Lending Stream taking money -

[Dotty50]

Just read this thread and I am utterly amazed that no-one has picked up on the fact that Lending Stream are clearly using Visa continuous payment authority to take payments. These will go through on cancelled cards, and even if there are no available funds. Well publicised due to the difficulty in stopping them for unauthorised payments (i.e. you can't).

 

Lloyds TSB uses Visa Debit. Beware using Visa Debit in these circumstances.

 

What would be interesting is if LS ask customers for continuous payment authority when card details are first entered. If not, we can get them in serious trouble and they should be reported to Visa.

 

It is always advised on many threads, not to give your bank details or set up direct debits for this very reason.

 

Standing order facilities still exist and then YOU are in control and decide if and when and exactly how much you pay them!

[pcr1]

Yes, but you have to give card details to get the loan in the first place.

 

They can then, even if you subsequently cancel the card, set up a Continuous Payment Authority and take money whether you have it in your account or not. It seems on this occasion LS has gone back a while later and, instead of taking money as a normal transaction, has put it through as a CPA which will go through on a cancelled card (for the convenience of we consumers according to Visa).

[Ell-enn]

If you write to your bank telling them you no longer give permission for continuous payment to that lender they have to comply with your instructions - YOU have the right to cancel

[pcr1]

If you write to your bank telling them you no longer give permission for continuous payment to that lender they have to comply with your instructions - YOU have the right to cancel

 

I suspect though that CPA has not been given, but used nonetheless, hence the difficulty getting money back from the bank retrospectively. And therefore if people do not know it exists, they won't be cancelling it until it is too late and has been used.

 

This is why I think it is interesting to know if LS do indeed ask for Continuous Payment Authority at loan inception.

[EBOY]

i would complain and complained to the oft about these clowns. they will still try and withdraw money from your account. in my case they £25 at a time which is floor limit my told me there was nothing they could even thou this left my account overdrawn when there is no overdraft on my account.

[EBOY]

hi my bank is halifax and it is a visa debit card. can believe this has happen to so many people the money was taken 3 years after the loan on my account. Something seriously wrong with this company's tactics.

[WAG687]

Hi, i have never used this before but have been following with interest as the same has happen to me. On the 14th March 2 payments were removed from my bank of £25.00 and 60.38. The funny thing was that in October i received a email thanking me for these payments from Lending Stream which i queried, as nothing had gone from my bank then. I have spoken to Lending Stream about this and they said it was the Banks fault and they had received nothing into there account. The bank says its my fault and nothing i can do about it, unless i can reference numbers from Lending Stream (Fat Chance). What do i do now?

[dx100uk]

DEMAND the bank investigates else you'll get actionfraud involved

 

who do they think they are

its YOUR MONEY !!

 

dx

[WAG687]

DEMAND the bank investigates else you'll get actionfraud involved

 

who do they think they are

its YOUR MONEY !!

 

dx

 

I have tried to get the bank to repay, and have been told by the HALIFAX Dispute office they can do nothing as it is my fault i gave them authority with a card over 12months old? And to top this off i have had emails from Lending Stream stating that i owe them an extra £85.38 even though it has been removed from the Bank, so who does have my Money?

[dx100uk]

that is utter rubbish

 

http://whatconsumer.co.uk/visa-debit-chargeback/

 

We have been telling people to put a letter into their bank instructing them not to make any payments under any circumstances to these companie

http://whatconsumer.co.uk/visa-debit-chargeback/s - it works!

 

banks MUST follow written intructions from their customers !

This fsa guide has now been updated:

 

http://www.fsa.gov.uk/pubs/consumer_...ghts_guide.pdf

 

Here's the text:

 

Cancelling a regular

card payment:

 

When you give your credit or debit card

details to a company and authorise

them to take regular payments from

your account, such as for a gym

membership or magazine subscription,

it is known as a ‘recurring transaction’

or ‘continuous payment authority’.

These are often confused with direct

debits, but do not offer the same

guarantee if the amount or date of the

payment changes.

In most cases, regular payments can

be cancelled by telling the company

taking the payments. However, you

have the right to cancel them directly

with your bank or card issuer by telling

it that you have stopped permission for

the payments. Your bank or card issuer

must then stop them – it has no right to

insist that you agree this first with the

company taking the payments.

Be aware, though, that you will still be

responsible for paying any money that

you owe.

[renegadeimp]

Tell them the law says different. Then contact the office that dx suggested. Then get a bank account with a respectable bank.

[sillygirl1]

Escalate the complaint into a Formal one, write a letter headed FORMAL COMPLAINT and hand it into the nearest branch, give them 14 days to resolve the issues or you will escalate it to the banking ombudsman.... remember they do not want these 'black marks' against them and will usually roll over and help.

 

The service from Halifax is less than it should be these days, don't know why they don't listen to customers more and get rid of some of their antiquated ideas.

[renegadeimp]

Escalate the complaint into a Formal one, write a letter headed FORMAL COMPLAINT and hand it into the nearest branch, give them 14 days to resolve the issues or you will escalate it to the banking ombudsman.... remember they do not want these 'black marks' against them and will usually roll over and help.

 

The service from Halifax is less than it should be these days, don't know why they don't listen to customers more and get rid of some of their antiquated ideas.

 

Surely you mean the banking regulations which they are bound by. I mean, its even stated in the FSA regulations yet they are clearly ignoring it.

[sillygirl1]

Yes, print out a copy of the banking regulations and spell out which ones you feel they have broken, it is the only way they understand things.

 

If they want to quote terms and conditions you can nearly always find a contradictory term and condition in their own legislation and in their regulatory legislation - regulatory legislation (so I understand) can take precedence.

[WAG687]

Thanks for all your help, on it now. Will let you know what happens next?

[ukbigd]

wow...... We are getting phone calls from " lending stream" wanting to speak to a Sandra Thomas, You try to phone them to tell them its a mistake as no Sandra Thomas lives at this address and you get stone walled you cannot actually get to talk to anyone..... its getting to be bloody annoying phone calls at odd hours but will rip them a new one legally if they do not go away and harass a end of a rope some time soon...... Does anyone have an direct phone number for these numptys Please.......

Edited September 10, 2012 by ukbigd

[renegadeimp]

Dont phone them. Just send a letter or email by recorded delivery and also send a dpa request to remove all information related to your address.