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Lending Stream

Hi there, in March 2011 I took out a loan with lending stream (amongst others), which I didn’t pay back, Due to a gambling addiction (addiction fixed now:-))

 

All of my accounts at the time fell into arrears and therefore default, which I deserved

 

But upon checking my credit file, all of my other accounts show a default date of around may-sept 2011, yet lending stream show there’s as Nov 2012

 

With the 6 year rule I was happy to wait till sept 2017, but lending streams is a more than a year later,

I thought It was a reporting mistake so I called them, and they confirmed the same date

Surely it should have defaulted within 3 months to 180 days like the rest,

 

I’ve heard of lending stream being weird how they report things to the CCA’s

 

Can I challenge this? I.e. you should have defaulted me sooner

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It should be placed within 6 months of you missing the payment. If it was a one month loan, then their reporting date is grossly unfair.

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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  • 3 weeks later...

Hi team

 

I am writing to lending stream as they have put the wrong default date on my credit file, and there are 2 entrys for the account, 1 - with PRA Group as it was sold on and 2 - with lending stream

 

please can you check over and give me your opinion

 

Thanks

 

 

Lending Stream

Wisteria Grange Barn

Pikes End

Pinner

London

HA5 2EX

 

Date: 23/07/2015

 

Loan ID #**********

 

Amendment to credit file

 

Dear Sirs,

 

After recently obtaining a copy of my Credit File from the Credit Reference Agencies, I am concerned to note that your company has placed a "Default" notice against an account I held with you.

 

Please find attached document “Principles for the Reporting of Arrears, Arrangements and

Defaults at Credit Reference Agencies” and a copy of my Experian credit File

 

 

Point 1

• Please see attached credit file

 

The debt has been sold on to PRA Group, who is now the legal owner of the debt, and they have an entry in my credit file.

 

But there still remains the lending stream entry which is the same details, as it has been sold on, the PRA group entry should replace the lending stream entry, as both are still there, the older version (yours) is a duplicate and require this to be removed.

 

Point 2

 

• I had the account from 23/03/2011 to 23/08/2011 at this point the account fell into arrears and defaulted, with the last payment by myself on the 23/04/2011

 

The Attached 2014 document by the Information Commissioner’s Office: Principles for the Reporting of Arrears, Arrangements and Defaults at Credit Reference Agencies. It states: on “page 6 PRINCIPLE 4”

 

“As a general guide, [a default may be recorded] when you are 3 months in arrears, and normally by the time you are 6 months in arrears”.

 

• On my credit file it shows a default date of 17/11/2012 a full “14” months after the account defaulted, this is a breach, as it is inaccurate information, date should be 23/07/2011

 

 

Resolution

 

I would like you to amend my credit file accordingly by removing the duplicate entry, and also to contact debt management company PRA who are the legal owners of the debt to update their records also, Their ref is “Ref:*******” giving the correct date of between 23/07/11 as a default date

 

If both points are not rectified I reserve right to put in a complaint to the Information Commissioner and / or a complaint to the Financial Ombudsman

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There certainly should not be duplicate reporting.

 

Once it had been assigned/sold to the new company - there should have been a "£0" entry from Lending stream and the outstanding balance £amount from the new company.

 

The default should then be updated by the new company only using the original default date (that MUST not change) until the 6 years is up.

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  • 9 months later...

"I am writing to lending stream as they have put the wrong default date on my credit file, and there are 2 entrys for the account, 1 - with PRA Group as it was sold on and 2 - with lending stream"

 

 

Interested on how you got on with this ?

 

 

The very same is happening to me. I took out a lending stream loan of £200 way back in July 2009. Sold on to PRA. On Experian the lending stream debt has a default date of 28/11/2012 !!! A whole 3 years and 5 months after I initially took out the loan. The PRA entry also therefore has the same default date.

 

 

With anything like the correct default date this would have already dropped off my credit file but as it is its causing me a problem now im looking for a mortgage.

 

 

I put in a dispute with the credit reference agency but obviously PRA just bat it off by saying its the correct date and nothing will be changed.

 

 

I was hoping you had some success with yours and then I could go down the same route ? Any advice ?

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"I am writing to lending stream as they have put the wrong default date on my credit file, and there are 2 entrys for the account, 1 - with PRA Group as it was sold on and 2 - with lending stream"

 

 

Interested on how you got on with this ?

 

 

The very same is happening to me. I took out a lending stream loan of £200 way back in July 2009. Sold on to PRA. On Experian the lending stream debt has a default date of 28/11/2012 !!! A whole 3 years and 5 months after I initially took out the loan. The PRA entry also therefore has the same default date.

 

 

With anything like the correct default date this would have already dropped off my credit file but as it is its causing me a problem now im looking for a mortgage.

 

 

I put in a dispute with the credit reference agency but obviously PRA just bat it off by saying its the correct date and nothing will be changed.

 

 

I was hoping you had some success with yours and then I could go down the same route ? Any advice ?

 

 

this thread is very old

it might pay you to start a new thread

of your own

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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