Lending stream whats the deal with these

[Dannyde]

Hi, sorry to jump into this duscussion but I am having bother with these lot, I took out a loan of £525 + £630 interest over 6 months in April last year, I managed to pay back a couple of payments but it all got a bit too much, since then they dipped in and out of my bank account as they liked taking £9 here and £3 there to the tune of £900! (I have since 'lost' my card) so their pilfering stopped!

 

I left it is as was a ignored them until this week they sent a mail saying I owed them a further £397 and that they were sending my file to the delightfull Mucky Hall.

 

I have been in contact with them by email and have offered them £126 to settle the loan and they are still not biting. they want 50% of the balance.

 

I personally dont want to pay them a penny more after paying back £901 for a loan of £525 but any thoughts on what to do next would be most helpful.

 

Oh and to anyone reading this considering taking a payday loan from Lending Stream or any other payday loan company:-

 

PLEASE PLEASE PLEASE - NEVER NEVER NEVER take out any type of Payday loan - you will end up in a terrible mess - I would go as far to say that I would rather sell myself than take another loan from any type of payday loan company to put it into perspective for you.

[Cait116]

Another update. My M.P. Michael Fallon, has written to me saying that he will be dealing with MacKenzie Hall & Lending Stream and will advise me of the outcome.

[quackquack]

U only have to read many forums to fully understand how people have suffered badly by taking payday loans out .....never ever touch them again do u really want the stress that it involves and putting ur health at risk ...stay away

[Cait116]

Hi guys

Received email from Compliance Officer at MacKenzie Hall: -

 

I refer to your emails and letters of 3rd February 2012.

 

Having investigated this matter I find it prudent to inform that we have sent you copies of your agreements for both accounts and statements for both accounts.

 

In your agreement it details the terms and conditions which you signed to say understood and agreed to them. These terms and conditions set out the interest rates on the loans and these are also available from the Lending Stream website.

 

I have detailed the interest and charges applicable to all Lending stream accounts below :

 

Interest fee 30% per month over the loan term (£30.00 per £100.00)

 

Transfer Fee (express cash same day transfers) £15.00

 

Transfer Fee (BACS Transfer) – Nil

 

Arrears Fee - £12.00

 

Default Fee (if arrears not cleared) £10.00

 

Collections fee (Failure to repay Loan £40.00).

 

The initial APR is 3043.8% which you are made aware of from the beginning.

 

If the account goes into default the interest continues to be added along with any default, arrears and collections fees. This only ceases when the original term of the loan runs out or

If you request Lending Stream to stop all interest and pay the account off or

You enter a debt management plan.

 

Your loan terms expired without you paying the accounts and the interest ceased on the expiry of the loan terms.

 

The amounts due are true and correct and according to the terms and conditions you signed you agreed to and understood them.

 

Our call centre representatives can arrange a suitable payment plan for you over the telephone. Please call our office on 01563556533 to discuss.

 

I have also sent you a letter confirming the above for your records.

 

Regards

 

Audrey Stevenson

Compliance Officer

 

 

Can you believe these guys?

[sillygirl1]

They have shot themselves in the foot --- this line is the key ---

 

If the account goes into default the interest continues to be added along with any default, arrears and collections fees. This only ceases when the original term of the loan runs out or

If you request Lending Stream to stop all interest and pay the account off or

You enter a debt management plan.

 

You were wasting your time CCAing them, and Mucky Hall... but the original term HAS run out - which was the original month, so they MUST stop adding interest and fees - if not they are in breach of THEIR own terms and conditions.

 

Here is a bit about Mucky Hall and its new owners....

 

http://www.credittoday.co.uk/article/13454/online-news/record-results-for-expanding-mackenzie-hall-parent-firm-

[sillygirl1]

Now report Mucky Hall to East Ayrshire Trading Standards co Sam Gardiner as they are chasing a debt which has terms and conditions which are not being invoked by the parent company.

 

This again gives strength to the original loan and one months interest.

