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.
Ben says
Edit: just checked my account and refund has now arrived ( 31 days after FOS accepted on my behalf, 26 days after i confirmed with LS directly).
Gavin Spencer says
I can’t believe lending stream have told me that Brexit will slow my refund down. Is this even true
Sara (Debt Camel) says
golly – is this in writing?
Gavin spender says
No she told me over the phone, she said people may have to wait even longer for refunds in the future if/when Brexit happens. I can’t see how
Sara (Debt Camel) says
sounds like tosh to me.
Dan says
According to some TP reviews some are not recieving their redress even after the 28 days – i am on day 15 and waiting- any recent news on others’ refunds and how long they took?
graeme says
I am also on my 15th day after accepting the offer. I have rung for an update and they are clueless
Dan says
Just irritating i dont trust them and a bit concerned til money hits bank. Will keep u updated
Graeme says
Have you had your payment yet ?
Dan says
Not yet. Day 23 now. What about you any luck? Noone on here or trustpilot has reported getting paid recently- worrying times. They keep saying 9th sept lastest on phone. We will see
Andy Haynes says
I have just received confirmation of a £4.5k refund from Lending Stream on loans from 2012-2013.
It went via the OBS and has taken around 3-4months in total
gillian says
I called lending stream tonight after not receiving any responses to my emails asking them to confirm all is in order to process my refund (2 weeks after I accepted).
I have now been told that due to their original calculation being wrong I will have to go back to the FOS to send acceptance again. Really annoyed as this will delay the refund again!
Has anyone else come across this problem and for those still waiting on an email from them it might be worth calling to make sure everything is correct.
Adam says
Hi,
Just wondering how long people are waiting for the FOS to reach a decision after a complaint has been made about Lending Stream?
ME says
Can anyone advise whether Lending Stream pay refunds on a weekend? Or is it just weekdays. I’m on day 25 of 28 and am growing concerned that they still haven’t paid out. I know I still have 3 days to go, officially, but reading their reviews i’ve noticed some people not receiving anything even when the 28 day’s are up.
Thanks,
ME
Dan says
Did you recieve anything yet?
Im on day 20. The TP reviews concern me with some people not being refunded within 28 days… also not seen many success stories last week of refunds being recieved.
ME says
Hi Dan,
Still nothing!!! Have written a draft email ready to send to my adjudicator tomorrow. It is ridiculous how other are paid with a couple of weeks and then others right to the last day or beyond that in some cases.
Hope you don’t have to wait as long as me.
ME
Really not feeling to hopeful about this at the moment
Dan says
Theyve told me on the phone 5 times its 9th Sept latest so i hope they stick to it. Frustrating as anything isnt it?
The guy today basically told me its v unlikely to be any time before 9th
Graeme says
Any joy dan ?
Dan says
No mate. Just called them now on 28th day. Theyve said they think it will be tomorrow as it is waiting for manager approval. Sounds like bs. The guy couldnt even confirm it would def be tomo but has said payments team thibj it will be
Any luck ur end?
gillian says
Just a quick update…..I spoke to my adjudicator, who told me that acceptance didn’t have to go via them again as this was an informal settlement and that if they wanted to revise the amount of redress they could do so directly with me.
I passed on this information and called lending stream. Only to be told by them, that is not how it works (apparently they know better than the FOS)
But after a lengthy conversation, they told me they would make an exception this once!
Now they have tried to tell me that my 28 days will be reset. However, the FOS have advised me that the redress should still be paid within the original 28 days as the outcome of the complaint hasn’t changed.
I’m not sure if getting my original calculation wrong was a genuine error on their part or a way of delaying payment. But I urge anyone waiting on payment to double check everything is in order with lending stream. I only found out about the miscalculation, because I called them after getting no replies to emails. If I hadn’t called them I doubt they would have contacted me.
Faz says
Hi all
Lending stream don’t really like they want to own out. I have approx £350 refund due which was accepted last week and FOS acceptance since Friday.
After seeing reports that LS are making up reasons to reset 28 days for payment I decided to call.
Only to find out that i didnt confirm the full account number of the bank details they hold for me so they didnt initiate payment. I confirmed everything on the phone and they confirmed 28 days start from today.
