Lending Stream, a mid-sized payday lender in Britain, is noticeably bad at handling payday loan affordability complaints. This article looks at what often happens in a Lending Stream affordability complaint so you are prepared.
By taking your complaint to the Ombudsman you may get a much better award. In the first half of 2018, the Financial Ombudsman was agreeing with the customer in more than six out of ten Lending Stream cases. This shows that Lending Stream are not making reasonable offers even where it should be clear that the loans were unaffordable.
A loan is unaffordable if you can only repay it by borrowing more money, or not paying essential expenses. Here is how to send in an affordability complain and ask for a refund of the interest you have paid: How to ask for a payday loan refund – with template letters.
I think Lending Stream’s complaint handling is so bad that its regulator, the Financial Conduct Authority (FCA), should investigate it.
Putting in a complaint – you now can’t use email
In late 2018, Lending Stream invented a new way to be difficult. They have switched off the emails for their complaints department, making people submit complaints through their web form. See Lending Stream stops customers complaining by email for more about this.
Getting a list of your loans
You may be able to see all your loans in your online Lending Stream account, your password is often your birthday DDMMYYYY. If you can see the loans there, take a copy immediately as Lending Stream may delete them!
If you can’t access that, LENDING Stream will send you a list of your loans if you ask and they no longer try to charge people £10 for this. This isn’t because they have decided to be nice – it was made illegal in May for firms to charge a customer for a copy of their personal information.
Quoting absurd credit scores
Lending Stream sometimes tell people that their credit score was fine. But if they quote a score, it may bear no resemblance to your actual Experian score. Some examples:
adjudicator found in my favour for loans 4 to 42 over last 6 years. Lending Stream disagreed saying my credit score was 776. I don’t know how as I had three defaults at the time.
They also said my Experian credit report figure was 785. I have replied saying I was on a DMP since 2013.
So what is happening? Are they literally inventing these numbers? Lots of people complaining think they are!
When a case goes to the Ombudsman, if Lending Stream are challenged they usually explain that they don’t actually see the same credit record or score a customer can. That’s true but the Ombudsman is often very unimpressed with this. here are two examples:
LSL said that it was unaware of all of this at the time that it lent to Miss S. Although it was aware that she had eight loans with other lenders. It was also aware that the credit reference agency score indicated a poor credit history, which was no doubt a reflection of the fact that her mortgage was in sustained arrears and that she had defaulted on some accounts. Had LSL applied any meaningful consideration to the information it said was actually available to it, I think it should have prompted it to make further enquires.
Lending Stream says it doesn’t have full access to consumers’ credit files, and may have different subscriptions to the credit reference agencies – so would see less information. What subscription Lending Stream chooses to have is up to it. But if it means its credit checks may not be sufficient to give the proper picture, I need to look at what the proper picture actually was. There’s nothing I’m aware of to stop Lending Stream upgrading its subscription, but in any event, it could ask for further information if it feels it’s unable to glean enough from its credit checks.
So if Lending Stream tells you had a good credit score, just ignore this – it does not mean you have a weak case at all. And when you send the complaint to the Ombudsman, mention the problems on your credit record.
Making very low offers
Lending Stream sometimes makes quick offers, which sounds good. But the offers are often very poor.
There is no explanation of why those loans were picked – they aren’t the last or the largest loans often. They can seem quite random. Lending Stream just says the others were affordable – even if your situation was getting worse as the borrowing continued.
By late 2018 Lending Stream knows that the complaints where there is a history of borrowing every month for a long while will usually get much better awards from the Ombudsman.
The Ombudsman has published Technical Guidance that lenders are supposed to follow when they handle complaints. This makes it clear where there is a long “chain of loans” they should normally all be refunded after the lender has become aware there was a problem, not just have some loans picked at random for a refund.
Making a low and random-looking offer at the same time as quoting a very high “Experian credit score” is misleading people into thinking they have a poor complaint when they may well have an excellent one.
You won’t lose an early offer by going to the ombudsman
Don’t worry you may “lose” the offer if you don’t win the case at the Ombudsman. We have seen many of these complaints and no one has ever got less from the Ombudsman than was offered by Lending Stream! Here is one example:
I had a reply to say that they would refund me for the first five loans (I had 16 in total) I declined the offer and sent to the FO. I have had a response today from the FO who have advised they agree with the first five loans and have also found in my favour for loans 8 to 16.
Making an early rejection but not saying it is a final offer
In summer 2018, this is a very typical rejection letter that is being sent out:
We would like to highlight that Lending Stream conducts rigorous affordability assessments for all its customers on each and every loan application.
Our Findings
Between[dates], you borrowed [number of loans]. All loans were successfully closed. In-fact one or more loans were pre-closed before the original loan term. Below, we highlight the affordability checks conducted on each loan which was offered to you
· Where available, your stated monthly income, expenditure and disposable income were compared with the average monthly payments due on these loans at the time of approval. In some cases, as you took further loans, we also independently verified your income with third party sources
· In some cases, we used national averages for expense categories where data is available as a third party verification of your submission, and we revised upwards your total stated expenses while computing the disposable income
We hope the above addresses your query regarding affordability checks done on your loans
That doesn’t answer your actual complaint ( it wasn’t a query at all) which was about the non-affordabilty of the loans.
It suggests Lending Stream think your loans were affordable, but it doesn’t actually reject your complaint or tell you about your right to go to the Ombudsman… that is very poor complaint handling.
If you have got a reply like this, I suggest you ask Lending Stream if that is their Final Response as you will be sending your complaint to the Ombudsman. You don’t need to worry that your complaint is actually weak, that letter was completely standard, sent to everyone.
Objecting at every step of the way
When a case does go to the Ombudsman, Lending Stream is frequently very slow at responding and often seems to object at every step of the way. Although they do accept some adjudicator level decisions, there are many absolutely clear-cut cases which they insist on taking to the ombudsman stage.
Here is one example:
Sent complaint to LS in Sept 2017, they rejected after a few weeks but didn’t state it was final response.
Sent to FOS in Nov 2017.
Adjudicator found in my favour for loans 3-11 in March 2018 – interest and fees in the region of £1400…of course, LS rejected this and sent to Ombudsman.
Ombudsman agreed with adjudicator at start of July 2018.
