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Hi - havent been here for a while although still struggling !!

 

I wonder if anyone can help with an issue I have with Lending Stream

I recently changed my bank details and for some reason this info was delayed getting to Lending Stream and consequently resulted in me missing a payment of 85.40 + 12.00 fees - they called me and I setup a payment plan - giving them all my new details - I was asked if I could meke the missed paymen first and told them it would leave me a bit short - hence the above payment plan was put in place to start 30 th October (my payday) - I logged in to my bank account the next day only to find a payment of the said ammount 97.40 was taken? - I called them as RBS couldnt reverse the payment (another long story?) an agent from Lending Stream then said I will send an email to their manager as she admitted in not suppressing their automated system after setting up the payment plan and told me the money would be reversed and in my account by COB today - I checked and its not?

 

Any ideas where I should take this now?

 

All ideas most appreciated - thanks

 

Zelig33

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Appreciate your reply Jamie - but they took money because I gave them my card details to pay off my debts - but they took it 2 weeks earlier than they should have done? and guess what? - they did reverse and pay me back - unfortunately to my old bank account which is no longer in existance !! - guess another phone call on Monday from me then !!!

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Jamie - strangely enough they did send me the money back .....but to an old account of mine with A/L - Santander which is in dispute with FSA and is already overdrawn - so they made me slightly less overdrawn now? - Santander say they cannot send the money back? and Lending Stream say they cannot take it as i never gave them my new details (bank account-sort code) even though they took the money originally from the card attached to the account.?

 

Any ideas?

 

Ta

 

Zelig33

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Write a letter to them stating this has now made you financially disadvantage, they KNEW your detals and they KNEW you had changed, they DO have the capabilities of doing this properly, so as a consequence you now have to lower your payments to them.

 

Report Lendingstream to the Office of Fair Trading, Trading Standards and the Ministry of Justice for this, they are just making life even more difficult than it should be for you.

 

Don't forget to copy your bank in with the letter (old and new) and your local MP... they might be able to help here.

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Zelig, try what sillygirl says, i would perhaps try and negotiate, telling them the truth of the situation and seeing where it gets you, you can kind of "threaten" to default unless you have the situation dealt with to your satisfaction but i wouldnt be too blunt about it...

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Sillygirl/Jamie thanks both for your advice - I have just had the Collection Dept call me and say they have listened to my original call and nowhere did I mention my new bank details only my card details - this is why they sent the payment to the other bank as this was the only bank details they held? - even though they took a payment from my new account 4th October?

 

I have "composed" a letter to their Complaints dept - but as I am very short cashwise - I will have to find out if my job is in jeopary as petrol costs are going to eat into my housekeeping??

 

Thanks Again

 

Zelig33

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  • 4 weeks later...

Hi Zelig33 - would you be able to let me know how you got on with Lendingstream - any update since your last post on 18th Oct please?

I have two accounts with them, which I have offered to clear over the next two months. After some messing about I got an email today accepting my payment plan along with bank details to make the payment - the concern I have is whether they will still seek to use my debit card or set up direct debits etc etc - any advice would be much appreciated.

Thanks

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Sorry for the delay- been away - I wouldnt let them have any access to your Bank Card at all - this is where I went wrong- ask them to accept cheque or PO - the more access they have to your details the easier it is for them to take money - they are a pretty unscrupulous bunch !!

Zelig33

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Hi zelig33 - thanks for the advice. I have reviewed other people's posts about payday loan companies (in general as well as specifically lending stream). I changed my debit card and withdrew (in writing) any continuous payment authority consent that I may have given to them when I signed up to their terms. Having read horror stories about how some payday companies set up direct debits without consent I am still a little concerned, but I do have their agreement in writing, so I hope they will keep their end of the bargain. I know they cannot use my debit card now as all the details on that, including the security code etc changed. I will post back whatever happens

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The ONLY way to stop them 'appropriating' your income/funds is to have an alternative bank account for the income, and transfer any money from there into the one you pay from. Sadly the banks take the attitude 'the money is owed therefore it must be paid' which whilst technically is true morally stinks.

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Sadly I became a victim of Payday loans when I lost my job ...it was the only way I could make ends meet - at one stage I had 4 Payday loans with various companies and I defaulted on all 4 - I think I took out around 400.00 and would have had to payback around 1200.00 until I contacted Citizens Advice who made arrangements with all 4 to pay back minumum of 50.00 a month. 1 company agreed on a final settlement of 80.00 for a debt of 180.00! but am still paying back the others (from a seperate back account to my current one) - Hard lesson to learn but I would advise everyone never to take these loans out if you can. I beleive one of the companies APR was 2500% !! - Nice lot arent they??

 

Incidentally regarding my original post Lending Stream have never accepted they were in the wrong and actually dont answer my emails or phone calls now !!

 

tripinit - Hope everything works out for you..

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hi zelig,

 

who have you spoken to to set up a plan with lending stream as the people i speak to can not do anything,

 

cheers

 

 

Hi I wrote a letter to their address - do not call them !!

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