Lending stream whats the deal with these

[RDJ2011]

And another Lending Stream mare.Original debt was £440. I have made one payment after which time I defaulted.I asked for them to freeze any Interest and charges ( they declined ) and have been trying to setup a Payment plan which they have agreed ( but the amount is astonishing at 100 a month )£440 is now £960.This is there reply to my last email.Thank you for your e-mail.Your current balance is £788.50 as you will not be meeting he scheduled payment in full on 31/01/2012 interest will be applied on the account at £74.70. As you will then not be meeting the arrears or the full schedule payment on 29/02/2012 interest will be applied on the balance for a value of £99.60 at this point no further interest will be applied as your contract will have run the term and matured.Please contact us to arrange the repayments on the account.Any help appreciated. Should I wait for the debt to go to DCA and negotiate with them? As at the moment they're not budging. Cheers.

[RDJ2011]

Sorry about the formatting not sure whats happend there??

[asmilecostsnothing]

Hi thereI hope someone will be along shortly I'm sure many of the guys on here would say wait for the DCA... if nothing else you will find their bank details on post no. 76 of this thread so please don't ever give them your bank card and if you can change your bank account all the better if not already doneMaybe when you have a chunk paid of try haggle with them? as they seem approachable and money does talk...Good luck, keep at them and keep everything to writing only

[dulwich1980]

Hi

 

Can anyone advise what the standard practice is regarding paying pack a load from Lending Stream? After months of me trying to arrange a repayment plan and hearing nothing, my account was passed over to Mckensie Hall, who took approx 4 months to forward me a copy of my statement of account and credit agreement.

 

Essentially I am being charges £582 for a £200 loan, costs as follows:

 

23/02/2011 Advance £200.00 £200.00

23/02/2011 Capitalised Interest £60.00 £260.00

02/04/2011 Capitalised Interest £60.00 £320.00

02/04/2011 Arrears Fee £12.00 £332.00

30/04/2011 Capitalised Interest £60.00 £392.00

08/05/2011 Default Fee £10.00 £402.00

02/06/2011 Capitalised Interest £60.00 £462.00

02/07/2011 Capitalised Interest £60.00 £522.00

31/07/2011 Capitalised Interest £60.00 £582.00

 

Should I still only offer the loan plus one month? I can't recall how long the loan period was and the PDF stating this can't be opened as it needs a password - which I'm currently waiting for.

 

Any advice would be greatly appreciated.

 

Thank you

[asmilecostsnothing]

My £200.00 loan cost £473.00 over 6 months - this was early 2011 when interest rates may have been different

 

The arrears and default fee I reckon you can probably fight of - they tried this with me through Resolution Recoveries so stay firm and only offer to repay what you were originally going to - admittedly I managed to get paid up quite quickly in a couple of months

 

There is no admin work costs involved if they have been ignoring you for many months - fend on this ground?

 

Just remembering ... they also tried for a debt collectors transfer fee which was £40 !

Edited January 22, 2012 by asmilecostsnothing
add

[asmilecostsnothing]

I got cheeky to and paid Lending Stream direct - instead of R.R!!

[Cait116]

Hi Dulwich

 

I've been receiving threatograms from mucky hall for months now. I have answered their letters last September with this:

 

With regard to your recent letter please see below:

Despite numerous attempts via email to set up a payment plan Lending Stream has not co-operated with me, emails are available if needed, unlike most of my other creditors who have very kindly frozen charges and interest and allowed me to set up a realistic payment plan with them.

I now require a copy of my credit agreement and this letter is a formal request pursuant to s.77(1) of the Consumer Credit Act 1974. I require you to provide me with a true copy of the credit agreement relating to the above account, together with any other documentation the Act requires you to provide.

If it is your view that you are not the creditor, s.175 of the CCA 1974 applies in the case of a simple assignment, and places a duty upon you to pass this request to the creditor. In the case of an absolute assignment, you are a creditor as defined by s.189. If you contend that you purchased the rights but not the duties of any agreement, you are reminded that s.189 of the Act is clear that an assignment is of both rights and duties.

I expect you to comply fully and properly with this request, within the statutory time limit. You are reminded that should you fail to comply with my request, the provisions of s.77(6) will apply.

Your attention is drawn to ss.5(2), 3(b),6 and 7 of the Consumer Protection From Unfair Tradiing Regulations 2008 (CPUTR).

I enclose a postal order in the sum of £1.00, which is the statutory fee. Note that these funds are not to be used for any other purpose. If you are unable to comply fully and properly with this request, you should confirm this in writing at the earliest opportunity, and certainly within the statutory time limit for compliance, and return the fee.

I have checked (recorded delivery) and they have received it. They still send me letters saying that I have ignored them and that I owe approx £1,000 now for a couple of very small loans! Not sure whether to report them to trading standards or just ignore them like they've ignored me! Let me know what happens your end. Good Luck x

[sillygirl1]

Report Mucky Hall to East Ayrshire Trading Standards, Sam Gardiner was the last known named contact dealing with this dodgy lot.

[sillygirl1]

REPORT REPORT REPORT as Trading Stgandards and the OFT are doing an in depth investigation into this murky market. Your complaint could be the one that tips the balance in favour of heavy legislation.