Here is a case where even an unfailingly polite Ombudsman got a bit fed up:
Had it looked more closely at Mr F’s circumstances it should have easily realised he couldn’t actually afford all of the loans and it should have declined the applications. I am somewhat surprised that even after my provisional decision Lending Stream still considers it has acted reasonably.
Lending Stream often says the customer’s income was more than enough to cover the loan repayments, that it’s the customer’s fault as they were gambling, the customer should not have given inaccurate information etc.
But by now they have seen hundreds of these cases go through the Financial Ombudsman and they know these are not adequate excuses. Where there is repeat borrowing over a sustained period, the Ombudsman says that they should have looked more closely at whether they should continue to lend. As one Ombudsman summarised it:
Lending Stream knows they have a greater responsibility than the customer in the consumer credit relationship.
Two small bits of good news in 2018
- Lending Stream used to be appalling about dragging out payments, sometimes even beyond the 28 days they are allowed. In summer 2018 they have speeded this up and people are often receiving their refund within 10-14 days.
- Unlike many other lenders, they don’t routinely reject complaints about loans that are over 6 years old.
FCA should review Lending Stream’s complaints handling
The FCA says in DISP 1.3.3 that lenders:
must put in place appropriate management controls and take reasonable steps to ensure that in handling complaints it identifies and remedies any recurring or systemic problems.
I think the FCA needs to investigate Lending Stream’s complaints handling. Lending Stream needs to:
- allow customers to complain by email;
- stop misleading customers with its quoted Experian score, very poor offers and lack of mention of the right to take a case to the Ombudsman in early communications;
- adopt the same approach to answering a customer’s complaint that the Ombudsman would use, not try to settle cases by offering as little as possible;
- settle the clear-cut cases speedily. I’m not suggesting they have to give a refund to anyone that asks, but Lending Stream knows by now what a strong case looks like!
- conduct a trawl through its database to pick up customers who borrowed consistently over a long period and offer them an automatic refund;
- conduct proper root cause analysis from the affordability complaints to make better assessments of affordability before lending in future.
UPDATE – summer 2021
In May and June 2021, Lending Stream seems to be responding to complaints faster and making better offers. These are not always good enough, so some cases will still need to be sent to the Ombudsman.
The main payday loan refund page is now the best place to see how other people are getting on with their LS complaints and to ask any questions.
It also has the template letter for how to complain and details of how to send a complaint to the Ombudsman.
A large number of these complaints against Lending Stream are being won so it is well worth doing!
What if a loan application was wrong
Refunds from large loans & car finance
Stopping gambling – practical steps.
Paul Carrig says
Hi,
I am now on day 22 of awaiting a refund from lending stream.
They sent me an email last week saying that they did not recieve confirmation of where I wanted my refund sent so I confirmed it was to my account which is registered with them.
They then replied that the refund had been initiated and SHOULD be in my bank account in 3-5 working days. Today was number 5 and still no refund.
Is this a common practice of theirs? My refund is quite a substantial (5 figures) and my worry is this will drag way beyond 28 days and there is nothing I can do.
Liza says
Hi my 28th day would be today. I was advised by the FOS adjudicator to message them again with my correct bank details. However Friday evening I received an email stating the payment was being made. Checked my account and just over 2400 was in there. I’m quite shocked as I thought like many others I was expecting payment off they would go into administration.
If you haven’t received any money use web chat.
Paul Carrig says
Hi,
Did you manage to actually speak to an agent on live chat I always get the automated chat bit thing :/
Congrats on getting your refund I am worried they will go under before I get a chance to get mine!
JP says
Hi Paul,
I’m currently waiting on my refund – have been constantly chasing LS after they agreed to my adjudicators findings.
Best way to get on live chat is to answer NO when they ask if your question was answered. This will prompt the ‘bot’ to put you through to an representative.
Thanks,
JP
Paul Carrig says
Thanks for the reply.
Got through to live chat today and have been informed that payment will go in on the 25th….day 28 😅 let’s wait and see but thanks for the advice to get through to someone.
Samantha Murphy says
Hi Paul, did your payment get paid? I have chased today as its after 28 days but followed the above advice and used the ChatBot.
Was told I hadn’t accepted the settlement. Sent all evidence again but I haven’t heard anything back.
Sarah says
My day 28 is today and the money went in about 10pm last night. I only noticed this morning and I haven’t received an e mail from them like others did confirming it’s been paid.
Dan says
Just received a message from lending stream actually dated 10/8/20 but only just seen it as the email address used for my lending stream account is different to the one I currently use for my day to day activities. The email states that they needed confirmation of my bank details to make my payment. Even though I instructed my claims management company to tell them I want to be paid to the same bank account I used for the loans. They’ve now said it will take 3-5 working days to receive my money. It just seems to me that will try anything to get out of paying people what they’re owed. Really hope I get my compensation before they go under.
Paul Carrig says
Hi Dan,
That is exactly the same as me. I recieved the same email from them on the 10th August also and when confirming also got the 3-5 days response.
Yesterday I contacted them via live chat as I had still not recieved anything on day 7 and was informed that the 3-5 days payment message is an auto generated response and payments are expected on day 28 regardless.
That’s the thing with this company, they’ll give you a new loan in 90 seconds but will drag out paying you a penny in compensation for miselling as long as they can. My refund is due on the 25th, I’ll keep you updated….
Nina says
I’m in the same boat. I’ve emailed lending steam 3 times to confirm my account details for the refund to be processed into, but they have not responded. And I agree they will give you a Loan in less than 10 minutes, but take their time repay. I’m on day 6 of waiting for my refund.
Dan says
Hi Paul,
Thanks for the reply. I hit the 3 week mark of waiting yesterday so should get paid on the 25th at the very latest the same as you. Good to know there are others being treated exactly the same.
Hopefully we get our money sooner rather than later already lost out twice due to wonga and sunny going under. I’ll keep you updated on my situation too.
Dan says
Just a quick update. As of 6PM this evening. Lending stream have paid up in full. Glad to put an end to all this.
Good luck to everyone else hope you all get the money you’re entitled to.
Paul Carrig says
An update from me they also paid me this evening (I’d given up checking but did so after seeing your message).
So relieved and can now put 15 years of debt behind me with this refund.
Really hope every one else gets their refunds I know the stress waiting can cause.
Nina says
Hi Dan
How many days did they take to pay out your refund??