I asked them to send an email confirming this which they said they will but never received anything.
Do you guys think is it worth dropping them an email again.
ME says
Yes, I had to argue for my email to confirm in writing that my 28th day would be on 03/09.
First call they said they would send it. Waited until the following day and nothing. Called again and complained that they failed to send me the email as promised in the last call, which I reminded them was recorded. They sent me the email a few days later.
They are a joke! Just hoping that they don’t go into administration just yet so that everyone can get their refunds but once the pot is empty and everyone is paid I feel as though they have written they’re own fate…
ME
Faz says
ME
Let us how you get on tomorrow
Faz says
Any update
ME says
Hi Faz,
They failed to pay me on Day 28. Was not surprised! Received payment on Day 29 at about 4pm. Not sure if the adjudicator getting in contact with them also gave Lending Stream a kick up the backside but just glad that one is over with.
4 complaints down, 3 more to go!
Good luck with yours and anyone else who are waiting, hope it comes through sooner rather than later.
ME
Dan says
My 28th day is tomorrow and LS have still not refundes me. Incredibly worried now. The guys on the phone have kept saying its guarenteed by close of play tomo but im not filled with hope reading latest trustpilot reviews.
There seemed to be a group of people getting paid after 15 days or so but that seems to have gone quiet.
Sara, what should my next steps be if LS fail to pay tomorrow?
HS says
My Day 28 is today and still no sign of the payment.
Lending Stream have promised the money will be in tomorrow which is technically day 29…
Fingers crossed for us both tomorrow just want closure on this horrible company!
Mrs W says
Hi my 28th day was Saturday and because it landed on a weekend I emailed them Friday at 12pm basically threatening the company that if it wasn’t in my account by the next day by 5pm I will go straight back to the FOS. I got payment by 3pm on Friday (the day I emailed).
Lea says
Which email address did you use? Or was it just the complaints one from when they give you a ticket number?
Thanks
Lea
Mrs W says
Hey I used just the complaints one with my ticket number yeah x
Graeme says
Hi
Any joy ?
Alex Hammond says
Are you guys using 28 days or 28 working days?
I too am waiting for a refund, I’ve had a lot in the past – some have come in 2-3 days some have come in 4-5 weeks. However, LS and and all the other have always quoted days in working days so you will need to factor in weekends. From what I can see, almost everyone gets it right at the end of the 28 days, anyone had anything sooner ever?
Dan says
Its 28 days not working days so they have failed to pay me as deadline is today. I caller them and all they said was that the payments team are aware of todays deadline and that they could not give me any more info.
I have sent an email to them just now threatening contacting the FOS FCA and watchdog if i dont have the money today
Graene says
Just to update you all I hit my payment on the 11th . Day 28 on the deadline . Still it’s in my pocket
Neil says
I received mine after 21 days and ringing them constantly. In fairness they did exactly as were told by ombudsman and bought back outstanding debt , even removed a ccj from my credit report that the third party Debt collection agency had filed on the account costing them over 300 as they had to pay the court to have it removed and I got the letters from the county court in the post stating it was cancelled and the fee of 355 had been paid . They then took the debt back from the DCA and amended my credit report . My score went from 412 to 691 practically overnight . Took 21 days including weekends to pay me the redress of just under 1000 and the full 28 to get ownership of the outstanding debt back . My credit report was clear of any trace of the debt within 45 days. I was paid in July. Hope this helps a few people.
Andy Haynes says
Update on my claim.
I agreed to approx £4500 refund on 22nd Aug. I chased them on the 29th August and they said the Ombudsman had not accepted the settlement figure yet. I chased the Ombudsman who resent the email on the 29th.
Today (9th Sep) I chased again. Once again I was told they had not received the acceptance from the Ombudsman. At this point I spoke to a supervisor which got me no further along.
I then spoke to the Ombudsman (not the case adjudicator as they are on holiday), they put me on hold and called Lending Stream. Lending Stream confirmed the same details to them, so while on the phone they tried sending the email again, apparently still not recieved.
The Ombudsman have not gone away to speak internally to try and address this issue.
I said they should just fax the acceptance through and then the payment can be released.
