Lending Stream

[roxy2010]

I stupidly took a pay day loan out with these people as my partner has been on long term sick. When i looked on there repayment schedule it didnt make any sense. This month it was 98.00 then next month it was 158.00. I asked if i could set up a new repayment pan and offered to pay 35 this month and next and when my partner returned back to work in May i could pay a lot more.

They sent me an email back with an explanation why the payments were different each month but it didnt make any sense to me. They have asked me to email them an I+E and my payslip and wont take any payments till the 22nd April. At the bottom of the email it goes on to say that if i want to set up a new repayment plan to get in touch with them. This is what i have done and they seemed to have ignored it do you think they have done this on purpose. It states on my account that i borrowed 315 and that total repayment is 409 but according to the schedule i am clearly paying more than that. I have sent them a further email this morning stating that i have asked for a new repayment plan and i am offering to pay something i just cant afford what is on the schedule for the next two months. Any advice on these people will be greatly recieved.

[renegadeimp]

Dont send them any of that info.

 

Can you post the letter where they explain the amounts? Make sure to edit out personal info and reference codes.

[roxy2010]

Dear renegadeimp

 

This is the email that was sent on Saturday am.

 

We provide short term loans at the rate of 30% interest per month. In the first month you pay just the interest on the borrowed amount. For a six month loan from the second month onwards you pay 20% of your principal (loan amount) plus the interest on the outstanding principal, so that your loan gets paid off in full in six months. Therefore, the payments defers from month to month. At any point of time, if you wish to pay off your loan, you will pay the outstanding principal plus the interest on the outstanding principal for that month.

 

Moreover, We do understand that you are experiencing financial difficulty and we are willing to help you in this matter. So, to set the payment plan for your loan agreement please send your income and expenditure details in a non-editable format in the attached spread sheet along with your latest pay slip (PDF, JPEG or JPG).

 

Once, we will receive the relevant documents from your end, we will proceed with your concern accordingly.

 

Furthermore, we have stopped our automated system to make the transaction from your bank account till 22-04-2013.

 

If you wish to discuss setting up a new payment plan, please contact our

helpful team of payment negotiators on 0845 351 1482 from Monday to

Saturday 8 a.m to 8 p.m, or email us at [email protected] if you have any further question.

 

Regards,

 

Customer Care Team,

Lending Stream

Email: [email protected] Website: www.lendingstream.co.uk

 

This message was sent by Lending Stream LLC | Contact Address: Lending Stream, Wisteria Camrose House, 2A Camrose Avenue, Edgware, Middlesex, HA8 6EG, UK. | Registered Address: 2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA | Registered in the State of Delaware, USA | Registration Number: 4124111

[renegadeimp]

Ok. So one more question. How much did you take, what was the contracted loan period and how much was the interest repayable that was stated on the contract?

[roxy2010]

Dear renegadeimp

 

This is my account summary not sure what the interest is.

 

Next Payment Date 25 Mar 2013

Next Payment Amount £94.50

Make A Payment

Loan Account Details

 

• Loan Amount £315.00
  
• Loan Active Since Feb.27, 2013
  
• Last Payment £0.00
  
• Date of Last Payment Nil
  
• Total Amount Due £94.50
  
• Total to Repay £409.50
  
• Make A Payment
  

 

 

 

Payment Schedule

 

 

• Date
  
• Amount Due
  

• 25 Mar 2013
  
• £94.50
  

• 25 Apr 2013
  
• £157.50
  

• 24 May 2013
  
• £138.60
  

• 25 Jun 2013
  
• £119.70
  

• 25 Jul 2013
  
• £100.80
  

• 23 Aug 2013
  
• £81.90
  

 

 

 

 

 

 

Contact Us

 

 

• Ask A Question
  

 

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0845 351 1482**

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[rodgerramjet]

Hey there, just did some sums on the figures seem correct, easy way to work it out is

 

Loan amount x 1.3

 

First month you don't clear any capital just cover the interest of £94.50

 

From then on you clear as stated 20% of the capital I.e 315 - 63 which leaves capital of £252 then there's interest added which takes the amount owed back up to £327.6 and this goes on for six months until its cleared. You pay a lot more for the loan if you don't clear it early which is what they are hoping for

 

Think what's confusing you is that this is an instalment loan rather than a standard payday loan, I've had a few of them and it took me ages to work it out.

 

Hope you can get rid of them soon, you will get great advice on here from those with more knowledge than me

[roxy2010]

Dear All

 

They have now sent me an email this morning to say that my account is in default and they have added £12 to the account. They have ignored the fact i asked to pay a lower amount for the next two months in my first email i have sent them two emails since then and they have ignored them also. The email that they sent said they would defer payment till April then they have tried to take the payment yesterday dont really know what to do next.

[renegadeimp]

Is that £12 a default fee or late payment fee.

[roxy2010]

Dear renegadeimp

 

This is a default fee.

[renegadeimp]

Ok so that fee is legit and enforceable. I would send them a letter of complaint, detailing your issue and what you want achieved. This sounds like an extended loan too, and not a payday loan, so it doesnt quite abide by the same rules as a 30 day payday loan does.

[Aharry]

Hey, I understand your concern. Don worry, there is a collections team working for this lender, you can reach out to them by calling 08453511482. Just ask to transfer to collections team. They will help you with an alternate payment plan.

 

One of my friend in UK took out a loan and then had difficulty in paying back, so he approached their collection manager and got a new plan.

 

Try calling them.

[Bombaymix]

^ not great advice....

 

If avoidable, NEVER phone a payday/installment loan company unless you can record the call.

 

Not saying this particular company WOULD, but a lot of these company's are known to bully, harass and intimidate callers.

 

Deal with it in writing or via email only to ensure a paper trail.

[Aharry]

hmm yeah, may be!

 

but, you have taken out the loan. and discussing things through email will take lot of time. so quick action can be taken if you call them

[Bombaymix]

I haven't taken out a loan... I'm just offering advice to the op not to contact lending stream collections by phone.

 

It's advice regularly offered by members here at cag.

[renegadeimp]

Please do not tell posters to call a pdl. Especially one with a very dubious history.