Dan says
Hi Nina,
It took them 23 days to pay me. Hopefully you get yours soon. All the best.
Alan says
Hi Paul, did you get your refund ? What day are you on ?
Paul Carrig says
Hi Alan,
I recieved my refund the same day as Dan which was day 23 also. They sent me a blanket email on day 10th to ask where I wanted payment (which they already knew).
I would definitely suggest trying to get hold of the live chat if you can, although they can’t process a payment they seem to have access to when your payments latest process date would be.
Cheers
Paul
Marie says
Hi I’ve waited since July 2020 was made priority in November December and January still nothing
James says
From experience, they do not respond to the e-mail when confirming your details. I waited for 24 days for mine. As long as nothing drastic happens between now and then, they seem to pay out within the 28 days.
Nina says
Thanks James, it’s so frustrating not getting a response. I just left them a glowing review on trustpilot. :)
Alan says
I accepted a offer from lending stream on 22nd July and replied back to them, they they emailed me on the 23rd July asking if I would like my funds transfered back into the account they hold on file etc, I replied with no and sent them a screenshot statement of my new account. The 28 days should of been yesterday (Fri 21st Aug) – no payment so I went on their live chat and asked the question. The funds will go no later than 11th Sept I was told. Like that 50 days then not 28. You think they gonna blame the delay on correspondence acceptance even though I replied within mins of getting their email. They so drag their heels !!!! Grrrr
Sam says
Hi Alan,
Did you get your payment? I am still waiting after 6 weeks.
Fingers crossed you did.
Sara (Debt Camel) says
See my reply to 2 other people today: https://debtcamel.co.uk/lending-stream-complaints/comment-page-7/#comment-389037
Sam says
Thankyou Sara, I have emailed FCA today, thankyou for the information! Its been 42 days and counting.
Sam says
Hi Sara,
Thankyou for your advice. I emailed the fca on Monday evening with the global analytic contacts you suggested and I have received payment today. I am sure this is due to your advice! Thankyou!
Alan says
Yeah I got is about month and half again now, I kept contacting them daily and told them I was in desperate need blah blah blah and they said they would escalate it as a priority payment, 4 days later it was in me bank. Happy days
Tonya turner says
How do I claim back off lending stream, I’m new to all this can you point me in the right direction please.
Sara (Debt Camel) says
see https://debtcamel.co.uk/payday-loan-refunds/
Mina says
Hi,
I accepted an offer on 19.08.2020 and still not received my refund. I am being informed this is due to lockdown in india, but are they still operating and issuing refunds at this time?
My acceptance was a large amount and due to lockdown here need the funds repaid as promised
Sara (Debt Camel) says
did the case go to the Ombudsman?
Mina says
Yes it did and they have chased hence why I wondered if it was still operating during lockdown.
Thank you for your reply
Ged says
Hi Mina, did you get paid in the end?.
I accepted my offer through ombudsman at the end of August and the 28th day from then was 24th of September. Have spoken with live chat operators 3 times now and keep being told they will email the department which deals with complaints and they’ll contact me. However I have not had a single message or email in reply. I also raised this with ombudsman who emailed them last week to ask them to contact me at the earliest. But still waiting… Day 37 and no communication at all from Lending Stream.
Mina says
Hi Ged,
No still no payment received. I have been told the payments come from head office based in India and majority of India is currently in lockdown.
Apparently they’re paying, but very slowly.
I also had FO inform me for LS to contact within two weeks. Still no result. Day 46.
Good luck, hope you hear something soon
Sara (Debt Camel) says
Hi Ged and Mina,
Have you left bad reviews on Trust Pilot: https://uk.trustpilot.com/review/lendingstream.co.uk ?
I think you should tell the FCA (their regulator) what you think of their very slow payout.
The FCA won’t intervene in your case but this is quick and easy to do. Email to consumer.queries@fca.org.uk. Copy this email to stuart@global-analytics.com and chris.deboer@global-analytics.com
_______________________________________________________________________________________
Say a bit about your borrowing from LS and that you accepted an offer through the Finacial Ombudsman on dd/mm/yy.
Sat you understand the FCA has told firms to give priority to making refund payments, but you are not being given any information about payment timescales. Say they still seem to be lending and you don’t think it is fair that they can give out new loans and expect people to pay those on time but be unable to pay you within 30 days.
If you think LS dragged out the whole complaint process and made it difficult by refusing to corespond by email you could also mention this.
End by saying you understand the FCA will not investigate your complaint but you wanted to report their very poor complaints handling.
Ged Morrissey says
Thanks Sara, will report it and review on trustpilot, though they appear to have not responded to any negative reviews in previous 12 month.
Jay,
I also received a similar reply from lending stream, and wrote to ombudsman using sending bank statements, lending stream communications which I’d copied and pasted from their complaints system and emailed to myself. I used this as proof of my raising the claim and the details. I included lending streams reply. Ombudsman sent me a permission to review form which I completed.
Lending stream after several months claimed complaint was not raised within 6 months of their final response. Ombudsman stated that date on form was not when I’d raised complaint so gave them 28 days to provide any further evidence. After this time they were then given ombudsman findings and 14 days to reply. Basically loans 5-11 were unaffordable. Lending stream accepted this and ombudsman asked if I accepted their offer of redress. I did.
Ged.
Sara (Debt Camel) says
See this reply from Sam today who has now got paid after emailing the FCA: https://debtcamel.co.uk/lending-stream-complaints/comment-page-7/#comment-389066
Amy says
I sent my acceptance to Lending Stream on 18 March, the same day I received their final response. They said refund would be processed within 28 days. I next heard from them last Thursday 1 October! I hadn’t chased them and to be honest I completely forgot about it. I still haven’t received my refund. Either they haven’t actually sent the funds yet, or they’ve sent them to my old account, which I changed in my acceptance! Going to contact them today to find out what the bloody hell they’re doing.
H says
Hi Sara, wondering if you can help please. I accepted a redress figure from LS on 8th September, they were supposed to transfer within the 28 days but it’s now been about 36 days and they’re just fobbing me off. I’ve called, been on online chat, sent another complaint email, done a bad review, all sorts. The ombudsmen have chased and chased on my behalf and nothing. I’ve contacted the FCA and emailed them copying in the guys from global analytics as you advised on another thread and and still nothing. Today, at my wits end, I’ve reported them to trading standards, but it seems I’ve got no other options left to push them. Do you have any advice at all? Also many thanks for running your site, it’s such an invaluable resource to many.
