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.
Ian says
Hi
Just wondered if anybody else has had any similar issue with Lending Stream.
I sent my complaints exactly as per Stage 1 and 2 and this is where it gets comically ridiculous!… I Called just before 8 week deadline was due and they informed me that they had until 21/09 to reply! I followed up with an email that day stating that the complaint was made on 07/07 thus 8 weeks would be on 01/09, i even attached the original email as reference. They then replied saying that the email sent to them on 07/07 was for an SAR and the email submitted on 27/07 (the “Further Information” email) was infact what they deemed as the official complaint, thus giving them until 21/09 to action this request as per FCA guidelines.
After a week of going back and forth with their staff, who don’t seem able to comprehend the words “This is a complaint” clearly on the first line of an email or even the subject line, i submitted to the FOS on 08/09… Still no final decision from lending stream at the time of writing this. I’m aware Lending Stream have some of the worst customer service in the industry but surely this is going too far? If i had not sent the stage 2 email, by the sounds of it, they wouldn’t have even opened the complaint.
Sara (Debt Camel) says
You are right, they are wrong, but as they are only two days away from their definition of 8 weeks, there isn’t a lot to be gained by arguing about this.
Graeme says
I have had the identical experience. They claimed that the complaint only became official the day that I called them to chase up on the 8 week +1 day deadline from the original stage 2 letter sent. They also claimed to have sent me a ‘final response’ 3 weeks after the initial complaint but having read other testimonials here, it looked like that response was merely an automated rejection. They are now looking at the complaint for the second 8 week deadline they’ve set. All seems like stalling.
Calling them is a task in intself as they just go round in circles and send yet another email stating their new deadline. I spoke to FOS today as they are dealing with a case against qq for me (which they ruled in my favour today) and explained the issues that I’m having with ls and he told me to refer the case to them as it is over the initial 8 week deadline regardless of what new deadline they claim to have set.
Sara (Debt Camel) says
I’ve now changed the second template letter to make it EVEN CLEARER that it is an addition to the existing complaint to try to stop this hassle.
tom says
They did exactly the same with me! Of all the companies I have been dealing with they are the biggest bunch of crooks and haven’t got a clue. It was only when I chased up that they said I had made a complaint. I sent it straight to the FOS that was 9 weeks ago and still waiting a response
Tony J says
Hi all,
Just thought I’d add a positive to this trail.
I raised my complaint against Gain credit (Lending Stream) on the 10/01/2018 and requested an SOA.
LS(LEnding stream) rejected this as affordable – which I fully expected after reading this site so I then contacted the FOS (March).
The FOS took a long time to pick this up but once they did (September) they swiftly resolved with the offer reflecting the loans the FOS agreed were unaffordable (460 pound which is small compared to some claims but this is a huge lifeline to myself as I have begun the mountain of paying off all my outstanding debts)
I’m know waiting on the response to the FOS from QuickQuid/Pounds to pocket so fingers crossed this is successful as well.
Thanks to this site, Sara and everyone who contributes.
P.S if anything we’ve all changed the way these businesses conduct themselves so that no one else falls into the same debt spiral’s
PPS if only I could go back to my younger self and smack them in the face and shout Credit Union!
Tony j says
Hi All,
Update time
Just to summarise the adjudicator found in favour for all the loans I highlighted on the 19/09
I accepted the offer from lending stream which was given Via the adjudicator on the 03/10.
I had an email back from the adjudicator confirming my acceptance was sent on the 05/10.
The refund was in my bank on the 12/10!
465 which isn’t a massive amount but goes some way to getting my total debt down.
Thanks very much !
Sara (Debt Camel) says
good that they paid up fast at the end!
Jane says
Am I ask you how many loans you had with lending stream
Geoff says
Hi! I’ve had my complain against LS with the FO since August. Had 29 loans between late 2012 and 2014. Obviously ls rejected my complaint so hoping this will get overturned by the adjudicator. They e-mailed to say they are very busy at the moment. Can I check that because I complained firstly in March the 2012 loans won’t become older than 6 years because of the slow complain time?
Sara (Debt Camel) says
Yes, the 6 year time works from when you sent the complaint to FOS, not when a decision is reached on it.
Geoff says
Thanks. I feel like it’s a strong case with so many repeat loans.
Sara (Debt Camel) says
Indeed!
Ralfron says
Hello I made a complaint about lending stream I had 68 loans and today I got a reply after 8 weeks basically saying all loan where correct under the guidelines and affordability… Quite disappointed should I go to ombudsman and ask them to investigate
Sara (Debt Camel) says
Definitely! They are just hoping you will give up but it sounds like you have a very strong case.
Sara
Emma C says
Hi do you have an active email or address for Lending Stream as my emails are bouncing back, can’t get them on the telephone and even went through Resolver and bounced back :(
Any help much appreciated
Julie Amer says
Hi I only have complaints@lendingstream.co.uk and info@lendingstream.co.uk
Emma C says
Hi,
That was the emails I sent my complaint to also bounced back. :( getting really frustrated with it now. Thanks for your quick reply.
Sara (Debt Camel) says
First I suggest you retry those addresses. If they fail again you could leave them a bad review on Trust Pilot saying you want to send a complaint by email so you have a record of when it was sent and what you said. But you can always use the complaint form on their website.
ClaireR says
I tried contacting them last week, and had the same bounced back emails. I ended up using their contact us form on their website.
They came back to me quickly, using one of those same email addresses that bounced back. Once they contact you from one of those addresses you are able to reply to their emails.
I reckon they have some system set up to bounce back emails unless they have generated the initial one.
Another delaying tactic!!!
Emma C says
Hi
I tried to complain on their website too but that didn’t work either just got a Oops something went wrong, tried 8 times and still the same so took a screen shot. Found an address on the internet so going to send recorded letter to that.
Sara (Debt Camel) says
I suggest you contact the Ombudsman and say you cant send in a complaint. Give details. There is no reason why you should have to send a letter recorded delivery – it’s expensive and. Slow.
Ralfron says
Hey they broke all the loans down and included national affordability which I have never heard before, thanks soo much for the advice
Sara (Debt Camel) says
they probably use some standard averages about how people pay for things. But what matters is what your actual rent, bills, etc were, not what the national average is. it is probably fine for them to rely on that as a quick check for the first few loans, but after you kept borrowing, they should have realised that there must be something wrong.
marty says
Omg can someone please reassure me I am not going mad please ???
