Lending Stream has changed its complaints handling to make it harder for customers to make an affordability complaint and ask for a refund of the interest they have paid.
Until recently you could send them a complaint email, as you still can to the other payday lenders.
Now all emails to complaints@lendingstream.co.uk or payments@lendingstream.co.uk bounce back. Instead, you have to complete a complaint form on the Lending Stream website.
Insisting on a form – bad for customers
I always suggest people submit complaints by email rather than letters, telephone or a web form:
- you feel more in control of what you are saying than on the phone;
- many people have had bad experiences in the past with being pressurised by payday lender customer services and do not want to talk to them;
- it is better than letters as it’s free, instant and more reliable;
- you can add an attachment eg if you want to enclose a copy of your credit report;
- you have a digital copy with a date stamp you can show to the Financial Ombudsman as proof of when your complaint started.
Lending Stream seem to be using their new form as a method of “gatekeeping” to restrict complaints:
- you cannot submit the form unless you know the exact details you used when you were borrowing, eg the registered email address. But many people who got into a mess with payday loans years ago may be unsure of these;
- you have to supply a mobile number which many people do not want to do;
- it prevents people from using free resolution services such as Debt Hacker.
Once you have managed to submit a complaint form and get a reply from Lending Stream, you still cannot communicate with their complaints department by email, you can only phone. This can make it impossible for someone to provide helpful evidence. One reader said:
My bank statements show 59 loans from June 2015 – Jan 2018 totalling £8,430. They are terrible to communicate with & when they finally sent my final response to me at week 13 (not 8), they only have me being down as having 28 loans from June 2015 – June 2017. Every time I call them they fob me off. I have tried to e-mail them my bank statements but they have a new complaints procedure now so none of their previous emails I used work now. They said you have to submit a complaint form, but I cannot attach my bank statements to that to send. I have logged complaints regarding this to them & nobody calls me back.
It’s also against the FCA rules
Lending Stream’s regulator, the FCA, says in its DISP rules:
1.3.2 These procedures should:
(1) allow complaints to be made by any reasonable means
“Reasonable” here does not mean what is most convenient for the lender! The customer should be able to choose whatever method suits them. It is there to rule out silly options such as sending a carrier pigeon or writing a complaint on the side of a cow.
What can you do to object?
In practice the best thing for your complaint is going to be trying to use their form and phoning them up if you can’t remember enough details to get it accepted.
If Lending Stream deny that you have any loans from them and you have some evidence that you did borrow from them (emails, bank statements etc) then go to the Financial Ombudsman straight away and say you are unable to put in a complaint.
But if you are fed up with their obstructive approach you could also:
- leave them a 1 star review on Trust Pilot. Say their complaint handling is very unfriendly and you want to be able to complain by email.
- send a complaint to the FCA, at consumer.queries@fca.org.uk. Say that you are trying to make an affordability complaint about Lending Stream and Gain Securities (689378) is being obstructive and won’t allow you to communicate with them by email. Add that you will send your affordability complaint to the Financial Ombudsman at 8 weeks, but you thought the FCA should aware of one of its authorised firm’s poor complaints handling as the Lending Stream website appears to be in breach of DISP 1.3.2 and also DISP 1.2.1 (4).
Lending Stream – asking them for a refund
FOS cases – what happens?
Can you be called at work about debts?
Alan says
I had dealings with lending stream over a fraud matter and found their customer service to be truly shocking.
I was so upset I escalated the matter to the FOS who ordered that they pay me £200.00 compensation.
Paula says
Hi Sara,
I left a 1 star review on trust pilot & haven’t heard anything back. I sent the e-mails you advised me to the FSA. I wanted to let you know their reply to me I received yesterday:
Thank you for contacting the Financial Conduct Authority (FCA) regarding your concerns with Gain Credit LLC ( Lending Stream). I understand that you initially raised a complaint with the firm in relation to irresponsible lending in June 2018, however you didn’t receive a response until the 28th September. The firm state you have only taken our 28 loans between the 15th July 2015, and 10th July 2017, however you’ve actually taken out a total of 59 loan between 15th July 2015 and the 8th January 2018. You also feel that we should be made aware of their unfriendly and unfair approach to complaints. I can appreciate this must be a very concerning and frustrating matter for you and I’m glad you’ve brought the matter to our attention.