Sara (Debt Camel) says
Was this an adjudicator level decision from FOS ? or an Ombudsman level?
James says
I have exactly the same issue as yours, was found in my favor through an Adjudicator and LS accepted the findings. I was sent an email from the adjudicator telling me LS’s offer. Waited a whole 32 days to which i got no communication from LS atall, not even an email asking me for my bank details so i knew i had no chance of a payment.
I have since emailed/live chatted LS and was just told the usual (it will be escalated to the complaints department to get back to me)
I also sent an email to the FCA/global analytics contacts using the template Sara suggested.
So far the only replies i have received have been from the Adjudicator and the FCA.
The adjudicator said he would send another chaser email.
The FCA said they would not be able to intervene or anything but will pass the feedback on to their supervisors.
So frustrating that they carry on offering loans as normal but get away with so much when repaying the loans, I don’t see the point in the 28 day deadline set if these companies can just ignore it?
James
H says
Hi James,
I know it’s so frustrating- I called yesterday and asked to speak to a manager- I was told ‘I can request it but there is no guarantee it will happen.’ All I could say was, wow. This, from a financial services company no less! It baffles me that they’re allowed to operate in such a way.
It’s also really annoying that the FOS seem a little powerless at this point, it’s all in the hands of the company and when they deem it appropriate to transfer the refunds.
I’ve personally exhausted all options but one (which is legal action but I’d hope it wouldn’t have to get to that) and can do nothing but wait at this point (37 days in), but I honestly wish you all the best with them James and please do post again if you have any luck, I’d love to hear that someone got somewhere with them!
H x
James says
Thanks H, I’ll let you know if I hear anything. good luck to you also and let me know how you get on!
James
James says
Good Morning H,
Just to let you know I have received my refund this morning. Just two days after emailing FCA cc’ing the two global analytic contacts as Sara suggested. I also emailed LS complaints again yesterday morning again reminding them that I accepted the offer over a month ago and then ended the email with my bank details again, this was a reply to the long string of emails I already had with them not a new email.
So in total they paid me on the 35 day mark, Hope you got or get yours soon!
Also thanks Sara for the advice.
James
H says
James!
That’s wonderful news! I’m so happy to hear you have finally resolved this with them, hopefully mine won’t be too much longer.
Thank you so much for keeping me updated, all the best.
H x
H says
Hi Sara, thank you so much for your reply. I believe it was an adjudicator level decision as it didn’t go as far as an actual ombudsman, so it’s the adjudicators at the FOS that have been chasing them to no avail.
Sara (Debt Camel) says
ok so in another coouple of weeks, go back to FOS and say you would like an Ombudsman decision from them because that will be enforceable in court,
Mr S Y says
Today was day 28 and i waited till 10pm and no refund, am owed around £2k.
Absolute scum bags is what lending stream is, sewer rats!
vexatious behaviour right from the start of the complaint where they dragged their heels for 16 weeks to provide a final response and flat out refused any irresponsible lending.
FOS adjudicator looked at my case and immediately upheld given that there were no gaps in lending, loans being funded the next day after the last was settled, and sometimes multiple loans were funded and ran concurrently, worst being that they funded me 6 loans all in the same month, yet they have the cheek to refuse my complaint, they did then agree with the adjudicators decision but have failed to pay my refund, and settle the open loan which was offset and remove the upheld loans from my credit file. its day 29 and they are in breach.
I will continue to bug this crap out of them, and defame them and their cronies drafty for years to come.
will be contacting FOS in the morning and FCA.
A says
Hi there,
After the Ombudsman got involved in your case and Lending stream accepted the settlement how long was it before Lending Stream contacted you for your details to process your refund?
I hope your settlement gets refunded to you soon.
Regards,
A
H says
Hi Mr S Y,
I’m so sorry they’re putting you through this, but I’m in the same position.
I accepted my offer 45 days ago- and still nothing. There are others who have waited similar periods.
As nice as they are, the FOS are completely powerless at this point and can do nothing but send chasing emails to the complaints team at LS, that are often ignored. On top of it, they now seem a bit irritated that I’m calling them so much and just keep saying ‘I’m aware LS are busy but I’m sure they’ll be in touch soon!’
I have literally chased in every way you could conceivably imagine (called FOS and LS multiple times a day for the past 17 days, been on online chat every day, complained to FCA and copied in LS team, raised a second complaint about time it was taking and posted a negative review, asked for manager escalations, all sorts…) and they have continued to ignore (and in some cases blatantly lie!) to me.
I have sent 14 emails in the past seven days- all of which have been ignored.
I completely understand your frustration- they are an insidious company.
I wish you all the best I really do, but make sure you double check they have your correct bank details because they will literally use ANY excuse to delay the process.
Best of luck to you!
H x
Mr S Y says
Hi A,
They never did, the ombudsman told me to send them bank details directly which i did with screenshots proving the account is mine the same day I sent the acceptance email.
They replied a week before the 28 day deadline reassuring me it will be paid by the 21st yet its now DAY 30 and nothing. Have spoke to ombudsman, fca, ico and next is HM treasury.
Sam Murphy says
Hi, I followed Sara at Debt Camel and her advice to email FCAand cc’ing the two global analytic contacts as Sara suggested. I had payment within 3 days. Good luck
Sara (Debt Camel) says
If you can edit that, “rouge” means red, I guess you meant “rogue”
Lindsay says
Hello All
I am in the same petition as you all. LS are only 5 days over due on refund. Been told today it pending. So I asked what does that mean exactly they don’t know.
Looking through the tread I’ve done every you put up and also signed the petition too.
Carl says
I’m in exactly the same position as you. Done everything it says aswell soo fingers crossed we get a reply or get payment.
Tom says
What is the acceptance procedure? Is it all done through email? I’ve got an offer from LS after an adjudicator decision but I am waiting to accept or start a settlement process? I obviously want to start this ASAP but is everything email based or do you get anything in writing through the post
Andrew Jameson says
Been waiting 29 days now for a refund of nearly £2k that was offered via a Financial ombudsman service adjudication, keep getting the same flannel over phone & have had absolutely no reply from emails to their complaints department . Have notified the adjudicator that was assisting me
Sara (Debt Camel) says
Has the adjudicator’s decision been accepted so you are waiting for a payout? Or have they not replied to the decision?