I had 7 loans with Lending Stream they paid imaginary figure of redress for 5 of 7 loans in Dec 16 then I got my referral rights in Feb 18 eventually pair the correct amount for 5 loans now I knew my rights. I’ve been lied to and led up the garden path so many times so I requested a SAR which I finally got which showed the 5 loans they deemed unaffordable were the first 5 and that the final 2 were affordable …..How can that possibly be ??? I had to keep borrowing to make ends meet. Surely if first 5 unaffordable then all 7 are ? not to add that I went into an IVA shortly thereafter !
am i right? I hate this company with a passion worst experience in my life with over 100 calls and 100 emails with their final position of last 2 loans being affordable???? Is this normal??
Sara (Debt Camel) says
“I got my referral rights in Feb 18” and have you referred the case to FOS?
Are you in an IVA at the moment?
marty says
not in IVA
not referred as already been on going nearly 2 years
am i wrong should they not pay redress on all 7 loans on basis explained ?
marty says
May be didn’t explain properly
Took fabricated offer in Dec 16
After receiving referall rights demanded full redress for 5 of 7 loans this was paid July 18
Since then received a SAR which shows they found first 5 loans unaffordable but last 2 affordable!!! How can that possibly be ?
Sara (Debt Camel) says
The question isn’t what LS”s offer should have been, it is whether there is anything you can do at the moment.
So you accepted the offer that was paid in July 18 – at this point had you asked for a SAR? had you been sent it?
marty says
Hi Sara,
I had not received a SAR or requested it at this point. I had asked for compensation for the awful experience and they refused so I asked for a SAR and only on receipt of this did I discover that 5 loans redress paid were the first 5 loans which they deemed unaffordable and that the final 2 loans were deemed affordable. Over 100 emails and 50 hours on the phone since 2016
Sara (Debt Camel) says
I think you should send this to the ombudsman and let them look at the full situation. It may not be easy if you have already accepted an offer, but you need to explain clearly to FOS why what LS did was unfair.
marty says
ok Sara thanks for your help. I’m not going to go to FO as yet as got complaints there that are 2 years old. I’m offering LS an out at present so will see
matt says
SMALL UPDATE on LENDING STREAM
Adjudicator ruled in my favour on the 15/10/18, they had until 29/10/18 to respond. They have failed to do so. I wrote a negative review on Trust Pilot to try and speed them up but thus far no luck.
Frustrating and almost arrogant not even acknowledging the FOS Adjudicator!
Geoff says
Pretty common to miss deadline. I wouldn’t worry to much. Be patient you’ve come this far.
Katie Richards says
What happened in the end? did they finally get back to your adjudicator? how long did it take after the deadline ?
Ryan says
Just to let you know I the FOS sided with my claim against Lending Stream on 11/10, after Lending Stream had rejected my claim in July.
The FOS then contacted me with an offer of £480 (I had paid £300 in interest on a payday loan 5 years ago) from LS on 30/10 which FOS had recommended, I accepted immediately.
01/11 LS contacted me to confirm offer and request bank statement for the account I wanted to be paid into, I sent this on 02/11.
I was worried after reading how long LS was taking to pay – but have logged into my bank account this morning and can see the funds are there after 3 working days.
I hope the quicker payments are the same for everyone!
adam says
Hi all
I’ve made a complaint to Lending Stream regarding irresponsible lending. After several weeks i’ve received this reply
I’ve edited as too long to post
Basically they say all loans were credit scored and within budget etc
Based on all the loan by loan information provided above, we conclude that proper and proportionate affordability checks were conducted at the time each loan was approved.We were informed about your financial difficulties and the required assistance was provided at the earliest.
If you have any additional information that would be helpful in investigating this complaint, please send that to us. Otherwise, please consider this as our final response on the matter.
Where do I go from here?
Adz
Sara (Debt Camel) says
Send your complaint to the Financial Ombudsman – see Step Three in this article: https://debtcamel.co.uk/payday-loan-refunds/
adam says
So I replied to Lending stream saying i was not happy with their response
They replied
We write in regards to your recent correspondence with us.
We understand that you are not happy with our final response shared in our email dated 26th October 2018 and you want Financial Ombudsman Services to intervene in this matter. However, we would like to mention that we never intend to misrepresent or follow misleading practices towards our customers whenever they require our assistance.
Considering we have already provided you with the finest resolution available to us for the complaint raised, our final offer stands to be the same. Moreover, due to the fact that multiple loans offered in a considerable time frame are not considered as “irresponsible lending” if the disposable income of a customer (in proportion to the borrowed amount) is enough to meet the monthly repayments of the loans. Further to this, please understand that the assessment is not based on only one aspect but then on combined aspects, which gives us the result after the appropriate checks.
Should you remain dissatisfied, you may refer your complaint to the Financial Ombudsman Services.
Sara (Debt Camel) says
They don’t listen. Send it straight to the Ombudsman.
Solange says
Sara – I’m not sure you know how much this site means to people – it’s so much.
I sent my Lending stream complaint to the FOS after they replied saying I didn’t have a case. The case officer replied on October 31 saying Lending Stream had agreed with their finding and had 28 days to pay. It landed in my bank account today – 14 days later – £6,000. It’s changed my life. Thank you.
Geoff says
What a great day it must be! When did you lodge with the FO?
Geoff
Solange says
Thanks Geoff. I had such a terrible time with this company at such a low point in my life that this feels like real closure. I am just so pleased I never have to deal with them or any other pay day lenders again. I sent to the FOS in April, but I was a bit slow in getting bank statements to them so I think took longer than it would have done otherwise.
adam says
Hi all
I’ve referred the complaint to the FOS using the online complaints form, this was nearly a week. Just want to check as I haven’t received an email confirmation or anything, I know the complaint can take a while to be looked at but thought I would of received something with a reference number, is this normal? Just worried that I didn’t finish submitting it or done something incorrectly.
Anyone else used the online complaint form here? https://help.financial-ombudsman.org.uk/help
Thanks
Adz
Anna says
No when you send initial complaint it takes a couple of weeks to get an email back. Also I advise you to go get the bank statements ordered from your bank as the quicker you get them the better . I made initial complaint in may and I’m still waiting final response. They said hopefully I’ll hear before Christmas
Emma Brice says
I send complaint through a company to FOS regarding lending stream, I’ve had around 40 loans with lending stream and its clear I was borrowing to pay off loan, I had 5 loans at a time opened with them for 2 years. I first sent complaint in November 2017, FOS confirmed they received it in March 2018, I RANG FOS in August 2018 to try and chase it up but they had no further info. It is frustrating it has taken over a year since first claim how much longer can it take
Sara (Debt Camel) says
Are FOS saying they have not yet had the case file from LS? Or that they have had the information and it is waiting for an adjudicator? Do you have a complete list of your loans from LS? Were any over 6 years old in November 2017?
