Lending stream adding charges despite repayment plan

[catemm1]

I left work to go back to uni in september so had to give up full time work. I contacted lending stream to advise them of this and offer a repayment plan of £30pm which they accepted.

 

I paid this every month but noticed I was accruing a lot of charges and contacted them. They said because the repayment plan wasn't set up over the phone it wasn't valid. I challenged this as it doesn't state this anywhere in my terms (and is a nonsense excuse) and they agreed and said they would remove all extra charges.

 

I have stuck to my repayment plan but they then removed my option to repay online.When I contacted them they gave me another made up balance with hundreds in extra charges?

 

They keep ignoring me when I say the plan has been agreed twice now and just keep telling me to phone in. Both times I was on for twenty minutes trying to explain with the advisor not having a clue (english not first language) and not even being able to find my loan.

 

I'm at my wits end. This was agreed in October and again confirmed in December I've stuck to my side every date the £30s due so why aren't they letting me pay?!

 

Where do I go from here?

[renegadeimp]

I've actually heard LS do this to a few people on other sites too. By stating that the repayment plan isnt valid because it wasnt set up over the phone, can put them in violation of their credit licence terms. I know you had it rectified, but if you still have the letter that says it wasnt valid, you REALLY need to get it to the OFT.

 

By them removing the option for you to repay, again they are risking violating their credit licence terms. Forget about all extra charges they add.

 

From now on, keep everything in writing. I think theres a few people here that actually have lending streams bank details, so you can pay them directly as per your agreement, and theres not a damn thing they can do about it at all. They cant even try to take you to court, because you would be able to show that you arranged a plan, they agreed, then blocked it, they then added on unfair charges for no reason. You then got their bank details and paid directly into their bank as per your agreement.

 

No court in this country would side with the lender if you have proof and have done all that.

 

Let's give it a while for now, and see if someone can supply LS's bank details. If LS try to put the threat letters to you, i can write you a nice little response to give to them that should stop them in their tracks.

[PDLVictim]

Hi catemm1,

 

Their bank details are:

 

Sort code: 20-19-90

Account number: 13434028

When making payments to this account state your 6-digit agreement numbers

 

They did the same to me, but do not worry. Just pay monthly the agreed amount. Contact them one month before the final payment is due and they will agree to close the account after that payment. I think their computer system is not really up to speed to handle repayment plans.

[caz246]

Hi catemm1,

 

Their bank details are:

 

Sort code: 20-19-90

Account number: 13434028

When making payments to this account state your 6-digit agreement numbers

 

They did the same to me, but do not worry. Just pay monthly the agreed amount. Contact them one month before the final payment is due and they will agree to close the account after that payment. I think their computer system is not really up to speed to handle repayment plans.

 

PDLvictim I've just had a look at your signature, well done on clearing most of your PDLs, how did you do it? I've got myself into a bit of a muddle with a few and I'm desperate to get them paid off.

[mindy1]

I wonder if someone can help me with LS. I informed them and my bank that I was cancelling my CPA. I also informed LS that I was having difficulties and wanted to set up a repayment plan. They advised me in an email that they would not take any money but would allow me 30 days to get advice etc. I emailed them the other day on their usual email address informing them that I wanted to set up a repayment plan. The email bounced back. I then found another email address to write to. It did not bounce back but they have not replied. Where do I go from here. Any advice please.

[renegadeimp]

Secure your bank account and hold the money till they agree. I wouldnt worry about it one bit.

[mindy1]

Thank you. Yes I have secured my account. I just found a few more email addresses for LS. I have sent a copy of my previous email to them again. They didn't bounce back. Ive saved them for proof that I am attempting to pay my loan off. Just in case I have any problems and have to make a complaint.

[renegadeimp]

Keep the money in your bank and proof of what you have tried to arrange with them. They cant do anything as you have full and complete evidence of your attempts to repay, and the money is still in your bank ready for them when they agree to the repayments. If they tried to take it anywhere near a court, they would be laughed out as its obvious they are clueless as to what to do.

