Student loans and pensions

PartyPoison

In a quick follow up - QQ have now offered me a couple of pounds under what I was expecting/happy to accept so again I have accepted for the sake of a couple of quid instead of the efforts of the FOS - not a bad 24 hours! Balls in your court now Wonga!

Mat1688

Advice please guys! So I've had all my statements back and are now awaiting replies from all except PDUK. I sent them the initial request for statements 3 weeks tomorrow and I followed it up last week and they said it can take up to 2 weeks, emailed again yesterday as was over the 2 weeks and now they've emailed today saying takes 40 days! On resolver it says I can escalate this tonight....shall I do that or just wait?

PartyPoison

Mat1688 wrote: »

Advice please guys! So I've had all my statements back and are now awaiting replies from all except PDUK. I sent them the initial request for statements 3 weeks tomorrow and I followed it up last week and they said it can take up to 2 weeks, emailed again yesterday as was over the 2 weeks and now they've emailed today saying takes 40 days! On resolver it says I can escalate this tonight....shall I do that or just wait?

Hey - Could just be me misunderstanding as I read that so I want to be clear - you are waiting for a statement of affairs from PDUK and have been for almost 3 weeks?

Akelly

Thankyou for your reply. I guess I better give sunny another call and ask how much I've actually paid them back in total. Same with my jar and the others I've borrowed from.

I'm going threw resolver and they seem to be taking there time with the complaints. How long does it normally take? Some are ready to go to the Ombudsman in a few days and all they have done is acknowledge the complaint I've filed.

How long does the Ombudsman take usually? Weeks or months?

Mat1688

Yeah, 3 weeks ago I sent my first email asking for my statements to them and they responded straight away saying complaint had been received ... Last week I chased it and they said it takes up to two weeks which would have meant I should have received it last friday. So yesterdayi chased it again and they said it can take up to 40 days...I've got the option to further action it tonight

brightylr

Please could you help me on where to go with this?

I have never been full time since 2010 - as after maternity leave I went part time to look after my daughter.
There’s no way my credit score is that high, various defaults and on dmp.
This is in reference to your recent correspondence. We understand that you wish Lending Stream to investigate your concern regarding the affordability checks conducted while approving your loans.

Please note that you borrowed 4 loans from Lending Stream, out of which 1 loan was closed successfully and 3 loans (Ref: 3700300, 5214352 and 5219264) are outstanding.

Affordability Checks:

Since it is in our interest to provide loans only to the customers who we believe can repay without difficulties, all necessary analysis and checks are performed before the approval of each loan. Our advanced analytics and underwriting processes review the information provided by the customer, all public information and details held by the Credit Reference Agencies.

While reviewing your accounts, we note that your loans were approved based on the following facts:

Employment: During the applications, you were full-time employed.

Income: The data shared in the applications indicated that your monthly income was ranging up to £1375.00. The disposable income on all your loan accounts was ample to complete the monthly repayments towards your loans easily.

Experian Scores: Experian score was factored into our proprietary underwriting and deemed acceptable. While accessing your applications, the score was ranging up to 655.

Applications Declined: Although we received additional applications, they were declined as they did not meet our lending criteria.

Considering the above data, we confirm that all necessary checks were executed at the time of your applications and your loans were approved only after it cleared our affordability analysis.

We expect our customers to include any current obligations due to be paid while filling the expenditure details to ensure a fair assessment of their disposable income and ability to make repayments. 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 you never informed us about your circumstances. Had we been made aware, the required assistance must have been offered.

Validation of Income & Expenditure:

We expect our customers to include any current obligations due to be paid while filling the expenditure details to ensure a fair assessment of their disposable income and ability to make repayments. The data shared in your applications indicated that your monthly income well exceeded your expenses and that repayments towards the loans could have been made without any financial difficulties.

In addition to the above data, we would like you to note that while a business is liable to undertake the checks properly and validate the information received for an application, a customer is equally responsible to share the accurate details in order for us to gauge his/her repayment capability. Your self-attested income and expenditure details indicated the loans to be affordable.

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.

