Lending stream - help please

[foxtrotoscar]

Hi Caggers,

 

have a big issue with lending stream,

 

took out a loan in October 2010 of £400 made a few of there monthly payments and defaulted, i constantly tried to get a payment plan but had no success,

 

I didn't hear anything for a good 8 months and in October 2011 looked at my account and found i was overdrawn by £170 which lending stream had taken,

 

lending stream have had a total £520 in 8 payments including the £170

 

today i have received and e-mail from Credit Resource Solutions Ltd saying that i owe £499 to lending stream,

 

I was completely fuming and made the bad decision of calling them, i told them that lending stream and themselves can sing and dance as much as they want but not receive another dime from me,

 

what would your advice be? would they take this to court?

 

thanks in advance

[renegadeimp]

Cancel your debit card and payment method with them, and also cancel the CPA on your card if you used it to pay them. They arent entitled to ANYTHING else. Youve paid the loan and interest and they stole money from you.

 

File a complaint with the OFT and FOS and consider contacting the police for theft.

[foxtrotoscar]

thanks,

 

i did do that as soon as i noticed, not sure how they got the card details in the first place

 

whats a CPA? diddnt do anything with that

[renegadeimp]

Continuous payment authority. Its normally set up by the PDL when you pay with a card. It basically gives then the right to debit your account as and when they want. The only way you can stop it is to give your bank manager a letter stating that you revoke the CPA of the company listed on your bank statement.

[EBOY]

If you read the other lending stream threads this has happened to loads including me.

Halifax washed their hands of it. Lending stream are definitely breaching the guidelines.

[foxtrotoscar]

If you read the other lending stream threads this has happened to loads including me.

Halifax washed their hands of it. Lending stream are definitely breaching the guidelines.

 

thanks for the advice, what do you mean halifax washed their hands of it?

 

Is it possible to get the money back from the bank

[renegadeimp]

File a complaint with the banks complaints department. Let them investigate. It could be a simple case of a single branch ignoring policies and guidelines.

[EBOY]

i spoke to the call centre. they said if there was an agreement between me and lending stream there was nothing they could do. I made them aware that the agreement was 3 years earlier but they still couldn't do anything. I have logged a complaint with halifax since finding out just how many people lending stream have done this to.

[toptrapper]

EBOY,

Balderdash and piffle from your bank. Yes you can cancel a CPA, follow this link that leads to the Financial Services Authority Website. If your bank are refusing to play ball, get complaining sharpish

 

http://www.fsa.gov.uk/consumerinformation/product_news/banking/know_your_rights/payments

 

The key part is at the footer of the page -

 

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.