The joke of it all, is that Lending Stream are still saying 28 days will begin when they receive this acceptance!!!
Dan says
Hi all,
Just to let u know i got my refund through at 9.52pm.. 8 mins away from them missing the deadline. I must have called them everyday from 2 weeks ago and 3 times yesterday and 5 times today. I also emailed them to say that id get onto FOS tomo as it would’ve been over the deadline.
Basically be a nuisance guys- calm but assertive and keep calling. Leave the TP reviews and you will get what u deserve!
Vicky says
this company 3 times…
I have emailed this company 3 times regarding a confirmation of a date that a refund offer was accepted for my own records and so I know when to expect a refund
I have had no acknowledgement of the email even if they are too busy to provide a full response (simply a date)
Communication is key and if I hadn’t made payment on a loan they would want to know why ! It works both ways
They have my acceptance on 20th August I have email evidence of this
They say I didn’t accept until 26th which is when I called them to confirm bank details as I read so much negativity online about this being an issue
They then tell me that it’s the 26th I accepted – I gave them a week to contact me nearly and I had to call them
The ombudsman said I didn’t need to do anything and that lending stream would contact me with the refund
I am now asking to speak to a manager
They tell me no manager available
That I will have to call back – to probably be told the same thing
I have said good customer service would be for a call handler to offer a managers call back – they seem to think I’m going to hang up this call and the issue will go away
I will not be giving up…. I’m still on hold been over 30 mins now and I’m afraid my sarcasm has got the better of me
Alex Hammond says
Have you heard anything? I called them last week and spoke to someone who confirmed the accepted and had confirmation, but I’m still a bit unsure.
Andrew says
I accepted on August 15th and rang to confirm bank details the next day. Lending Stream over the phone have confirmed several times that the payment would be made by September 12th (the 28 days) – nothing received yet but expected on Thursday.
I did get an email from lending stream about 2 weeks after accepting saying they acknowledge my acceptance and the bank details and it would be paid within 28 days of the acceptance (not the date of their email)
Whether anything happens on Thursday is the next surprise
Dom says
Exactly the same for me. Acceptance on 15th August, payment due 12th September. Received the Lending Stream email on 21st August and, when I rung them, they tell me 28 days starts from then (which would be due 18th September). The adjudicator is adamant that 12th September is the deadline. Fingers crossed for us both.
Sara (Debt Camel) says
If you are fed up with this, start leaving them bad reviews on Trust Pilot: https://uk.trustpilot.com/review/lendingstream.co.uk
And also tell the FCA (their regulator) what you think of their very poor complaint handling. copy this to LS and hopefully they will hate it!
They 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 you are complaining that Gain Securities (689378) has very poor complaint handling and is even trying to not pay you within the 28 says FOS has said they should, so you thought the FCA as their regulator should be aware of this.
Give your name, address and FOS reference number.
Give a couple of sentences about how many loans you had from LS over what period – just as background, no need to give a huge amount of detail.
Say if LS rejected your complaint or if they made a poor offer.
Say what the much better offer you have had from FOS is. Say if LS were slow to accept this.
Now give the dates and how dificult LS are being about paying out your refund.
End by saying you understand the FCA will not investigate your complaint but you wanted to report their very poor complaints handling which is not treating customers fairly.
Vicky says
I tried to say to them that the ombudsman accepted on 20th August and said lending stream would contact with refund within 4 weeks
Nothing from them and I called 26th August and they Already had my bank details but I confirmed them
They are saying today that I ACCEPTED the offer on 26th
I said this is not the case and I have an email saying I accepted on 20th
The person I spoke to then said you have to accept and confirm bank details then the 28 days start
I tried to say I’ve either been misinformed by the ombudsman or that lending stream should have called me to confirm
They do not see my point at all
I would advise anyone who has a claim to call as soon as you accept and confirm your bank details ASAP as they will use this as a way of prolonging the process
Poor customer service
When I asked for a manager to speak to I was repeatedly told not available but I kept saying I would wait until they were free – the operator I was speaking to didn’t like this and thought I would just give up so she eventually backed down around an hour into the call
The manager wouldn’t listen to me and unfortunately I lost my cool trying to get the above across to them ! And I hung up
I am not even sure I I’ll get my refund it’s 8k
gillian says
If you need to call them again try using extension 71693, this is the supervisors number. I managed to get them to send an email whilst I was in the phone to me to get the answers/confirmation I was waiting for.
gillian says
I have had similar issues to what you have faced with lending stream. I accepted their offer and confirmed bank details on the 19th August. I confirmed this several times by phone too, but was unable to get written confirmation. After around the 3rd call to them some 10 days later they informed me that their original calculation was wrong and I would have to get my adjudicator to reconfirm my acceptance. They also stated that the 28 days would be reset.