Andrew Jameson says
Yes waiting for payouts.
Decision by FOS Adjudicator accepted by lending stream & I accepted their offer , yesterday was 28th day since they were notified I accepted the offer. Is it just a waiting game ?
Sara (Debt Camel) says
yes, come back in a couple of weeks if still not paid.
A H says
I’m in a similar boat to yourself albeit I’m only on day 16, they still haven’t even contacted me and asked for my bank details yet so they can pay the refund! I have never come across a worse company in my life, terrible.
Dave R says
Hi all,
Just wanted to offer a ray of hope for those of you that are still waiting for your settlements.
I’ve just received my money back and I only put the claim in last week, here’s the timeline for me:
Monday 2nd November – submitted my claim, acknowledged by them on the same day.
Tuesday 10th November – decision came through, settled my claim for £510 – which seemed about right. Logged in to accept offer, confirmed my bank details and the message “you will receive your settlement in 3-5 working days” displays.
Wednesday 11th November – Money received in my account
Completely shocked at the speed on this one after reading the article and most of the comments. Was preparing myself for at least a 28 day wait.
Keep the hope and keep chasing them people!
A H says
Good morning Dave,
I’m glad you have received your refund promptly!
Did your refund claim go through the financial ombudsman or did you just accept an offer from Lending Stream?
Dave R says
Hi A H
My refund was directly via LS, I didn’t go via FOS as i accepted their offer.
Kelly says
Hi, I have had an email from FO to say LS owe me money. How long did it take to get an offer/correspondence from LS please? Thanks
A H says
Hi Kelly, I’ve been waiting a month since I received my offer from the FOS and I’ve heard nothing from Lending Strean. I’ve tried contacting them and they just say they haven’t received the acceptance from the FOS, which is a lie as I’ve contacted the FOS and asked them about this. I hope you don’t experience the same as me!
Dan Healey says
Evening all. I logged my complaint on two occasions some 8 weeks ago.
Earlier today I received my response that my claim was accepted.
I had to click a link and confirm bank details.
Did this and 8 hrs later o am 2675 pounds better off and my outstanding loan has been settled
I maybe the lucky one.
Sabrina says
To be fair to these guys, I complained to them on the 9th November, had a final response on the 17th November and my money was put in my bank yesterday. So I give credit to them – heard back & settled quicker than I did when I complained to Sunny.
Sabrina says
However saying that, they responded to my mum the same day with their final response for her as well but she’s still waiting for her money ..
Kelly says
When I went direct to them, my final response was they dont owe me anything. Seems if you go direct and they say they owe you, they pay quickly…but if you go through FOS they take their time to pay out?
Sara (Debt Camel) says
they never ever used to pay quickly. This may be changing?
Mikey says
Hi,
I put a complaint into these on the 9th November. Had 2 loans with them. They replied quickly 27th November and said it was affordable and I still owe money to them. They are only small loans but my argument is I had so many at the time with other companies that they shouldn’t of gave me them. I roughly had around £11000 worth of debt to a mixture of payday and amigo loans.
Loan 1: £300
Loan 2: £150
I defaulted on both but paying them back through CRS now. I have now sent to FOS today but also included bank statements. You can also see I had gambling issues at the time. Do you think I have a case? Or are the loans too small? Main reason for me doing this is because I want the defaults off my credit file as I am not correcting all my errors. Other Payday firms….Sunny, uk credit, amigo, mr lender, satsuma have all refunded and upheld my complaints.
Sara (Debt Camel) says
It’s pretty unusual to win a FOS case about two small payday loans. A few people have done it – good luck, you know the arguments to make.
Nick harvoutt says
Well, to add my 2 pence into the mix for what it’s worth, my final payment was due on 25/11/20 however the funds never got sent over to my bank, rang up to the complaints team and got told they’d escalate the matter and to wait 72hrs and funds should be in my account along with an update from the department that deals with payments, it’s now a week later and guess what…….still no money, still ZERO correspondence or updates from the “mysterious team that nobody can communicate to or with even those in their own company”, the matter has been escalated yet again but I’ve had zero updates as we speak so who knows when my payment will be processed. I have never known a company be so unprofessional in all my years and how the lack of communication between their relevant departments keeps them going, they are so quick to after you a loan and no doubt phone,chase and harass you for any late payments but when they are the ones owing the money the communication is non existent.
Thank you to everyone who has commented on this thread, it’s nice in a tiny way to know I’m not alone and that in almost all of your comments you’ve received your money. If anyone has any other tips or any other lines of communication I can use to get this resolved this would be greatly appreciated.
Sara (Debt Camel) says
Try emailing chris.deboer@global analytics.com and Stuart@global analytics.com
Nick says
Hi Sara, thank you for the advice, please forgive me if I sound a bit sketchy or if I’ve missed this point if it’s already been made but who are the 2 people you’ve requested I email regarding this matter and how can they help? Do they charge for a specific service? Many thanks in advance.
Sara (Debt Camel) says
Very sorry, Global Analytics is the parent company of Gain Credit, the UK company that owns the Lending Stream brand. Chris is the CEO and Stuart is listed as the contact for complaints in the FCA register.
Nick says
Thanks once again, I have emailed Chris but the email address you have given me for Stuart is not accepting any emails and are being immediately rejected by the software his computer s have installed. Do you have another email address of someone in the relevant department that can help resolve my issue at all?
Sara (Debt Camel) says
ah that used to work. Try stuart.driver@global analytics.com
Nick says
Morning, left things 24hrs but haven’t heard anything from Chris as of yet and that email address doesn’t work either for Stuart. Is this seriously the norm with lending stream taking so so long to pay out settlements? I’m now into day 36!!! If that’s not ridiculous I dunno what is!
MA says
Just want to share my experience here and ask for advice on something.
I took out several loans with LS and others over the past two years. Never had any repayment issues but definitely think the number and frequency of loans is questionable. Stuck in a complaint with LS who came back within a couple of days offering around £30 for 3 out of 9 loans in total. The financial compensation is a secondary issue for me though. The crux of my complaint to them is about disclosing information about the impact of the loans on my credit file. Although I paid all the loans in full and on time, it pretty much disqualifies me from many mortgage providers. I think payday loan companies should make that crystal clear at the outset but in reality many state the opposite, namely that if you pay these loans on time it improves your score and can help with mortgages. That’s simply untrue and I’ve therefore asked that all records of all loans are removed from my file. I replied to LS offer on 27/11 asking them to address this and have emailed again today 9/12 but haven’t had any response.
