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About lamentableloaner

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  1. What do you reckon would be the most professional way to word a response to them based on your thoughts?
  2. Sorry for the slightly lagged reply guys. I appreciate all the info so far. I have taken on board the advice to post about the individual pay day loans that I have outstanding and have started to do so in the Payday loan sub forums. I have just posted about Lending Stream in the last few minutes and will try to add the other stories later today.
  3. Hi all, I have three accounts with Lending Stream outstanding from 2013 and after reading some advice on various forums decided to take them to task about irresponsible lending practice. I offered them a settlement where I would pay the outstanding amount of the principal sum on the basis that they also remove the default from my accounts. I understand this was a bold move but it seemed in line with other folk. I would like your advice on the response below. Do you reckon their offer to show as settled and accept the outstanding principal sum as satisfied is the best I can get or should I push further to get the defaults withdrawn? If you think I should push further it would be great to have some advice on the best way to do so. Original message from them... Dear Mr XXXXX, We understand that you feel your Lending Stream loans were subject to irresponsible lending practices. As a responsible lender, Lending Stream conducts its proprietary affordability checks and underwriting analysis for each customer before issuing a loan. We confirm that these checks were employed at the time of your applications as well. While reviewing your accounts, we note that the details received from you at the time of each application indicated that you were employed and your Experian scores were above 600 – which is an indicator of good credit history. Additionally, we ensured to approve your applications only for the amount you were eligible for. A brief introduction of your loan accounts: •Loan xxxx, borrowed on 21st April 2014 for an amount of £95.00, outstanding balance: £261.00 •Loan xxxxx, borrowed on 9th February 2013 for an amount of £355.00, outstanding balance: £676.80 •Loan xxxx, borrowed on 8th April 2013 for an amount of £235.00, outstanding balance: £695.00 Since we were not in receipt of the scheduled payments, the loan accounts were transferred to a debt collection agency, Motormile Finance Ltd. In reference to your request, we would like to inform that the default entries posted on your credit file are genuine. The lending industry and the regulatory bodies rely on accurate reporting to the credit bureaus in order to ensure that correct lending decisions are being made. We, therefore, do not make it a practice to alter credit entries on a customer’s record. Hence, we regret to inform that we’re unable to remove the default posted on your credit file. However, we accept your offer to settle the accounts on receipt of the actual borrowed amounts. Since you have already made some payments, the settlement amount is £10.00, £49.00 and £210.00 for loan account xxxxx, xxxxx and xxxx respectively. Once we receive these payments, we will report your loans as Settled. Note: The total amount we have received so far is £10.00, £306.00 and £25.00 for loan accounts xxxxx, xxxxx and xxxx respectively Should you accept the offer, please let us know so that the necessary changes can me made on the accounts
  4. Hi,Sorry I don't know what happened with the original post. It was all nicely formatted. I should have typed in 6 years but hopefully the language in the rest of the message made it clear that I realised it was 6 years rather than months. Thanks for the feedback thus far. After I did some further reading it does seem that the fact you defaulted at all is pretty much a match loser in that sense. However I did some further reading last night online and it seems the status of each debt i.e. satisfied etc. is essentially a flag in the system. Therefore most credit checks by potential lenders tend to look for these flags and prompt a manual review of the credit file in question. Subsequently it seems the status of these flags can be used as part of the manual review process. Such that at least if you have paid them off it will look more favourable in a manual review than if you have not. I had two further questions.... 1) Do you have any thoughts/comments on the item I mentioned above? If so although perhaps not with the big preferable lenders do you think some form of credit might be available to someone who has at least paid off all past debts? 2) Is there much benefit in your opinion if you can get one of these credit file re-building credit cards such at Vanquis etc while there are any defaults to at least start getting some positive lending history on your report? All views appreciated!!
  5. Hi, I'm really sorry for the first post I did mean to say 6 years but hopefully the context from the rest made sense. I am in the middle of paying the pay day loans and hoping by year end I will have settle the full balance. Do you know if showing settled has much impact on your credit score versus a default? Thanks
  6. Hi all, A quick hello from myself as I am brand new to this forum I hope you can help me along my journey to trying to sort out my debt. I am micro-analysing my current circumstances and aiming to find the lowest lost/lowest impact solution .Let me just give you a brief overview of my debt outstanding (it used to be more but paid some off). Firstly I have no CCJs which is great. 1 x Bank overdraft (student) of £2389 that I defaulted on in September 2010 due to expire in September 2016. 1 x Hire purchase default of £2254 that I defaulted on in March 2011 due to expire in March 2017. 10 x pay day loans of £4062 (in total) that I defaulted mostly on within the last 2-3 years. The crux of my issue is that I got a bad credit rating with various student credit cards and the subsequently the overdraft and the hire purchase agreement. Therefore resorted to a bunch of pay day loans and it spiralled from there. My current situation is that I have a well paid job and trying to get rid of this financial voodoo once and for all so that one day within the next two years I can make start thinking about buying a place to live rather than renting. I probably have capacity to pay off £300-£500 a month without losing sleep and a bit more with a bit of discipline. I have done a fair bit of reading already on various forums and would like some perspective of my apparent findings. Could someone respond on the following points? 1) I have read that all defaults (including defaults) expire after 6 months. Is this correct? If so is all trace of it ever existing removed from your credit record and thus would I expect to see my credit score improve when it does? 2) If point 1 is answered yes, I think it makes sense to pay of my pay day loans of £4062 first then worry about the overdraft and the hire purchase (in that order). 3) What would happen if I started a payment plan on the student overdraft before the expiry date then the expiry date hits? Could they put a fresh default on my account or update the original? I am trying to decide whether it financially makes sense just to wait till it expires all together. Any implications credit file wise are much appreciated. 4) My biggest outstanding payday loan is with Lending Stream who allowed me to borrow £1600 worth of loans on 3 separate accounts while the others were still outstanding. Do I have any legal re-course that I could argue to have these debts written off or reduced without impacting my credit file? (I am thinking of the impact of a partial settlement versus a settled account) 5) Is there much difference from a credit scoring perspective between a partial settled account, fully settled account and a default? Sorry for the amount of info but I hope this encourages a meaningful response . Thanks in advance guys!! (and ladies)
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