Emma Brice says
They said they’re still making a decision, I was able to book my account and get a copy of each loan. No all loans were between 2014 and 2017, I could only get bank statements from 2015 I wonder if that’s delaying things
Sara (Debt Camel) says
Ok so it sounds as though LS has supplied their case file. Do you know when it was assigned to an adjudicator and do you have their name? If not, ask FOS for this information.
Why can’t you get bank statements for 2014? It is possible even from closed accounts.
Emma Brice says
When I contacted FOS they just said they confirmed they received it in March, however after digging a bit more I think they began looking into the case in May. Yeah it was a closed account and I should have gone down to the bank to get them but I’d just had a baby at the time I put in complaint
I know whether ringing FOS to ask if there’s been any updates is worth a go but don’t want to annoy them
Thanks
Sara (Debt Camel) says
A new baby – what a lovely reason! But go and get the rest of your statements now and send them in. FOS won’t be annoyed unless you starting calling daftly often.
Emma Brice says
Fos have ruled in my favour after 7 months, I’m receiving £2500!! Although some getting taxed and a huge 35% be going to the claim company I went through. But glad it’s over now after a year since I first sent complaints. Do they usually give refund within the 28 days given?
Anna says
Yes definitely go and get the statements, even if you just call the bank they will post them out to you within ten days. I know it seems like such bother and it is at the time but it will definitely be worth it.
I had to re send some of mine as I had photographed them but my adjudicator has been in touch with me via phone call and email . He is wonderful and has explained everything of what he is doing. He said he hopes to have a decision within 2 weeks
Anna says
Hi Emma
That’s great news although what do you mean about paying tax to the company? Do you mean to the financial Ombudsman?
I’m still watinh, I’ve had to send about of bank statements and now the adjudicator is wanting more info
Sara (Debt Camel) says
20% tax is deducted from any 8% extra interest that is added to your refund. BUT if you are a basic rate tax payer you may be able to claim back up to 3200 a year of this tax deducted from HMRC and all of it if you are a non tax payer. See https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/
Rob says
Hi all,
Just like to share my Drafty case with you all. I put the complaint in back in May, it was rejected within a week based on the usual palava of credit score blah blah blah… anyway forward to the FOS and was picked up by an adjudicator last week. Today i received his view and he has upheld my complaint. I used the credit line with Drafty from February 2017-August 2018. The adjudicator said he believed Drafty weren’t wrong to lend initially but from August 2017 onwards they should have done more checks on me as i was re-borrowing instantly after my monthly payment. He has recommended Drafty refund all interest from August 2017 which i work out to be just under 1,200.
Great result, thought i would share for anyone who has a Drafty complaint in
Rob
Caroline says
That’s great! Mine is similar, I put in my initial complaint to Lending Stream way back in January – I sent all my documents to the FO and after months of hearing nothing, I got an email a few days ago from the FO that they have upheld my complaint have requested I get a refund from the fees from loans 5-28 as these weren’t deemed affordable and I was in a DMP at the time (which I successfully cleared in Feb this year!), this works out to be around £2k. I am waiting for a response from Lending Stream, they have until 12th December to respond. Fingers crossed!
Jen says
Hi Sara/all my timeline for LS. First complained 3/1/18, rejected by LS sent to FOS, adjudicator found in my favour on loans 5-18,LS agreed with adjudicator 8/8/18, paid me 29/8/18, told me credit report fixed on 10/9, 29/10 my credit report still showed 4 defaults, I contacted LS they said they had put in 2 get it fixed 20/10/18, ignored my compensation claim £50 per default, contacted adjudicator 1/11, LS agreed and refunded me 19/11, my credit report now shows 4 loans open with a balance and no default. ?? Sara should the loans be closed or deleted or still show a balance, all the 4 loans are included in my refund and all balances were cleared as this reduced my settlement figure, the 45 days is up again on 4/12 and I’ve told them I will complain again for the 3rd time, if they are not removed or closed, or should they still appear as open loans for a while, thanks
Sara (Debt Camel) says
It’s amazing how difficult LS seem to find things… The loans should be closed with a zero balance and no default. Or deleted if LS would find that easier!
Jen says
Thanks that’s what I thought 2, I’ll give them till 4/12 then complain again and ask for more compensation, this company takes so long with so many mistakes, hopefully they get fed up with this and make it easier, quicker and less complicated for others.
Geoff says
Has anyone had any success at ombudsman with l/s lately? Mine be with them since July and seems very quiet on here regarding any success?
Emma Brice says
Yes they had mine since May and got a refund of 2,500 Christmas eve!
Anna says
Emma , how long did it take for your refund from when you accepted offer?
Emma Brice says
Just over 2 weeks.. accepted on the 7th December and received it on the 24th x
Geoff says
Ok well done! Phoned few times and waiting in line I guess
Anna says
Yes! I got an offer from adjudicator end of dec , £5000 . Accepted offer and waiting payment. I started the complaints process in may.
Geoff says
Anna that’s trully amazing! Life changing I’m sure. How many loans did you have with them?
Claire R says
I am waiting on the FOS, I submitted my complaint on 07/08/2018
I have just emailed FOS this morning for any updates, I have 5 different cases with them at moment.
Just keepjng my fingers crossed for something soon.
louise says
HiI complained on 12 Nov 2018 I regards to 39 loans, I offered them evidence on several occasions so they could see my bank statements, they finally sent me a reply yesterday, each loan they say I could afford as they verified my income, used national averages and my credit worthiness was fine for the loans. I am calling them tomorrow before I go to the Ombudsman but I don’t thinks it will make any difference to them.
I’ve been in DM since 2013(due to my husband having a mental breakdown in 2012) and been made redundant twice and sometime had no work since 2016, they say its me fault as I told them what I earned etc, which of course was incorrect.
To top it all they even passed my existing loans to a company called CRS before I defaulted when I told them that Step Change would be in touch. On a phone call to them on News Years eve they agreed on the phone they hadn’t followed their policy of 89 days, because they sold my debts on the same day I told them and that I got a default notice after. They haven’t even responded to this.
So I have 2 different complaints with them and I will let you know how I get on.
On the call he still didnt want my statements as he said it was too late, but I sent them and they have ignored them.
Geoff says
Finally heard from adjudicator this week, two days later received decision upholding my complaint on 26 of 29 loans!! Awaiting the reply from ls. Can’t see them rushing but at least I’ve finally beat them. Taken over a year since I first contacted them. Refund will be huge so hang in there everyone!
Once again thanks Sarah.
Sara (Debt Camel) says
Let’s hope LS agrees and doesn’t drag it out to an Ombudsman.
Geoff says
To be honest I hope they do so the ombudsman can see what a shower they are, no way out of this one!