I wondered if anyone has had any joy with similar requests and how to take it forward with FOS if necessary. Unfortunately some of my loans were with Sunny so not overly optimistic about getting that dealt with by the administrators but getting LS and Satsuma removed would be a start.
Sara (Debt Camel) says
£30 for 3 loans sounds like a very low amount for an interest refund. Was it just a goodwill offer?
I agree with you that firms like LS should be much more clear that taking a payday loan harms your chance of getting a mortgage, even if it is repaid in time.
For example, an article by LS which they have now deleted ( it was at lendingstream.co.uk/blog/mprove-your-credit-rating/) started off by saying: Whether you’re applying for a mortgage or a mobile phone contract, a credit card or a loan, your credit rating is one of the main things lenders will assess you on.
And later it says a responsible borrower who regularly gets approved for small loans, and is able to pay them off at the right time. At the end of the day, this is what lenders are looking for.
Now that sounds like taking small loans from LS and paying them onto will good to lenders… but as you now know it looks like a big red warning flag to mortgage lenders.
I suggest you tell LS that if they don’t delete the loans from your credit record you will send the complaint to the Ombudsman and LS are not treating you fairly by not giving a warning that their loans make it hard to get a mortgage. Not treating a customer fairly is in breach of the FCA’s Principle 6.
I haven’t seen anyone try a complaint at FOS arguing this, so I will be interested to see how you go.
If the Sunny loans are unaffordable them may be removed – have you sent in a claim?
MA says
The offer from Lending Stream was based on the number of loans and frequency. The amounts borrowed were small – of 9 loans 8 were for £50 with the remaining one £110.
The information on their website and others (Satsuma are guilty here too) definitely gives a reasonable person the impression that they are boosting their credit worthiness.
The situation with Sunny is trickier. The administrators identified some loans as unaffordable but I submitted a manual claim. Not so much because I dispute the figure but because I want them to look at the mis-selling aspect. The website states that they have passed over outstanding complaints about credit files to the credit reference agencies. I’m not overly optimistic about the response I will get from the CRAs but will take it up with them anyway.
Sara (Debt Camel) says
Are you saying that you deliberately borrowed a lot of small loans you did not need because of the effect on your credit record?
MA says
Not exactly but the idea that it would help my credit record was a factor and I don’t think I’d have taken them out if I’d known what it would do to my mortgage prospects.
Sara (Debt Camel) says
OK, well it’s worth trying a complaint.
JR says
Hi Sara,
Firstly thank you so much for all your help over the past few weeks it’s been amazing!
I recently put a complaint against lending stream for 4 loans but they have only upheld loan 3 even though loan 4 was taken out 3 days later. I’m going to take it to the FOS but not sure how I go about this.
Many thanks
Sara (Debt Camel) says
was loan 4 much smaller? Had loan 3 finished?
JR says
Loan 4 was a £100 less than loan 3 but loan 3 had only just been taken out 3 days before. Silly I know loan 3 was £550 loan 4 was £450.
loan 3 was still running.
Sara (Debt Camel) says
Then that is a ridiculous decision by LS.
I suggest you go back to them and say as they have decided loan 3 is unaffordable, and loan 4 was taken out only days later when loan 3 was still running, logic suggests loan 4 has to also be unaffordable.
Ask them to review their decision as you will be sending the case to the ombudsman if they don’t agree to refund loan 3 and loan 4.
JR says
I received an email saying they stand by their decision and that I should take to FOS
JR says
Thank you, I did reply back and ask them that so will wait u til Monday then go to FOS. Is there a standard template to send to FOS when you explain what’s happened?
Sara (Debt Camel) says
oh I would give them a few extra days.
No template for FOS, The online complaint form is the easiest was https://help.financial-ombudsman.org.uk/help. Just say when you complained, what you borrowing was, how LS have accepted loan 3 but you think they should also have refunded loan 4 as it was only a few days later.
Johnny T says
I can’t believe how many others are experiencing issues with receiving their settlements following an upheld case from FOS.
I accepted mine on 17/10 and am still waiting. I have been told to wait 28 days and then another 5 days for the Specialist team. They eventually confirmed it was paid on 24/10, which I disputed. Now nearly 2 months after they want a copy of my bank statements. I have today sent them but I just feel as though they are doing everything they can to delay making the payment.
They lied about sending my final response letter so no doubt lying about even making payment on 24/10. My bank details haven’t changed so it should just be a simple process!
I have emailed the CEO Chris DeBoer and also the FCA today. I have seen I can submit a N332A to the court to try and enforce the award, but just wanted to share my lovely experience with them!
nathan says
This is crazy. The adjudicator accepted mine on my behalf on the 17th of November. I still haven’t received anything either and now after seeing your post I get the feeling I won’t be seeing it any time soon. It’s unbelievable what they get away with, hope you get this sorted soon.
Johnny T says
Sorry to hear your still waiting too! Hopefully we hear back soon. I’d suggest emailing the FCA and copying in the CEO too:
consumer.queries@fca.org.uk
chris.deboer@global-analytics.com
Worth a try 🤞
Adam Dickinson says
Hey all,
Just started my complaint today. I have a total of 27 loans with a total lent to me of £5,150 (pre-interest). 20 of the loans were all within the space of 14 months with the remainder being a couple of years later over the space of 7 months. Most of the loans required payment plans and were rarely paid off on time.
How much should I be looking for here in my claim? I had a gambling problem as well as many other loans with other providers and can prove it with bank statements.
Sara (Debt Camel) says
You need to work out how much you have paid in interest. It sounds like a strong case!
