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Re: Payday Express - Need help

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Hi Renegadeimp,


Just had an email from Lending Stream on a Loan of £600, here is the email below:


Dear Sid,


We can set-up an arrangement via e-mail however we would need to see a copy of your current income and expenditure the maximum your future contracted balance will increase to is a futher £2136.91 depending on how quickly you clear this account.

Please provide the above requested information so we can review your situation for you.




Customer Care Team

Lending Stream

Email: info@lendingstream.co.uk Website: www.lendingstream.co.uk


Getting very worried with this account now ;-(


Hope someone can help?


Many Thanks



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Send in a very simplistic income and expenditure form. They ar elegally entitled to see this if they are considering arranging repayments or a settlement. However, they will try to take whatever you have left from the remaining amount. If they say words to that effect, simply state that you will NOT be consiering that offer of repayment, as you are legally entitled to have money for socializing. THis means that you are allowed to have money to go out and do things once a week.


Before you send any forms off to them, take some time to work out your full stable income, and then your major bills, such as electric water etc ( payday loans are classed as a minor loan, no matter what the PDL says).


Once you have worked all this out, offer them a small percentage of what you have left over. Such as 10-20%. State in the letter to them that the offer of repayment/settlement is NON - NEGOTIABLE. They will come back with all manner of replies to try and get you to pay more, but stand your ground.


Also state that upon acceptance of your offer, repayment will begin immediatley.

If they dont play ball, inform them that you will be sending token payments of £1 a month to show your willingness to pay installments. Remember, they are legally obliged to listen to your concerns and even stop any interest and charges accruing on the account if you are having financial difficulty ( which you are, due to the reason you took out the loan.) If they try to argue this, ask them to check the relevant guidance and laws under their credit license.


Make sure you are filing an official complaint with the FOS and the OFT as well.


It's going to be a long road, but stick to your guns, play ball legally, and youll get through it.


Remember, PDL's are nothing more than loan sharks with a credit license. They will harass and bully you to make huge repayments anyway they can. Thats why they throw on completely random charges.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..



If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks


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Get that joke of an offer to the OFT and Trading Standards and to MP Stella Creasy


How can they justify those charges - for that amount they are taking the proverbial and MUST be reported.

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Just a thought, when you do your financial statement, there is, somewhere on the internet and I am sure someone can point you in the right direction , a list of what courts class as acceptable expenditure for things such as socialising, clothes etc etc. Obviously priority debts and commitments come first, mortgage/rent/council tax/ arrears ets .

Also when you have worked out an amount you have left to pay creditors, work it out pro rata . That way they do not have a leg to stand on, although i would like to see them try to justify those fees in a county court

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