Geoff says
They agreed with the decision!! Got them!
Sara (Debt Camel) says
excellent !
Nats says
How long did they take to pay you geoff?
Grant says
Does anyone know the current pay out times for lending stream? I know some where getting within a week but it’s now over this. Both myself and the adjudicator have pushed them but still no money!
Kristym86 says
Hi Sara
Hope your well.
LS are due to have made payment by today and haven’t. Today is the 28th day. Is there an email address or anyone I can speak to to get this actioned please? X
Grant says
Speak to your adjudicator or call 0203 3650138 to speak to them direct.
Kristym86 says
Hi I haven’t got an adjudicator as this is an acceptance from final response x
Sara (Debt Camel) says
go back to the adjudicator who previously handled your case.
John says
Finally got one of seven lenders to the ombudsmen.As gambling involved I suspect all will have to go all the way.All were sent in early july .It appears ombudsmen are literally flooded with complaints.When I asked for updates on my cases it appears six months in companies like l/strem satsuma and others have not sent in their paperwork. Surely you would think there would be repercussions .Obviously not what do you think
Sara (Debt Camel) says
If it is past 6 months and a lender casn’t submitted their case file, ask FOS is they can consider your complaint without the lender’s paperwork. I assume you have a complete list of your loans from each lender.
John says
Yes I do .Am in financial difficulties ie not been working a lot .seems to make no difference as 7months now since they were all sent in .quick quid and this so called defence is dragging all other cases down .I phone once a month to check for updates but the same answer eveytime ..Truth is not one has been given an adjudicator yet .They have all my six years statements three credit reports .All correspondence between the companies and me .couldn’t be easier cases to look at .
Vicky says
I had an ok experience with Lending Stream. Only had 1 loan with them of £80 in 2009 and had to wait exactly 56 days for their final response and they came back to me with the offer of 126.63 + 46.63 8% interest. They are withholding 20% of the interest for mandatory tax. Is this correct?
Sara (Debt Camel) says
It is correct for them to take the tax off, but you may be able to reclaim it from HMRC. See https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/.
Kat says
Morning.
Does anyone know the time limits a payday loan company has to respond to the FOS’s request for my file? I emailed the FOS for an update on my claim and they replied:
We currently have not yet received a reply from Lending Stream, in response to our request for their file on your case. Once we receive the business file the case will be assessed by an adjudicator and they’ll be in touch once all the information has been considered.
Since September 17th last year, they have everything they asked for from me ie bank statements, credit file, correspondence…
Thanks in advance
Naro says
Hi Kat
How did you send your bank statements? Did you send it by email. Because they also ask me and I send it to them by email but I had no reply from FOS.
Kat says
Morning Naro,
I did send them via email, I sent everything that way. I thought it would be the quickest way to get an answer but obviously not. I thought they would at least kick Lending Stream up the butt lol. They let me down with Wonga, as they hadn’t even started their enquiries before they went into administration so I have had to go through Wonga with that one…after initially going through Wonga in the first place, so I really expected more action from them. When did you send yours?
Kat says
Do you know if their are any time limits on this Sara?
Naro says
Hi Kat,
I sent mine a week ago at ShortTermLending@financial-ombudsman.org.uk
Sara (Debt Camel) says
At the moment it is taking 4-6 months for cases to be picked up by an adjudicator. If yours gets to 6 months and LS haven’t supplied their case file, ask FOS to consider your case based on the information you provide. I assume you have a complete list of your borrowing from LS?)
Louise Predeth says
Update the Ombudsman have taken up my complaint. BTW I received a few more emails from LS after I submitted my complaint. Apparantly investigating their investigation!! Hayho I’ll let them get on with that. I haven’t replied but passed them on to FOS.
Louise Predeth says
Further to my other 2 posts. My complaint was prioritise 3 and a half weeks ago due to my curtent awlful situation. I recieved an update today. Dont know if its good or bad news. Due to the amount of loans a specialist adjudicator is reviewing my complaint.
Sara (Debt Camel) says
Cases involving large numbers of loans are normally very good cases! Fingers crossed for you.
Louise Predeth says
My complaint was upheld in March and I am still waiting for my refund, though should get it any day now. 6 to 39. Also they have to remove them from my credit file. They have delayed every step of the way even getting my adjudicater wound up! Once I have the refund I am going to town on them as they have never addressed the other part of my complaint re selling my open loans on incorrectly. Watch this space!
Louise Predeth says
I still have not got my refund. I have given them to 3pm today or I am emailing their CEO, trouble is they dont seem to care!
Sara (Debt Camel) says
have you left them a bad review on Trust pilot? https://uk.trustpilot.com/review/lendingstream.co.uk
Also send the FCA an email and tell them what you think of Lending Stream’s complaints handling. Copy this to the LS CEO. Send an email to consumer.queries@fca.org.uk. Say that you have won an affordability case at the financial ombudmsna, give the dates and the reason your case was given a priority, but say they have still not paid out. Say you know the FCA cannot get involved in an individual complaint but you thought the FCA should aware of one of its authorised firm’s poor complaints handling.
Telling the FCA is just a simple email – they won’t investigate it – but the team that supervises LS will be informed and LS will not like that.
Louise Predeth says
Thanks Sarah I left a review earlier today. Theres another one mow as well saying they have passed FOS deadline. Really shocking. I have the CEOs email address, its not a LS email or gain credit or drafty but @globalanaylitics but its his name. I will follow your advise and send the email later, thanks again
Louise Collins says
I made a complaint against Lending Stream 1.11.2017 after receiving 42 loans. This amounted to £5900 in interest. Lending Stream replied within 48 hours offering me £900. I rejected the offer and they confirmed this was their final offer so I immediately referred to the Ombudsman. I have been waiting ever since. The adjudicator ruled in my favour in October 18 however LS ignored them. I’m now in a queue for the Ombudsman and am so disheartened as have been waiting 16 months so far.
Sara (Debt Camel) says
Have you tried leaving them a poor review on Trust Pilot? https://uk.trustpilot.com/review/lendingstream.co.uk Be specific – the adjudicator at the Financial Ombudsman has ordered a refund on 35 out of 42 loans 9or whatever) but Lending Stream are just ignoring this.
But this should be picked up by an Ombudsman very soon I hope!
Louise Collins says
Thanks. I have followed your advice and left the review on Trust Pilot and the adjudicator has ruled in my favour for the full amount, interest on all 42 loans. Not had any correspondence from LS since the original offer. I have. no idea how long I will have to wait. 16 months is already a long time to have this dragged out.
Daniel says
Had 8 loans with LS between August-Nov 201, most were concurrent and large amounts, Only one they said they’re would be a case for would be the first one? Took a larger loan from them to pay this one off, would this be worth sending over to the FOS?