Adam says
I worked out I was due around £3,500. Lending Stream have come back and immediately offered £2,850 which I’ve accepted. Now I wait for the payout! Thanks Sara for making people aware of this :)
Kells says
FOS emailed me an offer from LS around 23rd November which I told them I was happy to accept. I got an email from LS last Thursday with their offer, which I accepted & confirmed my bank details…I got my payment this morning. Fingers crossed you’ll hear from them soon
Paul says
I’ve had 13 loans upheld with my adjudicator as of last week all loans were between £150 and £250 just wondering if lending stream cooperate now it’s in my favour and what kind of refund I’d be looking at if any also do people no what the situation is if you deferred payments
Sam says
Got an email after making a claim saying I will be awarded £1200 which was amazing, and I should click the link to arrange payment and for 3 days now its gone to a default error message anyone know how to get passed this, I’ve emailed complaints amd no answer I’ve spoken to a real person on live chat and they’ve just fobbed me off to the complaint email
Sara (Debt Camel) says
Tell them your complaint goes to the ombudsman if they haven’t paid you within two weeks.
Adam Dickinson says
I had the same issue. Waited a couple of days and tried to link again and it worked. Keep trying and keep emailing.
samuel lewis says
Thankyou gives me some hope
MA says
Hi everyone, just wanted to share an update on my complaints. I’m still waiting for Satsuma to respond – they are really dragging their heels but I’ve had some positive movement with Sunny/Elevate. I’ve now successfully had all loans with them removed from my Experian credit file. I contacted the administrators and they confirmed they had handed over responsibility for updating files to the credit agencies. I contacted Experian first to raise a dispute. They advised they would investigate and have now removed all records. I don’t know for sure whether Elevate/Sunny agreed to the removal but it is also possible that as they did not contest or respond to the dispute, the credit reference agencies simply take your side and remove them. If that is the case, it has implications for anyone who has had loans with now defunct companies. If you raise disputes through the relevant agencies you will probably have these removed. I appreciate this won’t be the main concern for most people but it’s definitely worth pursuing. I’m now following this process with TransUnion and Equifax and expect similar results.
MA says
That leaves Lending Stream. They have now responded to some of my follow-up enquiries and are still refusing to remove the entries from my credit files. Their position is frankly ridiculous. In essence, they have said that they don’t make comment on how or why other lenders make credit decisions and it is vital to the successful functioning of the credit industry that accurate information is provided to the credit reference agencies. I pointed out to them several instances on their website where they do make comments about what lenders look for. I also highlighted that the successful functioning of the credit industry also relies on consumers being provided accurate information about the products they use. So, it will be on to the Financial Ombudsman to resolve this one. From looking at the case files, I think I will need to demonstrate that the only or main reason I used the product was to boost my chances of getting a mortgage. My strategy will be to show this through the information provided on the LS website (and others) which give that impression, budgeting apps which show that I used the PDLs as part of my financial planning and that I could have stopped using them had I been fully aware of what they would do to my mortgage prospects and the fact that I stopped using them as soon as I became aware of what they did to mortgage prospects.
Hope that is helpful to some of you and best of luck to everyone in their respective complaints.
Mark says
Hey, So I had contacted Lending stream in 2018 but chased them again after seeing this thread as they never stated final response. They are still claiming they done full checks and never mis-sold & based on income I provided it would have been fully affordable. I’ve looked back & at the time I had a credit score of 69 with various defaults. Should I chase it further or call it a day?
Sara (Debt Camel) says
how many loans did you have from over what period? were they large?
Mark says
I had 3 in total, I wouldn’t say they were large but due to interest added over a time where I was hiding from an accumalated debt with interest added it has gone up to £900 which is a lot more than what was borrowed.
Sara (Debt Camel) says
then send it to the Ombudsman to look at. even if you only get a refind on the last one it will be a help.
Mark Prentice says
Hey, so just looked back. It started with a £50, then £110 & then £300.
Sam says
Currently day 10 of not being able to press the link to accept there offer, and 10 unanswered emails, live chat and the phone number say there the lending department and nothing to do with them, also the claim team I went with that charge 30 % commission have done nothing but send generic Emails about being out the office, there’s no way the claim company have stolen my money is there??
Sara (Debt Camel) says
is the claims company FCA registered?
Benjamin says
Hi Everyone,
I’m currently on day 26 of the 28 day deadline. I’m owed over 2k. I’ve not heard from LS at all, no email to confirm they’ve had my acceptance from FOS or link to confirm my bank details. I’ve not even chased them as I’ve seen so many examples on here where it’s got people nowhere. I decided to contact them on 14th Jan to which I was told the “maximum time” the refund would take would be 20th January, which is coincidentally day 28. I was then also told they had received my bank details via email, responding directly to the original ticket number linked to my complaint. I decided to screen shot both these confirmations as they now can’t come back and say they’ve not had my acceptance or confirmation of my bank details as I’ve been told by their own representatives that they have both. If I have not been paid by 20th, I will be emailing global analytics contacts as advised by Sara and letting my adjudicator know LS are still stalling.
Vic says
I’m on the same timescale with a similar scenario as you – 20th Jan will be day 28 and I’ve a ticket raised but not had a reply. I’m assuming they have everything to pay! Fingers crossed for both of us. I’ll update if my refund comes through would welcome hearing from you too. Good luck.
Benjamin says
Hi Vic
Yeah I’ll let you know I get on. I’m not bothering chasing them though as it seems that irks them more. It looks like they eventually pay out, when it suits them. I wouldn’t assume they have everything they need though. We both know they probably will, but don’t give them another excuse not to pay you. Good luck to you too!
Sam says
Sorry tonhear that guys bit selfishly can I ask how long it took you just to press the link in order to start the ball rolling im currently on about day 15 of the link saying sorry please later and no response in 2 weeks from my emails using the original complaint code and others also got a direct link from live chat who said they’d sort it that day which was 2 weeks ago
Vic says
Hi – Sorry to hear your having problems too. I didn’t have a link as my claim was via Financial Ombudsman and I just needed to accept their email and then they confirmed they had informed LS of my acceptance and bank details. Well at least I hope they weren’t expecting anything. Hope you get sorted I’m sure I’ve seen in a past thread someone had same issue as you might be worth looking through old posts.
Vic says
Hi – Anyone had any luck getting their refund recently? So just to update on my circs Ive still not received redress and day 28 was 20 Jan but I did get a link asking to confirm bank account details that I’d already provided. This returned a message saying payment initiated and should reach bank in 3-5 working days, so this would be Wednesday 27th. Anyone know if this is simply another tactic to delay refund or does it usually mean the refund is paid? Thanks in advance.
