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Payday loan - Lending stream HELP PLEASE!

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So I posted this on moneysavingexpert but got the same high and mighty response "There is no need to take these out, u are a bad and poor person for doing so" sort of thing.

 

 

 

 

So ill start from the beginning... again.

 

I took out a loan with LS for approx £300.

 

everything was going fine then one day i logged onto the website and it said that the full amount to be paid was about 400 and these were dated 23rd november and 26th november... (They changed my 6 month agreement to 2 months and made the charges on these months much higher)

 

So I contacted them and asked them to fix this as it was wrong and random and they didnt consult me in the decision....

 

So after speaking to them, i log onto my account and see....

 

- We have organised a temporary payment arrangement for you that takes into account your current financial circumstances. Please note that your credit rating could be affected by this. If you have any queries, please get in touch with the customer care team by emailing us at ...............

 

 

Immediately I was like... WTF ?

 

Emailed them and they replied

Good Evening Mr.*****

 

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

 

We would like to inform that you have one loan with the agreement number ******* with Lending Stream.

 

Please be informed that we have receive a proposal from the Debt Management Company named Debt Reverse on your behalf and there reference number is 19504 and accordingly your loan account was processed.

 

In case you are no more dealing with Debt Reverse then please confirm us the same after which we will be able to work on your case accordingly.

 

We apologize for any inconvenience this might have caused you.

 

Should you require additional assistance please email us at....

 

Regards,

 

 

 

Now obviously... Why would I contact debt management for a 300quid loan when I take home 8x that each month

 

So I told them this is false... again, again and again...

 

For over a week now they have ignored all my emails, tell me on the phone they will email me back or call me back and never do.

 

Baring in mind, due to a former dispute I actually had evidence of how much they were supposed to be taking over 6 months. (I was wrong about the previous dispute, just there stupidly high intrest rates confused me)

 

They have told me on the phone, but wont give it in writing or change on the internet that they are going to charge me 150 this month.

 

I have a screenshot of owing

23 nov - £50.00

24 dec - 123.60

25 jan - 104.70

25 feb - 85.80

 

But they say on the phone they will be taking over 150...

 

 

Now... Am I able to revoke their right to take money from my account and carry on paying that plan by depositing that straight into their account ?

 

What do I have the right to do here? the stress is kind of getting stupid..

 

 

Summary

 

I call them, they tell me itl be sorted in 48 hours... call back in 48 hours, told itl be sorted in 48 hours... thats happened about 5x now.

 

all emails blatantly ignored

 

payment amounts changed/altered without my consent

 

Payment plan shortened by 3 months without asking me or telling me

 

speaking with debt management companies on my behalf when I do not need the help and have never contacted this company.

 

 

 

 

They are blatently not going to help, they are possibly going to take the full amount this month with huge interest which I cant give this month due to the payment I need to finish my car off with on finance

 

What can I do ? Closing bank account isnt an option as I dont have time to do this and have many DD's that need to go out

 

Any help I will really appreciate.

 

Thanks.

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Please note the following, in particular the highlighted statements.

55.—(1) A payment transaction is to be regarded as having been authorised by the payer for the purposes of this Part only if the payer has given its consent to—

 

(a)the execution of the payment transaction; or .

(b)the execution of a series of payment transactions of which that payment transaction forms part. .

(2) Such consent—

 

(a)may be given before or, if agreed between the payer and its payment service provider, after the execution of the payment transaction; and .

(b)must be given in the form, and in accordance with the procedure, agreed between the payer and its payment service provider. .

(3) The payer may withdraw its consent to a payment transaction at any time before the point at which the payment order can no longer be revoked under regulation 67.

 

(4) Subject to regulation 67(3) to (5), the payer may withdraw its consent to the execution of a series of payment transactions at any time with the effect that any future payment transactions are not regarded as authorised for the purposes of this Part.

 

This means that you can simply ask your bank to refuse the payments, it is also good practice to let the lender know too.

 

So, if you would like your creditor to stop trying to take a payment all you need to do, in theory, is to inform them that you remove their authority. It's probably better to do this in writing and via recorded delivery - if possible.

 

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

 

In addition this information may be useful

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.

I hope this infomation is of assistance

Good Luck

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Please note the following, in particular the highlighted statements.

55.—(1) A payment transaction is to be regarded as having been authorised by the payer for the purposes of this Part only if the payer has given its consent to—

]

 

Believe me,all of your response really is of assistance.

 

Thank you so much... I even posted this on moneysaving just to show them how a question could properly be answered.

 

 

Now I just need to figure out how Lending Stream will react when they hear this.

 

Thanks so much again.

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Lending stream will not be over the moon, however if you get the payments stopped then an affordable repayment can be offered and at least you are back in control of your money.

Best of luck.

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