Lending Stream Claim - Refund Offered...

[M4tttaylor]

Good Afternoon,

A few weeks ago i sent a complaint to Lending Stream regarding my view that they have acted irresponsibly when providing a number of consecutive loans to me over the past 18 months.  In total there are 9no loans dating back from March 2019 to July 2020.

 

My Complaint

My complaint is based on my belief that i should not have been given the loans in the first instance.  When entering my application i was asked to enter my outgoings as you would generally expect, however, i was not given the option to enter the actual amount of outgoings, just simply select from a drop down list.  

 

The problem i have with this is that the drop down list only went up in £50 increments up to £500, then the last option to select was >£500.  As my rent alone was £1200, i could obviously only enter >£500.  My issue is that i cannot see how Lending Stream could have assessed my affordability correctly when they do not have the correct info in the first instance.  Had they known the actual amount of my outgoings, then i'd like to think they would not have offered the loan.

 

As the loans were always paid on time (therefore no adverse marks on my credit file), it may seem that the loans were affordable.... however this was only affordable at the time as i kept topping up the loan or get a new payday loan to pay off another.

 

Recently i applied for yet another loan from Lending Stream (to consolidate my current loan with them and leave me with extra funds over the Xmas period) but noticed they have changed their application process to now include Consents Online Limited, which i understand links to the bank account and checks the actual income and outgoing to determine affordability.  My recent application (using Consents Online process) was declined.  I can only assume that had this process been in place for my first loan, then i would not have been approved and wouldn't be in the mess i'm in right now!

 

Lending Stream Response

Just before Xmas i received a letter attached to an email confirming they have looked into my complaint and confirmed they believe loans 1-6 were affordable and so do not agree to my complaint.  They have also confirmed they believe loans 7-9 to also have been affordable based upon the information provided BUT they do agree that they should have considered the number of loans being taken and the short space of time between loans and so they partially agree to my complaint.

 

Lending Stream have offered to refund the interest paid on loans 7-9, including 8% simple interest and remove any adverse marks on the credit file for these loans.  The total refund comes to £891.03.  They have provided a weblink to enter my account details so the refund can be sent to me.

 

My Query

I believe I have a case to go to the Ombudsman with and would like to think i could also achieve a refund of the interest from loans 1-7 as when considering my finances at the time, these were even less affordable than loans 7-9 of which Lending Stream agree to my complaint. However, i could really do with the money at the moment, so i am tempted to click on the link they provided and enter my banking details.  

 

My couple of queries are,

do you think i have a case to go to the Ombudsman with?  

And also, would i be able to enter my details and take the refund now, then pursue the rest through the ombudsman?

 Or by taking this refund would that close the complaint?

 

 

Thanks in advance!

 

 

Matt

 

 

[dx100uk]

unless their reply or the webpage you insert your payment details into, states that the refund is in full and final settlement of ALL loans, then you are safe to accept the partial refund and continue to the FOS for the rest.

 

dx

 

[M4tttaylor]

Thanks dx

 

This is the last couple of paragraphs of the letter....

 

What you need to do

 

If you're happy with the decision and would like us to refund you, please click on this link to tell us where to send the money.

We'll make any changes that are needed to your credit file.It may take up to 45 days for the changes to show in any reports your look at.

 

Our final response

 

This is our final response to your complaint. Please consider the settlement offer provided here as full & final.

You have the right to refer your complaint to the Financial Ombudsman Service, free of charge - but must do so within six months of the date of this email.

If this complaint is not referred in time, the Ombudsman will not have our permission to consider this complaint and will only be able to do so in very

limited circumstances, for example, if the Ombudsman believes that the delay was as a result of exceptional circumstances.

 

 

What do you reckon?  Safe to take the refund and continue to pursue?  I do think i have a case to send to the ombudsman and hopefully if they agree, take a lager refund of all loans.  But as mentioned, i could really do with the extra money right now!!!

 

Thanks

 

[dx100uk]

17 minutes ago, M4tttaylor said:

Please consider the settlement offer provided here as full & final.

 

aha the usual word 'consider' - they are assuming you DO....

 

well you don't !!....consider it as a F&F settlement to ALL your complaint,

 

simply write or email back stating thus and that you will now be forwarding the remaining unresolved issues in your complaint to the FOS. thank them for their kind partial offer which you gladly accept as a partial seeltement of some issues.

 

little tip send the FOS everything!!