Agreed payment plan with Lending Stream but they won't freeze interest

[freeofdebt]

Hi,

I am trying to get into a repayment plan with Lending Stream. Even though I stated on my email to them that communication could only take place via email I took a call today from a lady from Lending Stream who passed me onto a DMP. I spoke with this lady who was pleasant and helpful and she has got Lending Stream to stop charges on my loan and agreed a payment. I haven't agreed to this though yet as I don't want a DMP to appear on my credit report. At the same time I just want to start paying this company off and get on with my life. Could I get them to agree a repayment plan with me??has anyone had much success agreeing repayment plans with this company?? any advice would be appreciated.

Thank you

[asmilecostsnothing]

From experience, I found this lender bizzare !

 

They wern't so hot on replying to emails if at all, but they seem to have a great resolution service if nothing else but through their facebook page (which can be printed at least...)

In the end they dropped additional charges in favour of a quick settlement (payments of remainder owed spread over a couple of months literally)

They tried passing me to Resolution Recoveries, but I kept paying them (LS)

Not sure I would have had the outcome above had I have gone along with Resolution Recoveries who in the start would have accepted my 'repayment amount' but didn't tell me they would carry on charging so please be aware

 

LS bank details can be found on this board too so please don't give them your debit card but set up standing order so your in charge of payments, maybe if you can get one PDL paid up in full relatively quickly within a couple of months that will then allow you to work on others - this is more snowballing payments over pro-rata payments which I found better but can be risky I guess

 

Please don't pay anyone for a DMP if you only have payday loan debt

Edited February 24, 2012 by asmilecostsnothing
change of word

[Jon1965]

I am a tad confused. You talk about wanting a repayment plan but not a DMP or debt management plan. If you agree to repay your debt then it could be called a debt management plan. Do you mean that you do not want to be forced to deal with a debt management company? If so you are within your rights to insist that they deal with you, refer them to the OFT guidelines on debt recovery.

If they want to pass your debt onto a debt collection agency I am not sure there is much you can do about it, however they may just act on LS behalf in which case they dont need to tell you much or they could have sold on your debt in which case they have to tell you.

Hope I havent confused you

[ivansmagic.]

hmmm, there is quite a big difference between a DMP and a repayment plan. Depending on where you work, a DMP could affect your employment, where as a repayment plan directly with the lender or their agent shows your willingness to deal with the issue. I cant do a DMP but have succesfully dealt the companies directly and am a long way down the road of getting rid of them all. Your just have to be persistant. Only issue I have is with swift sterling. They wont talk to me but Clarity do. I told Clarity I was making payments to SS directly and the had no need to contact me....never heard from them again - or SS, so I continue to make a small payment each monthe until one of the acknowledges it. When they do, I would anticipate 2 others will be reoaid in full and I can make bigger payments to them. Its a bit of cat and mouse, but if your up for it, you can do it.

[ivansmagic.]

excuse the typos above

[Jon1965]

Point taken, I didn't explain myself well. The original poster said he had been passed on to a DMP . I am thinking he has got himself confused. I am in a DMP with a DMC. I could of course run the DMP myself.

[ivansmagic.]

The lender passing the OP on to a DMP is just a ploy to get more money ! DONT DO IT, insist on dealing with them directly or their agent would be my advice.

[Jon1965]

Oh I have confused myself now. I will leave this one in yours and others capable hands.

[asmilecostsnothing]

I took it that there was possibly a debt management company now involved, though guess it could be either way?

 

I only have to see the word DMP and think of a company managing debts ! sorry!

 

Don't forget the free one's to offering DMP's. Payplan, CCCS

 

EDIT to be clear Resolution Recoveries claimed to be on behalf of Lending Stream

I would do the same again and not entertain a DCA when I had details for the original creditor! I just think their out to rob whereas some prefer them

Edited February 24, 2012 by asmilecostsnothing
.

[ivansmagic.]

Im sure that the people who would manage the Debt Management Plan the poster was passed on to would be affiliated to the lender......yeah ? enough said. Dont touch them !!!!!!

[freeofdebt]

Hi,

I have agreed to pay Lending stream £25 per month for two loans I have with them, however they won't budge on freezing interest and say interest will not stop until June (loan 1) and July (loan 2) when the loan agreement ends. This will cost me roughly another £130 per month until then on interest alone They said to me they will only freeze interest if I go into a DMP with Money Managed but there is no way I want this on my credit file over a payday loan. Can anyone advise please is there anyway I can get them to stop interest??I have emailed them constantly and phoned them also but no joy yet.

Thank you

[Jon1965]

Hi

How long were your loan agreements? If they are due to expire in June and July I am guessing that they are within their rights to keep charging you interest. What they can not do is tell you that you must go into a DMP with anyone. OFT guidelines say that they must treat you equally be it a paid for, free or DIY DMP.

You worry that it will go on your credit file, well if you are not keeping up contractual payments then my guess is that it will be marked on your file anyway (someone please correct me if I am wrong)

[quackquack]

Jon ur correct it still goes on ur credit file

[cerebrum]

You could get an Administration order at county court. Costs nothing. Have to swear oath at time. Freezes interest, take 2 weeks to set up with creditor, but in the meantime you can tell them they won't receive anymore payments as you have an admin order pending. You pay what you can afford to clear the debt off. It rarely if ever goes on your credit file. Hope helps.

Edited May 7, 2012 by cerebrum
Added about paying off the debt with sum you can afford.