Sara (Debt Camel) says
sounds like a good case that LS may be hoping to settle it cheaply – worth sending to the FOS
Daniel says
Hi, Just an update,After getting an offer for 17p Got all the information sent over to the FOS, they agreed that loans 2 and 4-8 were an issue and contacted LS, deadline set for the 21st of June to hear back from them, this passed and immediately thought of the horror stories ive read here, suprised to see this morning a email from the FOS saying LS agreed with their findings and offered a payment of over £600! I just want to give a massive thanks to this site for all the help they have been able to provide.
Tony says
Hello,
Are LS good at replying within 8 week deadline? My deadline ends on the 11th and hope this can be resolved quickly.
Stuart says
I received a final response from Lending Stream on the final day of the 8 week deadline. They offered reasonable redress which I accepted same day. They advised 28 days to process the payment, however, it went into my account today only 5 days after accepting. I did email their CEO (quick Google search and you’ll find it) and left a bad review on trust pilot so not sure if this sped it up.
kevin smith says
That’s positive, they accepted mine on the 7th so let’s see how long it takes for money. They said upto 28 days I replied and said you send loan drawdowns in an hour so hopefully not take you that you. Also left a trust pilot review. Wonder if they send over weekends or I been to hopeful ha.
Fiona Whyte says
Have you received the money in your account yet?
Dave says
Hi. After 13 months I today finally received my refund in the bank. Do not give up!! Go to the FO, if you have a rightful claim you will succeed!
They paid 24 days after they accepted the adjudicator decision.
Lewis says
Interesting response from lending steam?
Dear Mr. XXXXXXX
This e-mail is in reference to your recent correspondence with us dated 04th March, 2019.
Thank you for providing us the detailed information and the nature of complaint as requested by us.
We understand your concern about the progress of investigation regarding the complaint you made of irresponsible lending.
However, please be informed that we are amidst investigation and as per the FCA guidelines, we have maximum of 8 weeks time from the date complaint was logged to share our findings ( Final response ) with you and hence we will share the Final response with you accordingly.
We appreciate your patience regarding this.
If you have any further questions or would like additional information, please contact us on 0203 365 0138 (call charges apply) between 7:00am – 10:00pm. Alternatively, you can visit the “Contact Us” section of our website at http://www.lendingstream.co.uk and register your query”.
Regards,
Lending Stream Complaints Department
We “ are amidst investigation “
Sara (Debt Camel) says
I wouldn’t get too excited. LS have a lot of their customer service based somewhere abroad and their English can be a bit odd. My guess is they mean to say “we are in the middle of investigating your complaint”…
James P says
I had a final response from Lending Stream in August 2018 (after raising the complaint in June 2018) which was less than satisfactory and referred the complaint to the ombudsman in September 2018.
I am yet to hear anything more from the ombudsman and was wondering if it’s worth chasing up or I’m expected to wait a long time before any further action is taken.
Sara (Debt Camel) says
6 months is a pretty normal delay at the moment, so you should here something soon. From next month I suggest you phone FOS once a month to check on progress.
Fiona r says
So, Months ago Lending stream rejected my complaint after I took out 20 loans with them.
The adjudicator that was handling my case sent me his findings on the 12/4/19 and LS agreed with refunding interest on loans 6-20 on the 24/4/19.
Of course I accepted and will receive just over £2000. They have till the 23/5/19 to issue the redress so I am interested to see how long before it is processed and in my account. Fingers crossed its sooner! Thanks so much for the input everyone has put into commenting and offering advise – it’s been really helpful!
Fiona says
Update: Just happened to check my phone and lo and behold, I see that I have received the redress from Lending Stream today! 5 days after accepting!! So happy!!
Markis says
Hi Fiona did you receive the we have initiated refund email before you got this refund and was it then 5 days after that?
Markus says
Hi Fiona did you receive an email saying they had initiated the refund and it was then 5 days after that?
Fiona r says
No, I just contacted them to ask about it and they confirmed how much was agreed to settle. Then it was there five days later.
Katie Richards says
Lending stream rejected my complaint . It’s been with an adjudicator who over 4 weeks ago agreed that 11 out of 17 loans shouldn’t of been given. The adjudicator wrote to lending stream and gave them till the 29th April to reply to findings and currently lending stream still haven’t replied so it’s just a waiting game. How long was it for anyone else who was waiting for ls to get back to adjudicator?
Sara (Debt Camel) says
Leave them a poor review here saying they are ignoring the ombudsman: https://uk.trustpilot.com/review/lendingstream.co.uk. That may kick LS into action.
Katie Richards says
I have now done this so let’s hope so.
Katie Richards says
I contacted fos who said that they were still waiting on lending stream to reply to them on their assessment. I’ve contacted lending stream who she way they haven’t received an assessment letter. This has gone on so long now well over a year so what’s the best thing to do now
marty says
I had 7 loans with them. They finally paid out k loans 1 to 5 but have said 6 and 7 were affordable with no explanation other than they were affordable and these were actually the loans that forced me into an IVA. I don’t get it at all how do they get away with it ?
John1403 says
Hi all just to leave a quick comment i had 3 loans back in 2010 i sent my lending stream complaint in on the 02/04/2019 and i had a response yesterday saying they are upholding my complaint for £1383.57 as they feel there was minimal income left. So all in all a good result i feel one of the lucky ones as i did not go through FOS. so stick in there and if anyone has a complaint get it sent.
Marty says
Make sure they add 8 percent they are renowned for forgetting that. Well done though they are truly pathetic at dealing with complaints so good result.
Kyle says
LS seem to be taking me for a mug.
They rejected my initial complaint – took it to the FO.
After a year I hear back and it’s upheld. 15 April was the start of the 28 days LS had to repay me. I’ve sent countless emails and I’m told it will be “initiated soon”. No details.
Seems to be hit and miss whether you get your money or not and it’s all on their terms.
Frustrating is an understatement
Kyle says
So after 7 weeks of acceptance I finally got the payment.
Prepare for email after email about the back office team “initiating” the refund
John1403 says
Hi Marty
yes 8% all included i had already done the math and there was only a couple of pounds in it so excepted today. I will update when funds are received.
thanks
Louise Predeth says
Hi there Ive an update on my thread. Though I received my refund after delay after delay, they still argue on what I am owed that I had paid them after they had did the calulations. They also keep telling me they misunderstood what my adjudicator had told them re removing loans from my credit file. I think they write emails that dont make sense on purpose. Ive tried putting on bad review after another, Ive emailed their CEO many times, he doesnt reply, no surprise there! So I have just sent an email to my adjudicator, their CEO again and the email address Sarah gave me, asking FCA to investigate LS complaint handling!
ad Wilcox says
Hello, glad you got your refund…. how long did it take? longer than the 28 days? I am currently waiting for the refund. Many thanks,
Markus says
I have received the initiated refund email 3 days after accepting when will I get my money 5 days from the email?
