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Thread: Affordability Claim for Interest Refund - Lending Stream

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  1. #1
    Lini's Avatar

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    Default Affordability Claim for Interest Refund - Lending Stream

    hi all

    I have recently posted on another thread in this group looking for some advice with regards to a payday lender and the aggressive collection action taken by the third party to which they sold the debt on to.
    It was mentioned that I should contact the Payday Lenders with whom I had significant loans to make a complaint with regards to affordability.
    With Lending Stream alone, I had 20 loans in a 10 month period, sometimes 4 loans in the same month, and applying for loans immediately after paying off the last one. I have Bi polar which became extremely bad after spiraling into debt with these lenders, unfortunately I found it impossible to manage the debts and could only meet the repayments by borrowing from other lenders/sometimes the same lender to repay these loans and to meet my rent obligations. When I was 'high' I would believe that I was amazing with money and lend uncontrollably moving money around thinking I could juggle everything but unfortunately during the extreme lows I was unable to manage this and fell into a terrible mess.

    I have had a response from lending stream saying a big fat NO, basically that they checked my Experian score which was 692 at the time (I have never had a score as high as that - if my score was there I wouldn' thave been using a payday lender) They also said that based on my income and given expenditures I should have been able to afford their debts. They disregarded my complaint that they should have noticed that there was a pattern emerging that I was struggling, lender larger amounts more frequently and immediately after paying them off. They advised that they had at times refused me a loan, but htat was never for more than a few days and my list of loans showed that throughout the 10 months that they loaned money to me, there was not a single month where they did not lend to me.
    the reason that I was able to repay the loans was because I was borrowing all over the place trying to keep my head above water. if they had checked my credit file they would have seen my rapidly deteriating financial situation.

    I would like to escalate to the FOS. Before I do that, can you please advise if there is anything that I will need to prepare? I have asked them to send me the proof that my credit history was ever 692 - but im not sure if there is anything else I will need.

    thank you so much for your help

    Lini

  2. #2
    Kati's Avatar

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    Default Re: Affordability Claim for Interest Refund - Lending Stream

    tagging @Debt Camel to help you xx
    Debt is like any other trap, easy enough to get into, but hard enough to get out of.

    It doesn't matter where your journey begins, so long as you begin it...

    recte agens confido

    ~~~~~

    Any advice I provide is given without liability, if you are unsure please seek professional legal guidance.

    I can be emailed if you need my help loading pictures/documents to your thread. My email address is kati@legalbeagles.info
    But please include a link to your thread so I know who you are.

    Specialist advice can be sought via our sister site JustBeagle

  3. #3
    jaguarsuk's Avatar

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    Default Re: Affordability Claim for Interest Refund - Lending Stream

    Hi, take a look at step 3 of @Debt Camel advice here
    My posts on this forum are offered based on my experience dealing with a variety of life events. I have no formal legal training and if in doubt take professional legal advice or contact the CAB. If you follow anything I write on this forum you do so at your own risk and I accept no liability for any loss, costs or other out comes.

  4. #4
    Debt Camel's Avatar

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    Default Re: Affordability Claim for Interest Refund - Lending Stream

    Don't bother to try to reason with them - LS don't listen. Lots of people have said the LS credit score isn't close to reality.

    As soon as the time gets to 8 weeks, or if you have a letter from them saying Final Response, send the case to the FOS.

  5. #5
    Lini's Avatar

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    Default Re: Affordability Claim for Interest Refund - Lending Stream

    Great, their email was a final response so I'll contact the FOS

    thanyou x

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