But I spoke to the FOS who confirmed that the 28 days should not be reset and any recalculation could be accepted by myself.
Everyone should note, that the 28 days are from when the ombudsman sends your acceptance to the lender and not when you confirm bank details. They allow 28 days so that lending stream have the time to get the confirmation of bank details and do what ever else needs to be done.
H says
Afternoon all,
Today i received my data request back from Lendingsteam,
It was sent from email address: complaints@lendingstream.co.uk, at the bottom of the email it states, ‘For further assistance, you may either reply to this email or’. I have read numerous times on this forum that this email address no longer accepts emails and that they bounce back, yet today when i sent a reply, it hasn’t bounced back, does this mean that there email system is back up and running?
Also, i had a total of 22 loans from this company over a 2 year period. inside one of the pdf files they sent to me about my loans, 14 out of the 22 have a status of ‘PAID OFF EARLY’ alot of time i would be paid 2 days earlier than expected so i would log on a get the loans paid off just in case other payments would go out of my bank account and then i wouldn’t be able to pay them meaning massive late payment fee’s and also sometimes i would pay them off early so that i could lend a big sum the next day so that i could then make payments on other loans i had.
I would like to know if having all of these ‘PAID OFF EARLY’ statuses on my loans will effect my complaint of irresponsible lending as i am most likely going to have to go to the Financial Ombudsman with this after looking at other people complaint made. Any advise or help on this will be appreciated.
Regards
H
Sara (Debt Camel) says
Good news if they are now accepting complaints by email.
Paying off loans early doesn’t mean they were affordable! your story of when you paid the loans early is typical – it showed how you were struggling to juggle all your debts, not easily able to repay them.
This should not be a problem for your complaint at FOS. 22 loans in 2 years is a LOT so send it straight to the ombudsman if you don’t get a reasonable offer from them.
Claire says
Can I put in a claim if Im in a repayment plan with them currently, they got me into so much of a mess?
Sara (Debt Camel) says
Definitely! It won’t affect your repayment plan – but if the repayment share too high, also ask for them to be reduced.
Vicky says
Definitely refer to the ombudsman and give as much information as you can on your situation at the time to give a good picture
Just be prepared to be patient and it will be worth it
Vicky says
My bad behaviour and trying to prove a point has paid off
I accepted on 20th August they say it was 26th
Money went in my account tonight 8k
So if you have a strong will and the payment is overdue just keep pushing
gillian says
That’s great news 😊
Although I accepted in the 19th and I’m still waiting!
Did they send an email once the refund had been sent to let you know it was in its way?
Vicky says
Hi Gillian
They don’t send anything
It seems to be lost on them that communication is key
When you apply for a loan it’s almost spot on communication but not for a refund
Best of luck but I would call them today ! See if you can’t get the process moving
H says
Ill let you know if they respond to my email but at this moment it looks like it’s back up and running.
Ill be sure to submit my complaint to FOS if I don’t get a reasonable offer or if the 8 weeks investigation time expires.
Thanks for your help and quick response as always.
H says
Has anybody ever been made an offer by lendingstream without having to go to the FOS?
Joanne says
Hi,
I could do with some advice please. In 2013 I took out several payday loans, which I struggled to pay back. In June 2018 I made a complaint to the financial ombudsman about these loans and as lots of folk are now making similar claims, there is a huge backlog. In August 2019 I received a letter from an adjudicator stating the loans (from lending stream) should not have been given to me, and various recommendations made, including the refunding of some monies, as well as not selling on any outstanding debt. I believe the final judgement will come from the ombudsman in due course.