Kyle says
It took 7 weeks from that email for me to get my money
Markus says
They have confirmed by email the refund has been initiated was that the same for you? Or did you have to keep chasing to get them to initiate it? 7 weeks is ridiculous
Kyle says
I had to chase, every emails was responded with that it was being initiated.
They also removed the FO from the email chains so that they weren’t aware of the multiple same responses.
Hopefully you’ll get yours a lot sooner than I got mine
Dean Robinson says
Hi Everyone,
After a full year form first submitting my claim I have finally had confirmation that they accept my case and am now waiting for my refund.
The Ombudsmen came to a decision on the 25th May, allowing Lending Stream two weeks to respond, of which they used the full time before responding, accepting my claim. I did, over that two weeks, repeatedly phone LS asking when they were likely to respond, which eventually seemed to prompt them into action.
I confirmed with them directly and the FOS that i accepted their offer on the 10th, and they confirmed receipt of my bank details form 11th June (they made it very difficult to change my details, which seemed purposeful) – they did however then seem unsure as to when I’ll receive the refund. I was told initially within 28 days from when the FOS made their decision on the 25th May, then was told 28 days form 10th June, when they received my acceptance, then 28 days from the 11th when they received my new bank details.
Can anyone confirm specifics here as to when I am likely to receive? My e-mail response suggests 28 days or less from the 10th June. The total will be £3,748.82 for 10 out of 13 loans between 2012 and 20014.
Also, to anyone waiting for a response form Ls and the FOS, just keep with it – especially LS, they make it hard but pushing them, phoning them each day and being very clear on where you’re at and what is expected of them seems to do the trick.
Thanks,
Dean
John mccarrol says
It will be 28 days from your acceptance. I received my money on friday afternoon less than 3 weeks after accepting i hope this helps
Dean says
Thanks, one week since acceptance so far so let’s hope it’s as quick as that
Stu says
Any news dean on how long it has taken you so far or if you have received the refund! I’m currently waiting in mine and wondered if LS use the whole 28 days or if you get it sooner
Dean says
Hey Stu,
Not yet no. They have been clear that i’ll receive it before or on the 9th July, but have said in the latest e-mail that they’ll aim to ‘expedite’ the process.
We’re not at 13 days so hoping for this week based on previous, but have doubts on this.
My big worry is the update in bank account details i gave, but they ahve confirmed the rights ones back to me so liekly just paranoia there!
Good luck.
Thanks,
Dean
Dean says
Hi Guys,
Quick update – I received my refund, in full, this evening 13 days from acceptance.
Just stick in there guys, and continue to chase by call and e-mail to expedite the process, it will come eventually!
Dean
Gail says
Sorry if this has been asked a million times before!! How long is the wait from sending info to fos for it to actually get assigned to anyone, thank you.
Sara (Debt Camel) says
LS cases were going very slowly. But in last 6 weeks there has been a flurry of decisions, it feels like some blockage has been removed. It won’t be clear for a while how this impacts new cases arriving at FOS.
Stueyvegas says
*Update* FOS have upheld my complaint for 59 out of 62 loans with LS due to lack of due diligence on financial history and circumstances. It’s taken 11 months from raising complaint to receiving email from FOS That LS Have agreed settlement of over £10000 .
FOS stated that LS have to refund within 4 weeks of acceptance which was 2 days ago! LS supposed to send an email to confirm the refund is being processed but still not received, they say it will be with me Monday. Now is just the waiting game of when they actually send the refund. Hearing mixed reviews on time scales 5 days, 2 weeks ,7 weeks:(
Has anyone had any recent refunds paid in a reasonable time frame or is it all 28 days
Sara (Debt Camel) says
great result!
Stu says
Anyone have any info regarding to payout time scales of recent agreements between lending stream and customer!
Just spoke with LS and they have confirmed that payment will be within 28 days of 20th June! I know it’s still early days , just hoping they have sorted there act out and paying refunds quickly based on others peoples experiences . Obviously £10k is a welcome addition to my bank :)
Neil says
I’m still waiting for my £7.5K . I accepted on the 7th June so they have until 5th July.
Abosolute !@XXS they are.
I received an e mail from them on the 11th June saying they have initiated the refund . The subtle wording in the e-mail “refund will be processed “in 28 days”. Not within 28 days. I suspect they word it this way so that if its not on the 28th day then they can turnaround and say well its only a few days later than it should have been etc etc. 28 days is too long and should not be allowed by the FCA or FOS.
Stu says
Any news Neil on your refund…. still waiting here! I see someone below had their refund initiated and received in 4 days! Not sure why ours is taking so long :(
Neil says
HI Sara,
Just a few questions re LS dragging out payments:
1) Do you think they are playing for time to get an idea of how much redress in total they are looking at and then maybe go for the administration route to get out of paying all the redress?
2) Do you think they time the payment of refunds so that the timing equates to the 8% interest calculated
3) Can you ask for more statutory interest if they delay past 28 days?
Businesses like this should not be allowed to just shut up shop when the going gets tough and they are the ones that have been unethical .There should be something the FCA or FOS can do to prevent businesses from just going into voluntary liquidation when it suits.
Very anxious about all this now . I know you cant promise anything , but can anyone offer some reassurance.
Thanks
Sara (Debt Camel) says
1) no – they have been doing this for years. LS have always been a complete pain to deal with. Sometimes the refunds get paid a bit faster, sometimes slower, but I suspect that is more to do with the sheer volume they are processing rather than a Cunning Plan.
2) no – one week or one month extra of less or more on the 8% calculations is simply not that important
3) yes – but the amount extra you would get would be really small – why would you want to ask them to redo the calculation and then have another delay until it gets paid?
When a company’s accountants warn it is insolvent or will be soon then they can’t simply carry on trading. There are some altentaives to administration (CVA, liquidation, CVL, Scheme of Arrangement, liquidation etc) but basically if there isn’t enough money, nothing the FCA can do will change this fact.
The real problems are that the rules about affordabile lending weren’t properly enfoced years ago. And that there is no compensation scheme when a lender fails.
But i have no particular reason to think LS are close to going bust. They are difficult and very slow but they always have been.
ClaireR says
FOS upheld my case, on about 20 out of 25 loans, LS had until 21st June to agree to the adjudicators decision.
I emailed LS on 21st and they replied telling me to deal directly with FOS.