Sam says
Out of interest how long did it take to press the link mines been saying try later for 3 weeks now pressing 20 times a day and nothing from the complaint department for 3 weeks
Vic says
Hi Sam – I only got the link from them after enquiring on day 28 that I hadn’t received my refund and it let me click on it straight away. Have you been waiting 28 days for your refund, if not perhaps it becomes active on that date. I obviously don’t know that for a fact. It’s so stressful they are truly deplorable at managing refunds. I do hope you get sorted.
Vic says
Hi Sam and Benjamin and anyone waiting a refund. I’ve received my refund through today – 37 days in total from acceptance but a year since I started the process. For anyone thinking about giving up please don’t. LS rejected my complaint at first and I then went to ombudsman where they agreed to pay out. So what I’d say is keep going don’t be fobbed off or give up. Good luck everyone.
Sam says
Thats brilliant news, im currently at about 4 weeks of still trying to press the link to agree to.there offer amd still says error try later, one bit if good news I spoke to live chat who normally fob me off with the complaints email, actually said he’d have a word then I got a generic email saying the complaints team will be in touch in 2 days they offered me £1800 odd minus about 600 for my balance and unfortunately 400 to a no win no fee company I used to get it had I known I could have just gone to the ombudsman I would have but hopefully in 2 days il know more
Nick says
Hi all
I received my final payment with lending stream just prior to Xmas but the journey was long and frustrating, for everyone waiting for their payments after the original 28 days just keep phoning them and get them to escalate the claim.
I also have a claim against everyday loans pending but the process has been slightly different to the way my claim against lending stream was.
I am now 4 months into a 6month timeframe period waiting for the findings of the FOS. Has anybody had any claims against everyday loans and if so, how was your process? Did you get an adequate refund? Did they alter your credit score accordingly? Thanks in advance for any help in this matter
Sara (Debt Camel) says
Everyday loans – lots of cases won, best ask on thus other page: https://debtcamel.co.uk/refunds-large-high-cost-loans/
Jamie says
OMG!!!!!!
Lending stream are infuriating! They issued my final response letter to an old email address not to the one I send the complaint to. Then after issuing it to my current email address, they provided a link for me to enter my bank details but the link was sending the pin to my old email address I didnt have access to. I rang them multiple times and emailed and heard nothing back from the complaints team, and the customer service team just insist they have no way of contacting the complaints team. Eventually a customer service guy, following my 9th call, told me to send in my bank details so at least they have them and they will issue payment within 28 days. Well its been 28 days and nothing. Everytime I call the customer service team they just say its being processed but have no way of contacting the complaints department. Kind of feels like im being fobbed off now.
Dan says
Hi all,
I got a pretty decent offer from Lendingstream so didn’t go through the FOS. I did the calculations myself and sent it all over to them and they were only £100 below what I asked for.
Here is a timeline for those going that route.
9th Dec – Data request
6th Jan – My initial complaint
28th Jan – Final offer
28th Jan – Accepted offer, said it will take up to 28 days.
3rd Feb – Money in my bank account
Thanks for all of the info you provide here Sara.
samuel lewis says
Well done thats great I was happy with there offer similar situation im currently on day 29 since getting the offer of the linknto agree not working and no.reply fron my emails very frustrating all I’ve had in that time was an email saying they get in touch in 2 days this was 6 days ago
Clayton Langford says
I’ve been waiting over 3 months now on a settlement payment I agreed on. Customer services do absolutely nothing and sending emails just generates a generic email response; stating there is up to an 8 week investigatory period on new claims. Losing hope…..
Sara (Debt Camel) says
was this settlement from LS direct? or via FOS?
Clayton Langford says
This was being handled by a 3rd party ‘No win no fee’ company. LS made me an offer of £927 after FOS intervened. That was back in November, last year. Although I’m still liable to pay a commission to the 3rd party company, they’ve just said it’s a waiting game and I’ve lost faith that they will pursue it any further. I’ve taken it on myself (this month) to badger LS myself but I’m hitting a brick wall. They just say that they have little to no communication with the complaints department and that all they can see is my complaint has been recognised by complaints and they are looking into it. I find that hard to believe, as I was made an offer, which I accepted 3 months ago.
Sara (Debt Camel) says
They just say that they have little to no communication with the complaints department
sorry who says this?
Clayton Langford says
Sorry. The customer service department for LS.
Sara (Debt Camel) says
I suggest 2 things.
1) leave them a very poor review on Trust Pilot: https://uk.trustpilot.com/review/lendingstream.co.uk
2) tell the FCA (their regulator) what you think of their very slow payment process.
The FCA won’t intervene in your case but hopefully LS will hate this.
Email to consumer.queries@fca.org.uk. Copy this email to stuart@global-analytics.com and chris.deboer@global-analytics.com
_______________________________________________________________________________________
Subject: Gain Securities (689378) trading as Lending Stream have not sent me an agreed refund after 3 months
Say that LS have agreed to refund you following a FOS decision on dd/mm/yy whci LS accepted, attach the email confirming this. But you have still not be paid despite you contacting them numerous times. Say you think this shows a contempt for their customers and as an authorised firm they should be made to have an email address for complaints where people’s problems are actually addressed, not just brushed away.
Ceebee says
Evening. Today I checked my account and have a counter credit from LS to the tune of £1300. I didn’t open a case against them – though I’ve been considering it for some time, given that I was borrowing every month for about 6 years – and wondered if anyone could shed any light on whether they’ve had similar happen and if I should contact them and let them know that I won’t accept (as they owe me a lot more)
Sara (Debt Camel) says
I haven’t heard of this happening.
I suppose it could be an error and they may ask for their money back.
Ann says
I rececently email Lending Stream regarding complaint about having too many loans over a course of a few years, they replied within 3 weeks
with a fair offer on the Monday and i clicked the link and the funds were in my account by the Wednesday, looks like they could possibly have sorted out any issues.
Thanks for all the info you supply on here Sara
Sara (Debt Camel) says
In May and June 2021, Lending Stream seems to be responding to complaints faster and making better offers. These are not always good enough, so some cases will still need to be send to the Ombudsman.
I am closing the comments on this page. The main payday loan refund page https://debtcamel.co.uk/payday-loan-refunds/ is now the best place to see how other people are getting on with their LS complaints and to ask any questions.
The main payday loan page https://debtcamel.co.uk/payday-loan-refunds/ also has
1) a template letter for how to complain
2) details of how to send a complaint to the Ombudsman.
A large number of these complaints are being won so it is well worth doing!