With this in mind, I was very surprised to receive an email today (10th September) to advise that lending stream had sold my debt to Lantern and that I needed to make arrangements to pay it off. In the past 5 years there has been no attempt from lending stream to recover this money, and clearly have sold off this debt after receiving the adjudicator’s recommendations. I appreciate that at this time they are only recommendations. Any ideas on what I should do?
Sara (Debt Camel) says
So what LS have don’t isn’t actually illegal but it certainly isn’t helpful!
I can’t tell from what you wrote if the adjudicator decision has gone past the deadline the adjuicator set for LS to reply?
I suggest you do 4 things:
1) tell your adjudicator
2) tell Lantern that the debt is in dispute, you have a FOS adjudicator decision in favour (attach a copy of it) and that you will not be making any payments to the debt until the FOS cases is resolved. If you get demands for payment from Lantern, come back here, but this will hopefully stop them.
3) leave LS a bad review on Trust Pilot saying how poor their complaint handling is and how they are ignoring ombudsman decisions
4) write to the FCA, LS’s regulator. They won’t intervene in your FOS case but this is quick and easy to do and LS will probably dislike this strongly…
Email to consumer.queries@fca.org.uk. Copy this email to stuart@global-analytics.com and chris.deboer@global-analytics.com
_______________________________________________________________________________________
Say you are complaining that Gain Securities (689378) is being obstructive in handling your FOS complaint about irresponsible lending by Lending Stream and that you thought the FCA as their regulator should be aware of this.
Give your name, address and FOS reference number.
Explain that you received an adjudicator decision upholding x out of Y loans. Attach this (you could do this by forwarding the email you had from the adjduicator to the FCA, but make sure you change the subject line if you do this.)
Say LS have not yet accepted the decision but they have just sold your debt to Lantern, even though the adjudicator decision says that they should not. Say you think this is a very unhelpful approach to complaint handling, making it more stressful for you to deal with a debt collector and you think Lending Stream instead should just consider the adjudicator decision and accept it.
End by saying you understand the FCA will not investigate your complaint but you wanted to report their very poor complaints handling which is not treating customers fairly.
HSC says
DAY 31 of 28 – Refund finally recieved £1570.
So after 3 days of constant phone calls i finally received my refund whilst on the phone to them. They have been useless and blamed the delay on a technical glitch – then it was awaiting manager apporval – and then a glitch again!
As others have said my advice would be to keep on pestering them by phone, email and complaining to FOS. I doubt they intend to pay anybody within 28 days so you have to keep meithering. I was actually on the call whilst the money was processed (although the manager claimed he knew nothing about it).
Glad i can finally put this one to be – Sarah you dont understand how grateful i am for this blog!
Kevin Anderson says
Hi I have just got news of the FOS about lending stream loans I have had 63 loans over 6 years and I have just heard that the FOS has sent lending stream an email say that they have till the 23rd September to send any other evidence in because the adjudicator is up holding loans 4 to 63 I am over the moon and she said if they do not hear back they will finalized it because they was not a long break between loans she said they have to pay back loans 4 to 63 plus 8% interest I still have a long road to go because of how long people are waiting to be paid out fingers crossed hopefully done before Christmas
Kevin says
Hi I have just got news of the FOS about lending stream loans I have had 63 loans over 6 years and I have just heard that the FOS has sent lending stream an email say that they have till the 23rd September to send any other evidence in because the adjudicator is up holding loans 4 to 63 I am over the moon and she said if they do not hear back they will finalized it because they was not a long break between loans she said they have to pay back loans 4 to 63 plus 8% interest I still have a long road to go because of how long people are waiting to be paid out fingers crossed hopefully done before Christmas
PAMELA MIRI says
On day 22 I called LS this morning ,was very nice to them…was told another 6 days for refund.Filled in a positive survey re the call to them.Refund of £2600 arrived tonight 6pm.
Great result after submitting claim last October 18.They deducted £792 outstanding balance from total offer..
Have another 2 complaints with FOS at mo too.
Thanks Sara…the most awesome website x
Andrew says
I got paid my £4.6k this morning – day 27 of the 28 they mentioned. No communication about it, just landed in the bank, which is the important bit.