Gain Credit LLC
As an FCA authorised firm, Gain Credit LLC are expected to adhere to rules and guidance that we set. This would be in relation to both their lending responsibilities as well as dispute resolution matters. We also expect all authorised firms to pay due regard to the interests of its customers and treat them fairly.
[edited to remove standard stiff about taking a complaint to FOS]
I’ve today registered your concerns on our systems and made them available to the supervisory team which is responsible for monitoring the conduct of Gain Credit LLC. The information you’ve provided me with is helpful in letting us build a picture of whether the firm’s meeting our standards. Just to set expectations, we wouldn’t be able to provide you with an update to what we do with the information you’ve provided us. I can appreciate this may be frustrating but please rest assured the information will be reviewed carefully.
If you need to speak to us further on this matter then please don’t hesitate to contact us again and please quote the following number, to ensure we can link all your correspondence to the correct reference number. Your reference number is [].
I appreciate this may not be the response you were hoping for, however I want to thank you again for bringing this matter to our attention, it’s really appreciated. I also hope that you’re able to have your concerns resolved as soon as possible.
Paula says
I called the FOS this morning, they said once an adjudicator picks this up then they will look into this for me. I sent my complaint to the Ombudsman in Sept & it has been waiting to be assigned an adjudicator since October, they have no idea when that will be.
Lending Stream really are shocking.
Thanks so much for all of your help & advice.
Paula
Sara (Debt Camel) says
Good luck!
Paula says
I think I will need it.
Jen says
Hi Sara I have contacted the FCA last week, they have sent an e.mail back saying in short any further info on LS that proves their standards are short of what expected would be welcomed. It was because LS still haven’t sorted my credit report despite them being told to by FOS and myself on several occasions
Emma says
Hi lending stream who addressed me as Andrew I’m Emma, have turned down all 11 Of my loans took from 2014-17. The calculations are so wrong it’s unbelievable. Taking to Financial ombudsmen now
Sara (Debt Camel) says
It’s not normally worth trying to negotiate with Lending Stream, but if you think what they have written is so wrong it may actually be a reply to someone else it is worth phoning them up and saying this.
Kel says
Hi, I am try to put in an unaffordability complaint into lending stream, all emails bounce back and seem unable to fill in there complaints form, just won’t let me type in the boxes to be able to log complaint, really do not want to phone them, what do you suggest?
Sara (Debt Camel) says
I am afraid your options are either to phone them or to send a complaint to the Financial Ombudsman now saying that you are unable to send a complaint to Lending Stream.
Kel says
Thanks Sara, I emailed FCA about not being able to communicate with LS via email. Got a next day reply from them saying :
Thanks for emailing the Financial Conduct Authority (FCA) yesterday, in which I understand you’re looking to make an affordability complaint against Lending Stream and Gain Securities. However, they’re note allowing you to communicate with them via email. I can imagine this must be highly frustrating for you and I fully appreciate why you’re contacting us about this.
Information I’d like from you
I’d like to be able to refer this to my colleagues who oversee Gain Credit LLC’s conduct. For me to be able to do this I’d be grateful if you could let me know why this firm won’t communicate with you through email and provide any evidence to show this. Once received by colleagues will be able to add this to their supervisory framework so that they can build a picture of how the firm is operating. Please note, due to the confidentiality policies we have in place I won’t be able to let you know what we will do with the information provided and we generally don’t provide feedback. However, rest assure, where firms aren’t meeting our standards we can and will act.
I look forward to hearing from you.
Graham says
Ha – well done Sara,
The FCA responses above are really positive. I know they’re not immediately intervening in the individual cases but that’s not to be expected. They’re building a picture of a firm that’s probably already got a few cards marked, and that’s brilliant. The FCA should measure these failures against their ‘threshold conditions’ – one of which is around a firm’s ‘suitability.’ From what I can see here, disregarding dispute resolution rules and ignoring FCA principles, will lead to a big mess for LS.
I’d also add anyone not receiving any form of FOS award from any firm report this immediately to the FCA too. There’s no excuse unless they’re in administration, and again it can lead to bother for the firm they’d rather do without.
Keep reporting folks – Sara, can I beg permission to link to this thread in our Cit A, Jan 2019 debt update? This type of gaming the system really makes me angry! I’ll give credit and suggest readers also subscribe to DC updates.
Ta,
Graham