I know it can take a couple of days for anything to feed through, so am patiently waiting and very much hoping that
they have agreed to a payout.
Its been a long 9 months.
Mark says
Hello everyone how long does your complaint take after fos has assigned to one of the colleagues?
Will says
just out of interest – has anyone received their refund recently from Lending Stream and if so the time frame?
I see a person has before and that there are others waiting.
Thanks
SIMON127 says
I am still waiting – but still in the 28 day window – accepted there offer on 10 June … so expecting payment no later than 8 July!
Will says
Good to see I’m not alone then. Hopefully it’ll come through soon.
As long as it comes back.
Stu says
Day 13 since acceptance for me and still no payment showing ! Can’t work out how some are people paid in under 5 days yet I am waiting 2 weeks and counting :(
Any with receiving your refunds ?
Kevin says
Hi I have just had my final response from LS from 2013 to 2018 I had 63 loans out with LS I was a very heavy gambler and told them that I also have alot or other payday loans at the same time QQ paid me out just over £4400 with in 4 weeks of complaining but I am waiting on the other LS said it was affordable I have nothing to lose so I am going to take it to fos I have all my 6 years of bank statements and I stopped gambling 1 year ago I did it through gamcare and I have not looked back it has been a long road LS did not say anything about the other payday loans or the gambling they just said I could afford it if they had a look at my bank statements they would see all the lending from family and friends and loans I have nothing to hide anymore because when you gamble you hide alot and lie alot of the time but this is recovery for me and the end of a bad 10 years of gambling so bring it on nothing to lose I have my self respect back and I say to anyone who has a gambling problem it not that hard to stop when you have had enough I was gambling thousands a month my statements are 14 pages long each month because of all the gambling site so I would just like to say if I can do it anyone can
Sara (Debt Camel) says
Well done for stopping! Not everyone finds it easy, but hearing a story like yours can give hope to people.
Also well done for sending the LS case to FOS. It sounds a VERY strong one.
Kevin says
I have not sent it yet I am just getting all my thing togetther first I will be sending it this week. Do I sent all my statement and emails to the FOS I downloaded the form do I fill it in and email everything back to FOS I have never do this before so just wanting to know what I do next
Kelly says
Hello everyone, thought you’d all like to know that I had my email on Monday to say refund had been initiated and I’ve had the payout today – 4 days later.
Not a huge payout – £418 but will come in very handy for my holiday next week :-)
ClaireR says
I spoke to adjudicator this morning. He has heard from LS and they have agreed a refund if just under 3.3k. I am over the moon.
They will take off the principal sum of £300 of the last loan they let me take out in October 2018, after I’d submitted my affordability complaint. So all in all about 2.9k and no need to take the last loan to the FOS. I hadn’t paid anything towards the last loan
Am happy with this outcome. It’s been 10 months of waiting. Now hoping for a positive outcome to my Sunny complaint. (As well as QQ P2P and Wonga).
Thank you to Sara and everyone for sharing advice and support.
Fingers crossed for payout within 28 days.
Adz says
Hi all my complaint with lending stream has been with the fos since November any idea how long this can take? I’m being made redundant I December do you think that I should tell them this? Might speed them up a bit
Sara (Debt Camel) says
FOS seem to be getting through quite a few LS decisions at the moment. I would wait a couple of months and then tell FOS about the redundancy.
Peter says
Just thought I’d add my personal experience.
Started this process last April, the claim got referred to he FOS in August 2018 and now have and adjudication which Lendingstream have accepted in relation to ten loans which they shouldn’t have given me totalling and a settlement figure of £5445.
Be patient and hang in there…
Stu says
*update*
16 days since acceptance and still no payment! No email to say payment initiated, just an email to say that payment would be done soon and is with the finance department. They have confirmed acceptance on the 20th June!
Not sure how some are getting paid so quick ! I’ve chased via email and calls but just get fobbed off with we have 28 days to make payment
Frustrating as hell!!
David Cunliffe says
Hi stu have you got your refund yet? I know you’ve been waiting ages
Rhi says
Hello, I’m new here can somebody help me please? I’ve got a complaint about LS with the FOS adjudicator and they’ve upheld my complaint in my favour! And they have until midnight tonight to reply. The adjudicator has sent this to them You should add together the total of the repayments made by towards interest, fees and charges on these loans, including payments made to a third party where applicable, but not including anything you have already refunded.B) You should calculate 8% simple interest* on the individual payments made by which were considered as part of “A”, calculated from the date originally made the payments, to the date the complaint is settled.C) You should pay the total of “A” plus “B”.D) The overall pattern borrowing for loans 6 to 32. I’m just a bit confused that if LS agree how much I would get back? Thank you.
Sara (Debt Camel) says
Were any loans sold to a debt collector? Do you still owe any money on the last loan or two?
Rhi says
No they’ve all been paid off and none went to a debt collector. Thank you for replying!
Sara (Debt Camel) says
OK, that makes it easy to get a base figure of the interest and charges you paid. Add up everything you paid them and deduct what you borrowed – that is the total to be refunded.
Then 8% statutory interest needs to be added – what years were your loans?
Rhi says
2015 to 2018. Got myself in to that terrible vicious circle of borrowing and borrowing it’s so easy to do :( Thank you for your help! :)
Sheila says
Has anyone been paid before the 28 days ,
Stu says
I am still waiting for my refund! They have 9days left of the 28days to issue the refund!
I have chased daily, and every time they say we have 28 days and as I am in the 28 days I have to just wait… they have confirmed that they have received my acceptance of the settlement figure but they have not issued an email to say the refund has been initiated.
Nothing more I can do, I just have to keep waiting and checking.
Anyone else with any ideas or tactics
Jon says
Hi all,
I have had some success with a Lending Stream complaint, which was assessed in my favour by the FOS on June 20th and returned to LS with a response deadline of 04-07-19.
I had no contact from LS or FOS by that date so decided to chase them both up this morning. FOS said that they have received nothing from LS in response, so they will presumably be sending the case to an Ombudsman for a final decision.
LS on the other hand state that they responded to the FOS on 04-07-19 with (and I quote) “Discrepancies on a credit file”…
Is this a stalling tactic by LS?
And has anyone else experienced a similar situation?
This complaint has been open for over a year now.
Many thanks for any enlightenment that may be offered :)
Rhi says
Hello, LS have responded to my adjudicator and this is the response I’ve had Lending Stream have responded to my view and made an inline offer. Does inline mean they’ve agreed with the proposal from the FOS? Thank you.
