Lending Stream failed to send Notice of Sums in Arrears - 5 Loans now IRL Complaint.

[DA11]

Hi everyone.

I failed to pay a loan with Lending Stream this year.

The debt has now been passed to a debt recovery agency.

Up until now I have been ignoring all communication from them although I will probably agree to pay it up at one point in the near future.

However I received this e-mail from Lending Stream this week.

 

Quote

 

Important information about your loan We’re writing to provide you with an important update regarding your loan reference ******* which is currently being managed by Credit Resource Solutions Ltd. What happened?   Due to an error, when we wrote to you by email on **-**-2023 to tell you that your account was 60 days in arrears, our email was missing the link to a formal notification that we’re required to provide to you which is called a Notice of Sums in Arrears. We’re sorry about that. What does this mean?   Because we didn’t provide this formal notice to you, it meant that we shouldn't have added any interest or fees to your account from the date that we should have sent the formal notice to you until the date when we fixed the error. How will we correct this?    To put things right we’ve updated your outstanding loan balance by £*** to remove all interest and fees that were applied during this period. Your new loan balance is £***.   We’ve also included a link to the formal Notice of Sums in Arrears that we should have sent you at the time.   This notice does not reflect the current position of your loan and is for your information only. You can access this notice by entering the password which is your date of birth in the format DDMMYYYY. For example, if your date of birth is 11th June 1982, then your password would be 11061982. What do you need to do?   You don’t need to do anything as we’ve already given your new loan balance to Credit Resource Solutions Ltd.

 

I am just wondering if there is any way out of this debt now due to them failing to comply with this?

I would guess not but I know a lot of people are well clued up on these kind of things on here so thought it would be worth asking.

Cheers

[dx100uk]

no as it only a short term error.

was your credit file clean with no defaults late payments or court judgements when they loaned to you?

dx

 

[DA11]

I have four defaults showing on my credit report.

They were defaulted Feb 2019, 2 in March 2018 and one in April 2018.

I did have a court judgement relating to one of these defaults although I don't seem to see that in my credit report although I do still have the evidence of this happening.

I have since settled that debt.

I do also have a couple of late payments on my report.

The Lending Stream loan was taken out in June this year.

[dx100uk]

urm.. might be an irresponsible lending claim here i think:

 

[DA11]

Thanks dx.

I have sent a letter complaining about irresponsible lending now.

I also sent copies of bank statements in the months leading up to the loans being accepted.

They gave me 5 loans over a 7 month period for about £2000.

In the months leading up to the loans there were some months which had over 50 transactions relating to online betting websites. As well as that there is various transactions showing I had various other loans and credit cards at the time. I think I should have a right to claim here.

As well as that I currently have another payday type loan which I am currently trying to pay off.

This one was also given to me whilst my bank statements show the same scenario (other loans, credit cards, high number of betting transactions).

This one is slightly different though as I granted open banking access to the company before they approved the loan.

This would’ve shown all the things I have mentioned.

Do I have a case to complain with them as well?

[dx100uk]

start a new topic on this new one please

dx

 

[DA11]

I’ve received a response from Lending Stream which has been sent via pdf.

What’s the easiest way to redact before uploading for opinion?

I have attached the response letter.

It seems like a pretty weak response in my opinion.

On the wages part, they never asked for any pay slip.

They also never once asked for any bank statements.

The wages they claim I said I was earning, I have never earned.

As I said earlier, In the months leading up to the loans there were some months which had over 50 transactions relating to online betting websites.

As well as that there is various transactions showing I had various other loans and credit cards at the time.

If I have not removed enough info from the pdf or have not done it correctly please let me know.

Any help appreciated

Final Response Letter 1.pdf

[dx100uk]

it seems like as you gave them access to your bank statements in the 1st place when applying?, this time they appear to have all the cards.

the only think that springs to mind is the continuing rolling of one PDL into the next? using one to pay off the balance of the last?

was this the case?

i notice we've not advised sending an SAR.

they could be withholding important info.

dx

 

 

[DA11]

Hi Dx.

No they have had no access to any bank statements at any time. Nor have they ever asked for any.

Should I send an SAR?

[dx100uk]

On 10/01/2024 at 12:57, DA11 said:

I also sent copies of bank statements in the months leading up to the loans being accepted.

 

[DA11]

Sorry what I meant by that is when I wrote the irresponsible lending complaint, I included copies of my bank statements for the months which were leading up to the loans being accepted.

This was to show how many betting transactions were involved.

They did not have any bank statements or banking access before any loan was accepted.

I included them in my complaint to emphasise the irresponsible lending part.

Does that make sense?

[dx100uk]

ok so how did they do this then

Quote

Your regular expenses:
We asked what you regularly spent on rent, utilities, food, transport, dependent care, etc.

We checked what you told us with information from independent sources.

These sources collect statistics related to the economy, population and society.

They look at how much people with different levels of income typically spend.

If required, we used this information to adjust your expenses upwards, and use these new figures in our calculations.

This helped us take a sensible view of your finances before making any decisions

you must have completed some sort of I&E sheet for each Loan?

if so, there was little point in the IRL complaint sadly. i know these PDL make mistakes but with that kind of info each time, they dont.

[DA11]

When applying for the loans they ask for monthly outgoings. 

I was under the impression that as they did not ask for any wage slip or bank statements or Open Banking access then there could be a claim for irresponsible lending.

I read the irresponsible lending guide you posted.

I could have put any numbers in the incoming/expenditure part of the application and they have done nothing to verify it.