of £2500 due to 'procedural errors' I am still waiting on replys from wonga and sunny for similar sums but am happy with the turn around from lending stream of just over a month for a full refund. Hope everyone's doing well with there claims.