[freeofdebt]

Hi,I sent Lending Stream a repayment proposal which I deem to be fair, they replied requesting an income and expenditure form to be completed and returned along with a copy of my latest payslip to setup a repayment plan. Since last April I have been making regular monthly repayments on two loans I have with them amounting to approx.£300 each (I defaulted on both at that date). They placed a default on the credit report in the middle of last year which I am gutted about but I admit it is my own fault. Can anyone advise is it possible to get a repayment plan setup with this lot, I really don't want to give them any personal information which will be included in the requested documents.Thanks

[renegadeimp]

They are obliged by OFT guidance on debt collection to negotiate and come up with a repayment plan that doesnt leave you in financial hardship. Regarding personal info, they have no right whatsoever to see any of that. The only thing they should get , if you decide to give them it, is a simplified budget summary, and definitely not a full comprehensive I&E form.

 

Remember, these are considered LOW PRIORITY creditors, and as such have no right or even a need to see such documents. You tell THEM what the are going to get, and if they dont agree, then you drop them to £1 a month until they do agree. Don't let them tell YOU what they will accept. If they try that, then you MUST make formal complaints to the creditor AND the OFT.

[Jamie Kingston]

I cant understand why you would have an issue giving it to them if that's what's needed to make the plan work - is there something on it that's different to what you're telling them? If not, then send it. who cares?

[renegadeimp]

PDL's have been known to contact other lenders jamie. Cag's general advice is not to give out I&E forms to low priority creditors. Especially PDL's. They have no need to see it. If they want to see some kind of proof, they can have a simplified budget summary. Of course, it's all down to the person themselves, btu we've seen way too many horror stories about PDL's using I&E forms for their own means. SOme even demand that the debtor reduces payments to other creditors, or even electricity/food costs in order to pay them back at the PDL's dictated rate. They then say if this isnt agreed to, they will start court action.

 

Remember, we have maybe 1% of people who take out PDL's on this site looking for help. The vast majority are completely unaware of their rights and simply bow down to the PDL's demands.

Edited January 21, 2013 by renegadeimp

[Jamie Kingston]

if they do contact other lenders with it - what can / do they do with it?

[Crocdoc]

I cant understand why you would have an issue giving it to them if that's what's needed to make the plan work - is there something on it that's different to what you're telling them? If not, then send it. who cares?

 

My personall View is that by releasing all information we are entering dangerous ground as this practice will almost certaily be extended and further information will be requested. THE DEBT COLLECTION AGENTS ALREADY USE FISHING LETTERS AND CALLS TO TRY AND OBTAIN THE MAXIMUM AMOUNT OF INFORMATION. THE NEXT THING IS THEY ARE CALLING PEOPLE AT WORK ETC, ETC, ETC.

 

THREFORE IF WE CONDONE SUCH PRACTICE OR INDEED BOW TO SUCH DEMANDS, WE ARE ASSISTING IN DEVELOPING A PROCEDURE FOR THE BENEFIT OF SUCH COMPANIES.

[renegadeimp]

Pdls have no right to see such documents as they are low priority lenders. However a budget summary can be used in place if the debtor feels they need to send one.

[Crocdoc]

Ther is absolutely no need whatsoever to provide these companies with bank statements, payslips, or any other personal information to set up a payment plan. A repayment arrangement can be made without this information, for example through any of the free advice agencies in which case only the minimum information is provided and most CERTAINLY NEVER DETAILS OF BANK ACCOUNT, EMPLOYER, PHONE NUMBERS, DETAILS OF PARTNERS INCOME (JOINT ACCOUNTS)to mention but a few.

 

The reason for this is perfectly simple many people who run into financial difficulty move their bank account to ensure that recurring payments cannot be taken by sub prime lenders as and when they wish. This is a huge problem with a payday lenders who don't appear to care if they deprive the debtor of essential living costs.

 

Therefore why on earth would you provide them with details of a new account as they will only harass an individual by telephone when they cannot takepayment from the new account. This is a very good reason to change a mobile sim card or indeed a landline number and never provide it to these companies. PAYSLIPS are an absolute NO NO as the lenedr will simply start caling the the borrower at work. Payday lenders are extremely reluctant to provide WRITTEN information surrouinding additional charges and accurate breakdown of account.

 

Against this background and to force their hand any offer of repayment should be made in writing by the debtor or their agent and all correspondence held on file. This way should the lender try to enforce through the courts accurate documetation can be provided in support of the defenders offer and financial circumstnces.

 

WHAT COULD BE SIMPLER ?

Edited January 25, 2013 by 42man

[Brogiebum]

Hello there, I'm new here, sorry to butt in on your conversation, but I have emailed Lending Stream in the last few days, well 4 times actually before I received a reply this morning, to set up a repayment plan as I cannot afford the amounts they want each month.

The email I received this morning apologised for the late reply and stated exactly what was in freeofdebt's first post, asking for I&E info and payslips, which I do not feel comfortable in sending them as it is my personal information.

Could any of you give me any advice on what to send back to them and I also read of sending a budget summary to them, how would I go about this?

Thank you for reading

[citizenB]

You do not have to send payslips or bank statements - contact National Debtline and ask them to help you produce a Common Financial Statement (CFS) and send a copy of that to the creditor/lender. That should be sufficient.

 

In fact the Personal Budget statement below should actually be sufficient

 

Ellens Budget Sheet.xls

[Brogiebum]

Hi citizenB,

Thank you so much for that, I will fill the sheet in ASAP

Very grateful for your help!

Seems that these lenders will try and push borrowers to get what they want! Especially with personal information.

Thank you again x