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Lending Stream Irresponsible Lending Complaint

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I am trying to go down the Irresponsible Lending route with all my payday loans.

 

I complained to Lending Stream and they have very quickly come back to me with this;

 

 

 

 

Dear --- ---------

 

We write in reference to your recent correspondence.

 

Please note that you borrowed 16 loans from Lending Stream, out of which 12 loans were closed successfully and the ownership of 4 loans (Ref. No: -------, -------, ------- and -------) has been transferred to the third party debt collection agency Asset Collections & Investigations Limited (ACI).

 

Hence, we would request you to get in touch with ACI on 01698 907055 for further proceedings in regards to the loans (Ref. No: -------, -------, ------- and -------).

 

Affordability Check:

 

We confirm that an affordability analysis is conducted for all customers (existing or new) and on each loan application. Our advanced analytics and underwriting processes review the information provided by the customer, all public information and details held by Credit Reference Agencies before making a decision.

Your Experian score was ranging upto 722; which factored into our proprietary underwriting and deemed acceptable

At the time of applications, you were full-time employed

Your monthly income at the time of applications was ranging upto £2118.00

We could observe a sufficient disposable income, which denoted that repayments towards the loans can be made without any financial difficulties

 

Rollover:

 

We would also like you to note that a “Rollover” is an option provided by some lenders where a customer is allowed to delay paying back a loan on the payment of additional fees. Currently, Lending Stream does not offer this option. Hence, we confirm that the FCA regulation on “Rollover” Loans is not applicable to us.

 

Credit file/Data Validation:

 

When a customer requests for a credit report from a Credit Reference Agency, he may acquire specific information including names of different lenders and their respective reporting. However, when a financial institution does a credit search on a customer’s credit report, they are not privy to that exact information. Hence, our decision to lend money does in part rely on the information received from Experian (credit scores).

 

Financial Difficulties:

 

Our constant message to customers whose circumstances change or who experience hardship is to speak to us and we will work something out together. Upon reviewing your account, we found that the required assistance was offered, whenever, we were informed about the change in your circumstances.

 

In lieu of the overall situation, we believe that Lending Stream has behaved responsibly in approving your loans.

 

Hence, we would request you to get in touch with Asset Collections & Investigations Limited (ACI) for further proceedings. Else, you may ask them to contact us directly in case they require any account specific details.

 

For further queries, please email us at info@lendingstream.co.uk or call us on 0203 365 0138 (Monday to Friday between 7 am to 10 pm). Call charges apply.

 

Regards,

Lending Stream Customer Service

 

 

Do I go back to LS and ask if this is their final decision before I take it to the FOS? I have seen people negotiate and it hasnt needed to go to the FOS and they have had an offer.

If I do go back to them what do I say?

 

Or do I just take that as their final decision and go to FOS asap?

 

Many Thanks

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Loan Amount Loan ID Opened Completed Total Paid Back

£185.00 #********* Feb. 15, 2012 July 23, 2012, £407.00

£175.00 #********* May 11, 2013 June 23, 2013, £280

£175.00 #********* Jan. 9, 2013 May 23, 2013, £358.75

£285.00 #********* March 19, 2013 None £461.70 owe £244.40

£135.00 #********* July 13, 2012 Nov. 23, 2012, £276.75

£265.00 #********* May 30, 2013 None £212 owe £528.40

£155.00 #********* Feb. 3, 2013 June 23, 2013, £317.75

£125.00 #********* Aug. 19, 2012 Jan. 23, 2013, £256.25

£125.00 #********* April 13, 2012 Aug. 23, 2012, £256.25

£315.00 #********* Oct. 12, 2012 March 22, 2013, £693

£165.00 #********* June 15, 2012 Oct. 13, 2017, £338.25

£415.00 #********* Jan. 1, 2013 June 23, 2013, £913

£525.00 #********* July 12, 2013 None £157.50 owe £1374.50

£100.00 #********* Aug. 3, 2013 None £0 owe £342

£315.00 #********* April 3, 2012 Sept. 21, 2012, £693

£210.00 #********* April 15, 2013 June 23, 2013, £386.40

 

 

The ones which were not paid have been sold to Asset Collections who are trying for a CCJ against me, which I am currently fighting, the outcome is due just before Christmas.

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Can I go anywhere with this or should I just accept what they have said?

Thanks

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

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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What an earth are they on about with Credit Scores?

If they are using underwriting methods then they will beable to see all of your accounts and whether they have paid on time etc and not these credit scores that they go on about.

Credit scores are used as a guide by the agencies to show you how likely you are to be accepted for credit (Not ever guaranteed) - The Credit Scoring the company does is against a set underwriting criteria that they use to score how likely you are to pay and not what Experian provide them!!!!!!

So what they are telling you is complete bull..

 

Lending Stream like to be difficult like that

 

If you were to apply the current rules to the PDLs they have offered then

 

Loan Amount Loan ID Opened Completed Total Paid Back

£185.00 #********* Feb. 15, 2012 July 23, 2012, £407.00 (Doesnt Comply - Over 100%)

£175.00 #********* May 11, 2013 June 23, 2013, £280

£175.00 #********* Jan. 9, 2013 May 23, 2013, £358.75(Doesnt Comply - Over 100%)

£285.00 #********* March 19, 2013 None £461.70 owe £244.40

£135.00 #********* July 13, 2012 Nov. 23, 2012, £276.75(Doesnt Comply - Over 100%)

£265.00 #********* May 30, 2013 None £212 owe £528.40(Doesnt Comply - Over 100%)

£155.00 #********* Feb. 3, 2013 June 23, 2013, £317.75 (Doesnt Comply - Over 100%)

£125.00 #********* Aug. 19, 2012 Jan. 23, 2013, £256.25 (Doesnt Comply - Over 100%)

£125.00 #********* April 13, 2012 Aug. 23, 2012, £256.25 (Doesnt Comply - Over 100%)

£315.00 #********* Oct. 12, 2012 March 22, 2013, £693 (Doesnt Comply - Over 100%)

£165.00 #********* June 15, 2012 Oct. 13, 2017, £338.25 (Doesnt Comply - Over 100%)

£415.00 #********* Jan. 1, 2013 June 23, 2013, £913 (Doesnt Comply - Over 100%)

£525.00 #********* July 12, 2013 None £157.50 owe £1374.50 (Doesnt Comply - Over 100%)

£100.00 #********* Aug. 3, 2013 None £0 owe £342 (Doesnt Comply - Over 100%)

£315.00 #********* April 3, 2012 Sept. 21, 2012, £693 (Doesnt Comply - Over 100%)

£210.00 #********* April 15, 2013 June 23, 2013, £386.40 (Doesnt Comply - Over 100%)

 

How much of these have default charges and if so how much are each?

Can you get a full DSAR sent to them and get statements too?


 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

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My advice - FOS It!

 

What did you tell them about your financial difficulties? What did they offer?

During this time PDLs were known to be very very difficult to deal with


 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

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