 

Hello to the 3 guests viewing at 4.10 on a Friday afternoon.

[Cait116]

Hi Sillygirl!

Nice to hear from you, hope all's ok with you.

Thanks for the link and yes, I have reported them to Sam Gardiner; he emailed me to say that he will investigate. Let's wait and see eh? My M.P. Michael Fallon is also looking into it for me, as is Stella Creasy.

 

So an American Company now owns Mucky Hall! "The fourth quarter of 2011 results also revealed PRA anticipates the acquisition of Mackenzie Hall to be immediately accretive to earnings".

Well, I'll be doggonned

[Cait116]

I must admit after reading that article it just goes to show how much these companies have made out of fleecing vulnerable people.

[sillygirl1]

Perhaps the new owners will find out that Mucky Hall will be 'excretive' in the next financial year when they are sanctioned and hopefully fined!

[Cait116]

Perhaps the new owners will find out that Mucky Hall will be 'excretive' in the next financial year when they are sanctioned and hopefully fined!

 

:lol:

 

Agree - bunch of sh**s

[Dannyde]

I have just had my reply from mucky hall to the email i sent them regarding LS using my debit card as if they were my wife to get back £900 so far for a £500 loan. they still want another £397. I pointed out:

 

The Office of Fair Trade have already warned at least two Payday Loan Companies who have used these unreasonable practices that they are not allowed to perform such acts in the retrieval of missed loan payments. From the OFT website:

 

• only take money from the borrower's account on the date or dates set out in the loan agreement, unless otherwise agreed with the borrower in advance
  
• not change the repayment amount unless this has been specifically agreed with the borrower in advance
  
• only take money from an account specifically given to th loan company for the repayment of that loan.
  

Failure to comply with requirements can lead to a fine of up to £50,000 per breach, or action to revoke a company's credit licence

 

 

This is their reply:

 

Please see section 2 “YOUR OBLIGATIONS” particularly 2.1.9, 2.1.10 and 2.1.11. These outline the authorisation for debit card payments and also the process when a debit card payment is declined. With this in mind I must advise that Lending Stream were within their rights to debit your account as per these terms and conditions.

 

from my loan agreement:

2.1.9. You authorise us to debit the amounts payable by you on each Payment Date and any other fees

that you may incur under this Loan Agreement to the debit card nominated by you in your loan

application ("Your Debit Card");

2.1.10. If a debit is returned unpaid or dishonoured for any reason when it is first presented by us for

payment, we may re-present the debit for payment on Your Debit Card until we receive the Total

Amount Payable under this Loan Agreement. Unless we agree otherwise, if you do not pay the Total

Amount Payable in accordance with this Loan Agreement, you may incur default charges and other

charges as specified in the loan particulars of this Loan Agreement. You agree that we may also collect

any such charges by way of a debit to Your Debit Card. The authority given by you to debit Your Debit

Card for the purposes of this Loan Agreement is to remain in full force and effect until your obligations

to us under this Agreement are fully satisfied.

2.1.11. In addition to our rights under condition 2.1.10, if a debit to Your Debit Card is returned unpaid

or dishonoured for any reason, you authorise us to debit, without any further notice to you, any such

payments in accordance with the Direct Debit Authority given by you in the course of your loan

application. The authority given by you under the Direct Debit Authority for the purposes of this Loan

Agreement is to remain in full force and effect until your obligations to us under this Loan Agreement

are fully satisfied.

 

so they are continuing with thier recovery action and say i need to pay.

Is this legal? Any helpwould be apprieicated

[Cait116]

You need to report them to OFT and Trading Standards Dannyde. Sam Gardiner is the guy at East Ayrshire Trading Standards. His email is:

[email protected]

 

Also Stella Creasy is the M.P. trying to get something done about PDL's. Her email is:

[email protected]

 

Stella has passed my details onto my M.P. who is now dealing with my case.

 

Don't let them away with it, the more complaints the better! Good Luck x