Rhi says
Hello all. Just some news! LS have made me an offer of £3586 which is the full amount the FOS adjudicator said they should pay as I worked it out myself as well and it matches with my calculations including the 8% statutory interest and I’m over the moon! Just waiting to hear back from them now about initiating the payment! Stick in there guys and dolls it’s a wait but it’s worth it in the end!
Stu says
I’m 21 days on from agreeing settlement with LS and still not received my money! Don’t hold your breath for it to be done quickly
Rhi says
Aww Stu I’m sorry to hear that :( I’m not holding my breath on being quick but as long as I get my money back that’s all that matters :)
Peter says
Any update Stu?
Sheila says
Sent email twice yesterday asking when money goes into my account, had the email last Friday from them to say it being anitiated, today just checked my account the money had been put in today , amazing
Shell says
Hi all waiting settlement from LS as agreed by ajudicator. How did you get in contact with LS? It’s been two weeks since the Agreement and I haven’t heard anything from LS. just want to nudge them a little!
Sheila says
I replied to the email they sent me , the one to say it had been initiated, never had a reply from them , but money was put in account,
ClaireR says
I’ve had a breakdown fro LS today which I asked for, as I also had an outstanding loan which they are taking off my refund.
I really hope this hits my account soon. I replied to their breakdown email, thanking them for their assistance, and
saying I was looking forward to the money being deposited in my bank, then cheekily said “Hopefully before my daughters graduation next week, so that I can wear something nice for a change”
Lets see if anyone at LS is actually human!!! :)
Shell says
Thanks Sheila. They haven’t sent an email to me to say it has been initiated, still waiting on this. Should I wait or contact them before?
Neil says
I’ve been waiting for 16 days since acceptance of their offer and they received both replies from me and ombudsman on 3 July. Email to say it was initiated sent in 5th July , still nothing in account . They will take the full 28 days I’m sure which is standard practice for them . Has anyone been paid out any quicker than this recently ? I fear they may go under soon which is nothing more than these parasites deserve.
Sara (Debt Camel) says
Lending Stream have been difficult and slow for years. I haven’t seen any sign that they have got worse or that they are in financial trouble. Of course they could be, but their complaint handling is its normal obstructive self.
Neil says
I am still receiving calls from the DCA that they sold the debt to who issued a ccj which screwed up my credit file royally as is only negative thing in there. This can’t be right? I called the DCA and not a single bit of contact from lending steam in regards to buying the debt back and removing all negative traces which is what the ombudsman told them to do and what was agreed upon . does anyone know do they have to have the debt back in their possession within 28 days or just payout the money? I’m aware it takes up to 60 days to reflect on my credit file but does this need to be done and back with them within 28 day timeframe ?
Sara (Debt Camel) says
if there is a CCJ, did the Ombudsman (or adjudicator?) say what would happen to the CCJ? Someone needs to apply for it to be set aside…
i wouldn’t be too worried about everything being done within 28 days, but it would be good to get an acknowedgment of what is going to be done from LS…
Neil says
They were told to buy the debt back and if not possible to settle it and remove all negative evidence of it from my credit file ccj included. They haven’t even contacted the third party DCA yet ! I want it doing because to me the removal of the default and ccj is as important as getting back the 750 they owe me . I just want this episode and drama closed and they have been so unhelpful and incompetent from start to finish. They even told me the other day that the loan that was sold out was one of the three affordable ones which it wasn’t and took me 55
Minutes on the phone to prove . As a sorry they said they would expedite the refund. That was 3 days ago and it still isn’t in my bank .
Sara (Debt Camel) says
Tell your adjudicator about the problems.
J says
Hi Neil
Same for me too. Accepted 3 July; received confirmation by email from LS, checked by phone and they also confirmed. Still waiting for the refund. Did try an email asking when it would be processed (no reply) and resorted to a poor Trust Pilot review (no response)
Like you I suspect it will be the full 28 days, if not more.
J
Neil says
Hi let me know when you receive the money and I’ll do the same. They hinted within a week when I called them yesterday . Let’s see what happens . If anyone else has been paid out by LS I’d love to hear how many days of the 28 it took for the money to hit your bank 😀.
J says
Hi Neil
Randomly the repayment just appeared on my bank account about 20 minutes ago so I would recommend checking yours too. I did check an hour ago when I got in from work and nothing doing so it can appear at any time I guess
Hope you have yours too mate!
J
Shell says
Hi all
Can anyone give me a contact email or number for LS I want to contact them to see if they have initiated payment. Agreed with adjudicator on 3rd July and they have 4 weeks to pay but unlike others I haven’t heard anything to say it has been initiated. I want to get it sorted asap as want the money back! Thanks
ClaireR says
complaints@lendingstream.co.uk
That should get to them. Make sure you add your FOS ref and your LS ref no. too
Good luck
carol says
I have had 7 loans with lending stream which has been referred to the ombudsman, the ombudsman has stated he has made his decision but lending stream have not responded to his email despite chasing them. He has asked the quality team whether he can provide me with his decision without lending stream response because they have had long enough now . Is this a common occurrence with lending steam
Sara (Debt Camel) says
Is this with an adjudicator or with an Ombudsman?
carol says
This is with the adjuicator
Sara (Debt Camel) says
Then yes, it’s pretty common that lending SAtream just don’t communicate with the adjudicator. Leave them a bad review on https://uk.trustpilot.com/review/lendingstream.co.uk – that sometimes kicks them into action.
Emily says
Hi, I have just accepted an offer from Lending Stream via the FOS and I was just wondering how long til they pay out? Is there any way I can speed this up?
Thanks x
Dean says
Wait a month
Deam says
I accepted mine 1st July.. was initiated on the 23rd…. now I don’t know if I’m waiting 28 days from the 1st of July or 28 days from the initiated date.. I’m going to call my adjudicator on the 28th of July just to confirm.. keep us informed of your situation
Dean says
I accepted mine 1st July.. was initiated on the 23rd…. now I don’t know if I’m waiting 28 days from the 1st of July or 28 days from the initiated date.. I’m going to call my adjudicator on the 28th of July just to confirm.. keep us informed of your situation
Emily says
Hi Dean,
Thanks for your reply. I was always told it’s 28 days from the date you accept the offer, so in your case from the 1st July. My adjudicator has sent them an email to try and chase this up. I have rang Lending Stream and they just said payment would be made anytime between now and the deadline. Thanks
Emily says
What does initiated mean? Thanks
Dean says
I think ‘initiated’ means they have accepted/processed the payment on their side..
I’ll keep u updated on any payments
Emily says
Hi Dean,
I accepted on the 15th July. Got the confirmation email on the 16th July. Payment has just gone into my bank account now :) hope this helps, thank you. In order to speed the process up, I rang the fos and they sent an email to LS and they processed it the next day.