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Lending Stream default, yet loan was closed?!


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At a bit of a loss with this one.

 

I had 2 loans simultaneously with LS, one for £200, one for £120. After several repayments on time things took a sharp downturn on the income front so I phoned them with a repayment plan, which I stuck to. They assigned a portion to each loan but for some reason one was due to end sooner than the other. Eventually paid the first off and had an email confirming it was paid and closed. The repayment amount then dropped from 74 (for both) to 25.33 per month. After 2 months of paying this, I had another email relating to the final loan saying it was paid and closed. Job done right?

 

Wrong.

 

Out of curiosity, I logged into LS about 3 weeks ago to find that it still had a balance of a few pennies shy of £83. Only way they talk is by phone (bad idea i know..) and they said that they never sent me an email and if I had received one then it was a mistake. I have cleared all my debts recently and was in a position to pay so offered them a settlement of £20, they bounced back with £48, tried negotiating again but ended up paying to close it. Balance now shows as 0 and another email confirming it was closed and paid.

 

However, they have pulled a sneaky one.

 

Both accounts show on Experian - the first as all green 0's, closed and settled. The second has 8 payments showing as on time (0) and then in April jumps to an 8 (default).

 

I have NEVER received anything from LS in the way of a default. I've never had a single letter from them regarding the loans. I know for a fact because I went through 10 years of statements etc and shredded loads recently!

 

My question is: are they allowed to register a default without informing me? Have they acted correctly in this instance?

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Get a formal complaint to the Data controller of LS, and put a notice of correction against the marker on your file.

 

Remember you are dealing with a PDL, so i wouldnt put it past them to do this purely to try and get more money from you.

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

:D

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