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

[citizenB]

IMHO, this is information they should have requested prior to lending.. !

 

I

[Brogiebum]

They should really, but I do think asking for wageslips is a bit personal.

I had every intention of paying them back, until I was involved in a car accident, leaving me with a broken leg and ribs I have explained this to Lending Stream and that I will only be receiving SSP until I can return to work.

I sent them a reply stating that I would only be getting the usual £77 per week SSP and that after paying towards rent and shopping, bills etc, I would have £10 led to offer them to start a repayment plan.

They also mentioned in their email that they had suspended their automated system for 30 days to make any transactions, yet I received 2 emails last night saying that they had tried for payment and failed and my account is now in arrears and I have £12 slapped on too as a charge!

I have emailed them again and asked why, if they have stopped their automated system from taking any payment, why they tried for it.

[citizenB]

Have you contacted your bank both verbally and in writing in order to stop the CPA ?

[Brogiebum]

I've been calling my bank for the last two days about it, but I'm being put through to that bloody annoying music and the automatic message that tells me all of the customer service reps are busy and will be with me shortly. I fear for my phone bill I'm being kept on for that long I will sorta letter out though about the CPA, would they do anything to stop the CPA if I went into my bank in person?

[renegadeimp]

Put it in writing and take it to your nearest branch.

[Brogiebum]

Okay brilliant, thank you. My partner is my taxi or next how many months anyway lol

[citizenB]

Yes, take it to the branch in person as the imp has advised. If you can, speak to the Manager at the same time then you have covered it all ways

 

Get a receipt for the letter when you hand it over !

[renegadeimp]

Make sure you dont take no for an answer. Stay there until they give that receipt and make sure it states what the receipt is for.

[Crocdoc]

Make sure you dont take no for an answer. Stay there until they give that receipt and make sure it states what the receipt is for.

 

You could also attach the following as the banks are known to be reluctant to cancel payments of this nature.

 

 

Cancelling a recurring payment

 

152a Recurring payments, is the term used to describe transactions for which a client has granted written permission for her/his credit or debit card to be debited for recurring goods or services, for example, club membership subscriptions, insurance cover or payday loans. The card may be debited annually, monthly or at other regular intervals.

152b In most cases, recurring payments can be cancelled by telling the trader taking the payments. However, a client has the right to withdraw consent by simply telling whoever issued the card (the bank, building society or credit card company) that s/he does not want a payment to be made. S/he can tell the card issuer by phone, email or letter.

152c The card issuer has no right to insist that the client ask the trader to stop taking the payment first. The card issuer has to stop the payments if the client has asked them to. The client could point out to the card issuer that they should follow the FSA guidance available in the FSA Know your rights booklet which is available on the FSA website at www.fsa.gov.uk.

152d If money is still taken from the client's account, it will be deemed to be an unauthorised transaction, and the card issuer must give her/him an immediate refund. The card issuer will have to cancel any interest and charges added to the her/his account because the payment was taken. It is not up to the client to prove that s/he told the card issuer to stop taking payments. Instead, the card issuer would have to prove that s/he did not tell them to stop making payments.

152e The client should complain to the Financial Ombudsman Service when all the internal complaints systems within the company issuing the card have been exhausted.

1. You can learn more about your rights via the following fsa guide :

 

Ending recurring payments from credit cards

 

57 Recurring payments, is the term used to describe transactions for which a client has granted written permission for her/his credit or debit card to be debited for recurring goods or services, for example, club membership subscriptions, insurance cover or payday loans . The card may be debited annually, monthly or at other regular intervals.

 

2. 58 In most cases, recurring payments can be cancelled by telling the trader taking the payments. However, a client has the right to withdraw consent by simply telling whoever issued the card (the bank, building society or credit card company) that s/he does not want a payment to be made. S/he can tell the card issuer by phone, email or letter.

59 The card issuer has no right to insist that the client ask the trader to stop taking the payment first. The card issuer has to stop the payments if the client has asked them to. The client could point out to the card issuer that they should follow the FSA guidance available in the FSA know your rights booklet which is available on the FSA website at www.fsa.gov.uk.

 

3. 59a If money is still taken from the client's account, it will be deemed to be an unauthorised transaction, and the card issuer must give her/him an immediate refund. The card issuer will have to cancel any interest and charges added to the her/his account because the payment was taken. It is not up to the client to prove that s/he told the card issuer to stop taking payments. Instead, the card issuer would have to prove that s/he did not tell them to stop making payments.

60 The client should make a complaint to the Financial Ombudsman Service when all the internal complaints systems within the company issuing the card have been exhausted

[Brogiebum]

Wow, thank you both so much for this information, I'm so grateful I will make sure I get that receipt then!

