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
December 18, 2018 at 1:42 pmI 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
December 18, 2018 at 2:39 pmHi 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
December 18, 2018 at 2:50 pmI 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
December 18, 2018 at 3:19 pmGood luck!
Paula says
December 18, 2018 at 3:36 pmI think I will need it.
Jen says
December 18, 2018 at 5:11 pmHi 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
December 19, 2018 at 6:37 amHi 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
December 19, 2018 at 6:42 amIt’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
December 20, 2018 at 8:11 pmHi, 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
December 20, 2018 at 9:21 pmI 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
December 21, 2018 at 7:42 pmThanks 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
December 21, 2018 at 11:11 amHa – 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
LOZ says
January 29, 2019 at 3:30 pmHi,
appreciate anybody’s help please on this matter:
I’m having a nightmare with LS! I cant get over the first hurdle to claim any refunds. I have sent a email to LS to ask for refunds on my 49 loans for irresponsible lending, they emailed me back & asked me to fill out a complaint form however, i’m unable to complete this or print it off to write to them with my info….I have copies & printed off all my account summary for my loans, is it now best to write a letter and include copies of all my loans (although they should have this as its all on my account online) and send this by recorded delivery to their address?
Many Thanks
Sara (Debt Camel) says
January 29, 2019 at 3:39 pmis there a reason you can’t fill in the form? It’s horrible and no one should have to, but I am interested in the specific difficulty you are having.
Can you reply to the email they sent with your complaint?
You do not need to send them details of your loans – as you say, they have those.
LOZ says
January 29, 2019 at 4:14 pmHi Sara,
Thank you for your prompt reply. The form was sent as a PDF doc and i’m unable to type on it, i also cannot save the doc for me to even print this off = its so difficult. I can apply to the email, would this be better to ask for refunds giving all the details this way? I just don’t want them to come back to me in 8 weeks saying not accepting this – must fill out the form and then it will it further delay this, or shall i ring up to explain this? however, reading most comments on here i probably wouldn’t get far via telephone..
Thanks Sara
Sara (Debt Camel) says
January 29, 2019 at 4:49 pmHave you tried completing the online form? I’m just trying to find the fastest way for you to deal with this.
If you send your complaint to that email and it doesn’t bounce back they have to accept it and deal with it. They can’t refuse to because it isn’t on their form.
Loz says
January 30, 2019 at 8:35 pmHi Sara,
I’m unable to complete the form – its no use nor ornament! so I will just reply to the email and explain this and also my reasons why i’m requesting refunds on my loans ect…
Thank you kindly for your help, i’ll keep you posted.
Lorraine says
June 12, 2019 at 12:48 amHi Sara – I wondered if you could help please.
I sent an ‘irresponsible lending’ complaint to QuickQuid and to Lending Stream. QQ have been really good and are upholding my complaint. However, Lending Stream are a different kettle of fish. As with QQ, I cited my complaint and the fact that I have been unable to work due to mental health issues and I rolled over loans with them lots of times. They have responded by emailing me a ‘mental health’ form and are asking me to to get it filled in by my GP and to send it back to them.
Could you tell me please, if I have to do this? I didn’t with QQ and they were really good. Are Lending Stream stalling? Should I just go ahead and give them access to my medical records – they are asking me to write a letter giving them permission to do this?
Thank you for your help.
Lorraine
Sara (Debt Camel) says
June 12, 2019 at 7:38 amI think you have been asked to fill in a DMHEF form. This form was introduced as a way of protecting vulnerable consumers and allowing them to put forward evidence concerning their mental health where this is needed.
It is poor practice in my opinion for a lender to ask every customer who says they have a mental health problem to get one of these completed. They should only be doing this if it is important for your case. Here are a few example I have made up.
A) Customer has borrowed repeatedly from a lender for a prolonged period of time and is making an affordability complaint asking for a refund of interest paid. Here a DMHEF is simply unnecessary as the complaint should be upheld on the basis of repeat lending regardless of your mental health now or while you were borrowing.
B) Customer is making an affordability complaint and also owes a current balance. They have asked the lender to stop sending them so many texts and emails about the balance while the complaint is going through as they suffer from anxiety and depression. Here also a DMHEF form is unnecessary- the customer is disputing the debt and it’s inappropriate to pester anyone repeatedly while the complaint progresses.
C) customer had previously asked for a payment arrangement and said they suffered from bi-polar. A year later the lender gave them a large loan they cannot repay and they are asking for the loan to be written off because the lender knew of their mental health problems before giving the loan. Here a DMHEF form is a reasonable request.
So the more important mental health is to your case the more helpful it could be to get a DMHEF form. But this shouldn’t be routine, and a lender should not use it as a way to make complaints seem more difficult for a vulnerable group of customers.
You can simply tell Lending Stream you will provide any evidence to the Financial Ombudsman if necessary.