Lending Stream - Mis-sold advice.

pip_9

Hi guys,

Sorry if this is in the wrong section (Admin, please move if it is)

I've got myself in a mess and I am trying to now take control of my finances. I currently have 6 **payday** loans. 

1 from Mr Lender £300

1 from Cash Float £650

3 from Lending Stream £650,£480,£430

1 from Loans 2 Go £1010

The lending steam loans have got me into a real mess as the repayments basically take up my half my wage, and I am in a cycle I believe I have taken out 8 this year.

I have 2 questions if you could give me some advice that would be great.

1) If I contact Lending stream and tell them I am having difficulties if they freeze interest etc, will they mark this on my credit file as a default?

2) Is it possible to raise a complaint with Lending stream (or the financial ombudsmen) about irresponsible lending if I haven't previously contacted lending stream to explain about my difficulties.

I truly believe they have been an irresponsible lender as I am having to borrow more money off them to pay back the original debts (this cycle has been going on for over 6 months)

I would like to buy a house in the next 3 years so I am trying to prevent new defaults on my credit file. (I know using payday lenders at all is seen as bad for mortgage providers, but I cant change that now). I have done the maths and as long as no other unexpected bills come up, I can just about cover the payments for the above, but it is a real struggle. 

So if necessary I cant (hopefully) pay them off then claim for the mis- selling, but I dont want to leave it until they are repaid then lose my case for mis-selling as they were successfully paid back.

Thanks for the help.

  

[Deleted User]

1) yes. It will be marked as a default if you're lucky, an arrangement if not.

2) You need to exhaust the lenders' complaints procedure before going to FOS. 

pip_9

So it’s probably best to attempt to repay all the debts then look into complaining about mis-selling