Thank you ever so much again, you guys are amazing

[renegadeimp]

If the bank refuses, just sit at the branch. All you want is for them to take the letter and for them to give you a receipt that shows what the letter is about. That receipt is all you need for proof and for possible future complaints or court action should the bank allow any money out.

 

If you have other debts, a parachute account would be a good idea, as well as a letter of appropriation.

[Brogiebum]

Hello again guys,

As mentioned above I have a loan with Lending Stream and I had emailed them with my situation (being injured in a car crash and I'm being paid SSP until I am fit enough to return to work)

Also as mentioned before they replied asking for an I&E form and a payslip.

I emailed back with just a basic I&E and asked them to accept my offer of £10 per week, they had suspended their automated payment system as well which I thought was good.

Now, they emailed me back yesterday and said they cannot accept my offer of £10 per week but will help me if I can come up with £20 per week, so to save playing email tennis because I want to get this debt out of the way I emailed back saying that I can pay the £20 per week and asked if I could start the repayment plan from next Friday.

I sent this email back about 7pm last night and I've had no replies, I've resent the same email twice today as well in hope for a reply.

I arrived home tonight to find a letter from them saying that's account is in default and that I have 14 days to repay them the full amount!

The letter was sent on the 28th of May but they emailed me about the £20 per week repayment plan last night, the 29th!

I am so confused right now, should I ignore the letter and wait for an email reply or should I contact them about the letter?

 

It's worrying me sick as I explained to them I don't want to default with them and I do want to pay them back.

 

Any help will be appreciated.

 

X

[renegadeimp]

Send a full letter of complaint, and also get the OFT involved. Lending stream seem to be doing this tactic a lot lately.

[Brogiebum]

Okay brilliant.

Oh they sent an OFT guideline type letter with the default letter too.

I will get writing to them tomorrow, do you think it will help if I send a complaint via their website too?

Thank you

[renegadeimp]

Send them anyway you can, but make sure you get proof that you posted them and they recieved them.

 

Regarding the default letter, is it a default notice or Notice of Default sums?

[Brogiebum]

Sorry for the late reply,

It's a default notice stating that I'm in breach of my fixed loan sum agreement and they've slapped £24 on for an arrears letter and a default letter.

 

I'm so worried they will take legal action.

 

I'm going to email them to complain today, do you have any tips on how I should complain?

I was thinking just to explain what I have explained here about trying to set a repayment plan up, they asked for £20 and I emailed back accepting that, and now I have a default notice?

 

Thank you.

[citizenB]

I don't think they can make a charge for a statutory document.. the Default Notice !

[Brogiebum]

What has confused me even more is this email reply I finally received yesterday morning:

(I hope I've blanked out the info properly)

 

 

Good Morning Miss xxxxx,

 

We apologize for the delayed response and thank you for your email.

 

This is to inform that you have one loan account with the agreement number xxxxxxx with us. Thank you for confirming that you would like to set up a payment arrangement. We understand your situation,and we are accepting your offer of £20 per week, we would request you to send us the income and expenditure form along with the latest payslip in a non-editable format (JPG/PDF) after that we will be able to update or freeze the interest of your loan account and also help you to set up the payment plan in an affordable monthly installment.

 

Please note that we would not be able to update any of the changes in your agreement unless we don't receive the documents mentioned above.

 

Please call us on 0845 351 1482 as payment arrangement cannot be done via email. We have stopped our automated system to make any transaction for the next 30 days.

 

For your information, Lending Stream is required to report all loan status to credit bureaus at regular intervals. Your decision to enter a payment arrangement will also reflect in your credit file.

 

In addition, if you fail to make a payment as per the arrangement we could potentially move your account to a debt collection agency. Hence, we recommend that you contact us if you are unable to make a payment as per the arrangement. Please confirm you understand and agree to this.

 

If you wish to discuss this further please email us

 

Regards,

 

Customer Care Team,

Lending Stream

 

 

There's no mention of a default notice and they're asking for another I&E form when I've already sent one!

And I really don't want to send them a payslip as I've been advised against it!

Do I tell them again that I won't be providing a payslip or do I send one seen as they've said they won't be able to set up the repayment plan without it?

 

They're confusing the hell out of me!

[citizenB]

You DONT have to send a payslip.

 

Confirm they have already received an I&E and it will be no different now to when you sent it on XYZ. Advise that they are acting in breach of OFT guidelines by demanding the payslip/bank statements and that you will NOT be providing them with copies of those. Advise that all your other creditors are accepting your signed I&E statement and you are not prepared to treat Lending Stream any different.

 

Thank them for agreeing to the Payment Plan and the freezing of interest and charges and ask them for either paying in slip or their bank details so you can set up online payments. DO NOT give them your bank details or set up a direct debit.