Multiple Loans:

We would also like to inform you that multiple loans offered in a considerable time frame are not considered as “irresponsible lending” if the disposable income of a customer (in proportion to the borrowed amount) is enough to meet the monthly repayments of the loans.

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).

Resolution:

As a part of our loan applications process, we captured your self-declared income, expenditure, employment/place of work details, which you were legally required to provide in an accurate manner. It was imperative that details furnished by you were correct, so we could ensure that we satisfy our standard affordability checks to measure if your loan applications met our lending criteria or not. Based on the information you furnished, we see the loans were paid out correctly.

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 would like to inform you that Lending Stream never retreat in extending their support and ensures that we provide appropriate help, whenever required. Hence, we offer to schedule a payment arrangement on your outstanding loans (Ref. No: (I’ve removed this)with outstanding balances £17.93, £231.00 and £56.00 respectively, thereby freezing further interest.

Should you wish to set up 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 set up 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.

PartyPoison

Akelly wrote: »

Thankyou for your reply. I guess I better give sunny another call and ask how much I've actually paid them back in total. Same with my jar and the others I've borrowed from.

I'm going threw resolver and they seem to be taking there time with the complaints. How long does it normally take? Some are ready to go to the Ombudsman in a few days and all they have done is acknowledge the complaint I've filed.

How long does the Ombudsman take usually? Weeks or months?

Ask Sunny for a written SoA (statement of affairs) or failing that check your bank statements - its worth taking the time to go through and get the info you need. I havent dealt with the FOS myself so I cant say 100% but it appears they take months rather than weeks based on other peoples posts on this topic.

PartyPoison

Mat1688 wrote: »

Yeah, 3 weeks ago I sent my first email asking for my statements to them and they responded straight away saying complaint had been received ... Last week I chased it and they said it takes up to two weeks which would have meant I should have received it last friday. So yesterdayi chased it again and they said it can take up to 40 days...I've got the option to further action it tonight

If you only asked for a statement, you should email again and ask for a full written statement. You have not yet complained (from my understanding) so I don't know why they would send that unless its an auto response, but you aren't the only one its happened to based on older posts in here! As a heads up, they did ask me to pay £1 for a statement, which was difficult to understand when I got it - but they seem to have paid me back my £1 afterwards anyway.

I used this address - account.services@paydaycontact.co.uk - and sent the following:
"Good afternoon,


Could I please have a list/statement of the payday loans taken out via PDUK/PayDayUK. I have signed in to my account to see that the information is not available.


Thank you very much."

I had a very quick reply asking for the admin fee. Hopefully that helps - good luck.

Mat1688

Thank you party poison! Very helpful! I'm using resolver website so I can keep track easier. I did escalate it last night and it sent to a person further up in PDUK. Funny thing is, I've had my statement already from PDExpress which is all the same company, but I know i had a lot more loans with UK. Which is why I feel they are really dragging this out as I've already sent my full complaint to Express. Just a waiting game now. Lending Stream told me I had to pay them £10 for my statements, I emailed saying there's no chance I'm giving them anymore of my money and they sent the statement the next day !!!128522;

PartyPoison

Mat1688 wrote: »

Thank you party poison! Very helpful! I'm using resolver website so I can keep track easier. I did escalate it last night and it sent to a person further up in PDUK. Funny thing is, I've had my statement already from PDExpress which is all the same company, but I know i had a lot more loans with UK. Which is why I feel they are really dragging this out as I've already sent my full complaint to Express. Just a waiting game now. Lending Stream told me I had to pay them £10 for my statements, I emailed saying there's no chance I'm giving them anymore of my money and they sent the statement the next day !!!128522;

I didnt go through resolver, I took it upon myself after going through here (all 150+ pages haha) to do it myself. So I cant help with that side of things - I threw a spreadsheet together and used that to keep track of everything. Im not a fan of using third parties unless I need to but glad its working for you - as long as we get to the same place!

I had my acceptance confirmation this morning from PDUK - sent to financial department. It could take up to 10 days and will be sent via faster payments - so unless they take 10 days to send it I imagine it will be a lot quicker. Fair play to them once it got going, it moved very quickly and almost painlessly in comparison to some peoples experiences. Waiting on QQ to confirm my acceptance and Wonga to bother replying haha