[lee79]

Thank you. Yes I have secured my account. I just found a few more email addresses for LS. I have sent a copy of my previous email to them again. They didn't bounce back. Ive saved them for proof that I am attempting to pay my loan off. Just in case I have any problems and have to make a complaint.

 

I had an email bounce back despite using the reply option to one of their emails to me. I had replied to it a few times so knew it was working at some time.

 

If you're stuck for an email address let me know and I'll send you the one I used and got a reply from.

[mindy1]

lee could you send that email address to me please

[2009dg]

well they have dropped £37.88 already, not sure what has been taken off though.

[2009dg]

So they have charged me a total of £203.25 in interest, when it was initially £152.26.

The total was £297.26 and I have actually paid £297.52 going by what they have sent me.

 

Should I just tell them to get lost? Is there are legal stuff I can throw at them or something?

[renegadeimp]

Could ask them to prove you owe anything. It sounds to me like they are adding on stuff whenever you are about to finish paying

[2009dg]

So I should ask Credit Resource Solutions to prove I owe anything? Last time I queried the charges they applied for an account statement from LS which is what I posted.

 

Should I just tell them what I've said above?

[renegadeimp]

Are crs adding these are extra charges?

[2009dg]

Not sure what you mean. There has been nothing added to the account since July 2012.

 

Oh and when I did querie they said:

 

All fees charged by our client are outlined in the Terms of Business you accepted when your loan was taken.

[renegadeimp]

Gimme a few. Im going to reread the thread when I get a min. Confusing myself

[citizenB]

I paid this every month but noticed I was accruing a lot of charges and contacted them. They said because the repayment plan wasn't set up over the phone it wasn't valid. I challenged this as it doesn't state this anywhere in my terms (and is a nonsense excuse) and they agreed and said they would remove all extra charges.

 

I have stuck to my repayment plan but they then removed my option to repay online. When I contacted them they gave me another made up balance with hundreds in extra charges?

 

 

What a load of bull ! Are they saying that, had you entered into a DMP with someone like PayPlan - because PP wrote to them instead of telephoning, any repayment plan would not have been "valid".

 

No doubt had you telephoned them, they would have conveniently lost the recording where they agreed. You have a legal right to conduct your communication with them in writing/email. This in order to protect yourself in the event of litigation.

 

If they then denied you access to a facility to make those payments then I would imagine they have fallen foul of OFT guidelines.

 

How have they advised you that the agreement is not valid ? On the phone - email - letter ?

 

I would hazard a guess that the charges being added are not valid.

[2009dg]

Gimme a few. Im going to reread the thread when I get a min. Confusing myself

 

have you had the chance yet to re-read my posts?

Edited July 12, 2013 by 2009dg

[2009dg]

bump

[renegadeimp]

Sorry dg this thread didnt update with your response. Ill write up a reply when I get back from work.

[renegadeimp]

Reading over the thread now. Will update soon.

[renegadeimp]

Ok, so what outcome are you looking to get? As i stated before, almost all those charges they initially added are unlawful and are reclaimable penalty fee's at THEIR interest rate.

 

ALso CB gave some good advice in post #28

 

What you need to do now is work out how much you actually owe after all the payments you have made. If they refuse to accept it, and add on silly charges, or threaten to, then place the account into dispute/deadlock and get the OFT involved. You will then need to send a letter of formal complaint to both companies and DEMAND their final response so you can take it to the FOS.

 

There has been too much playing around with this, and you need to slam your fist on the table, so to speak, and get tough with them.

[2009dg]

Ok, so what outcome are you looking to get? As i stated before, almost all those charges they initially added are unlawful and are reclaimable penalty fee's at THEIR interest rate.

 

ALso CB gave some good advice in post #28

 

What you need to do now is work out how much you actually owe after all the payments you have made. If they refuse to accept it, and add on silly charges, or threaten to, then place the account into dispute/deadlock and get the OFT involved. You will then need to send a letter of formal complaint to both companies and DEMAND their final response so you can take it to the FOS.

 

There has been too much playing around with this, and you need to slam your fist on the table, so to speak, and get tough with them.

 

The total was for £297.26 and I have actually paid £297.52.

[renegadeimp]

Then they have to justify the extra amounts