 

http://www.consumerdirect.gov.uk for the Office of Fair Trading

http://www.tradingstandards.gov.uk for Trading Standards

[Cait116]

REPORT REPORT REPORT as Trading Stgandards and the OFT are doing an in depth investigation into this murky market. Your complaint could be the one that tips the balance in favour of heavy legislation.

 

www.consumerdirect.gov.uk for the Office of Fair Trading

www.tradingstandards.gov.uk for Trading Standards

 

 

As good as done sillygirl x

[dulwich1980]

Hi Cait

 

Thanks for the advice. How long should it take to have the credit agreement sent to you? They've sent me a PDF of mine on email - about 4 months after asking. Is that right?

[Cait116]

Hi dulwich

 

They have just ignored me - not sent anything!

[Cait116]

I have drafted another letter to these shysters today and cc'd to Sam Gardiner at Trading Standards and Stella Creasy. I'm fed up with their bull*h*t threatening letters and ignoring mine! Will post recorded delivery this afternoon.

[Cait116]

Letters sent to MacKenzie Hall via post and email. Copied Stella Creasy into email and had an email back from her. Hard copies posted to Sam Gardiner at Trading Standards. Will keep you guys up to date on what happens x

[Cait116]

MacKenzie Hall have now put my account on hold whilst they "investigate". Received email from Stella Creasy - lovely lady! and Sam Gardiner at Trading Standards. Sam has spoken to MacKenzie Hall and Stella has emailed my M.P. Will let you guys know what happens next.

Please please complain if you are being harrassed, don't let these people get away with it x

[sillygirl1]

Another DCA who took on a lot of Payday loan debt has pulled out of collecting in the PDL area due to the interest by the OFT and Trading Standards, let Mucky Hall be the next one who realise it is a 'loaded lemon'.

 

Stella Creasy MP particularly is active in this field so hopefully she is now building up a larger picture of the murky collection techniques used by PDL companies.

[nortel]

Who has pulled out now? I know Fredricksons have.

[sillygirl1]

Yes, it is Freds.

[KOWENS132]

Received an email from LS yesterday informing me that they had changed their trading name slightly. Received another email today informing me that as I had no replied to their constant attempts at contacting me regarding my reduced/non-payments the debt which has now passed the completion date (31/1/12) was being passed to MacKenzie Hall - this is rubbish as I have heard nothing and they have been ignoring me. The balance (£1374.40) they have given me is about right and has not changed in 2 weeks so I accept that this is the figure I should pay. LS have informed that I should contact MH now to fully pay the debt and/or make arrangements. I cannot afford to pay more than £60/70 per month and willingly will pay what I owe. My thoughts are I should wait until MH contact me officially in writing and then I ask them for a letter of assignment - this will give me more time to pay other debts off. After they have replied as requested I will then try to make an arrangement plan or if I can make a F & F What are your thoughts on this idea or would you do it differently? All replies greatly appreciated

[sillygirl1]

You do NOT owe them that stupid amount, please read up on the threads on this forum where the original loan and one months interest has been widely discussed.

 

You now MUST complain to the OFT and Trading Standards about LS, the change of trading name could be dodgy for a start, and the fact that they are ignoring you is another, plus the fact they are passing the alleged astronomical debt to Mackenzie Hall, a well known bottom feeding DCA is grounds enough for a complaint.

 

A F&F should be the original loan and one month if you can stick to the repayments, otherwise don't bother offering anything as an F&F.

 

Remember the OFT and TS are doing an indepth investigation into the payday loan market so need your story

 

http://www.consumerdirect.gov.uk for the Office of Fair Trading

http://www.tradingstandard.gov.uk for Trading Standards

 

Also get in touch with MP Stella Creasy who is also running an investigation into this murky market.

[KOWENS132]

Hi sillygirl1 Thank you for the reply and the advice The original loan was to be paid back over 6months and I did know the total I would have to pay back when I took the loan out (was desperate at the time) Have been making reduced/nonpayments for 4 months The original Payment Schedule was * Date * Amount Due * Aug.26, 2011 * £163.50 * Sep.27, 2011 * £272.50 * Oct.27, 2011 * £272.50 * Nov.25, 2011 * £272.50 * Dec.23, 2011 * £272.50 * Jan.27, 2012 * £272.50

[sillygirl1]

What was the original total of the loan....

[KOWENS132]

Sorry at work and didn't get chance to finish my post. It was £545.40 and the total to be repaid was £1231.70 Only the 1st monthly payment was made in full and I have paid another £160 over the 5 months Contacted them numerous times to request repayment options but only one reply - what I would have to pay back if I repaid early - Settlement figure valid until 27/10/2011 -£884.00 (Arrears included) To me the loan repayment seems reasonable unless they try to add more. Just trying to work out my best options of repaying it.

[wonganeveragain]

Hi Sillygirl, I hope I'm not imposing on you but you do seem to be something of an authority on PDL's. Could I ask you to have a look at my 2 posts re quick quid (both in the same thread) and see if you can offer any further advice. The main things i want to achieve are to stop them calling my work and to sort out a payment plan both of which are proving to be very difficult!

Many thanks.

[sillygirl1]

Have done, wonganeveragain, great user name.

 

BTW have you complained to the Advertising Standards Agency about Wonga's tv ads? I think that is the next area to target (thanks Mayor of London's office for pointing out this route!).