Hope it works out quickly for everybody else
Dom says
Day 28 for me today. No sign of money. Lending Stream acknowledge my acceptance on 15th August, yet blame the FOS, stating they didn’t send theirs until the 21st. Therefore, Lending Stream believe the 28 days to end on the 18th of September and not today.
Frustrating.
GM says
Hi Sara, day 28 today so I called earlier to establish what time my refund would be paid. I was told before 10 p.m tonight.
5 p.m and to my amazement the money was in my account. But LS dont seem to do anything correctly and not only have they paid the refund I was expecting but also the £360 which they told FOS was the amount of my outstanding loan.
They had previously sold this loan to a third party so my question is do you think I should contact LS about the overpayment or go direct to the third party?
Many thanks in advance
Sara (Debt Camel) says
Just when you think it’s all over… I suggest you contact the debt collector and if £300 is the balance, pay it off.
Victoria Dowse says
Lending stream paid me yesterday 28 days after the FOS acceptance so a week early if you take it from the day I phoned… i had contacted this email twice… Chris.deboer@global-analytics.com always polite once to ask for the acceptance email… it was a standard one so then second to ask the correct date stating the dates corrosponding to my account…
This bloke gets things done quick. I think the people who are getting angry are getting their backs up so they are putting up hurdles.
Sara (Debt Camel) says
He is the CEO…
Lew says
Good need the adjudicator ruled in favour of my
Loans 27 out of 36 which isn’t too bad. Here comes the massive delays
Dom says
Day 32 and still nothing from Lending Stream, who blame the FOS for sending acceptance 6 days after it was actually sent.
Disgraceful company.
JA says
Hello, Does any one know if the 28 days starts from when the adjudicator sends the confirmation or when lending stream receive it ? LS Say theyve not received it still after a week of my adjudicator sending it
gillian says
Lending stream will tell you it is from when they receive it. However, the adjudicator will step in and act for you if it passes the 28 days since they sent their recommendation.
Joanne says
Day 26 from accepting redress and receiving refund initiation email from Lending Stream. I’ve rang them everyday the last 7 days and they said it will be paid by 18th.
They had also said they would buy back the debt and remove any negative notes on my credit file which I assume will include my CCJ . Confused though as 3 weeks after me agreeing to the settlement the debt agency have said I still pay my money to them but my debt has been sold to another company called Perch Capital. My adjudicator has written to them to find out what’s going on .
Fazza says
Hi All
Just received an email from LS confirming the redund in my bank and surely enough I checked my balance it’s there.. wasn’t there in the morning.. I was probably around 3 weeks from acceptance date so a good result.. thanks to all for encouraging me to remain patient.. it wasn’t a huge sum but nice to have it in my bank..
Matt says
Its day 45 for me and no refund. I have been calling everyday and get told ‘thank you for your patience’
They said they had miscalulated the amount owed to me at first and i accepted. On calling they then said there was another discrepancy.
This has caused me no end of stress and i have been very angry with them losing my temper. Never answer emails.
Im so fed up with them i dont care about the miscalculation as appealing will mean a further delay. I belive they mis calculate on purpose to dealy payments. I have complained about them to FCA and left a 1 star review.
gillian says
I had the same problem but reminded them that the miscalculation was their fault and it should not delay settle the complaint. When I sent this email to them I also cc’d in the ombudsman and low and behold they went back to the original day of acceptance, but I still had to wait the full 28 days for the refund.
Joanne says
Hi guys,
I’ve finally got my refund today , day 29. I’ve rang multiple times today asking when it would be in my account and was assured today by close of business today. Still no sign of it at 18.30 so rang Lending Stream again. I was told it would be tomorrow. I remained polite but firm and reiterated that each time I’ve rang today and all week I was promised today. They told me the refund had to go through various approvals and it takes time. I explained they’ve had 29 days and I know for a fact people have had refunds in 14-21 days. As soon as I got off the phone my money was in my account, I had an email confirming this which also said all negative information on my credit file including the CCJ will be removed within 45 days.
So to those who are still waiting by day 28 it may be worth constantly calling them. Hope this helps those still waiting
marty says
Hello my fellow finance warrior’s
It’s a simple question, but having been on a DMP at the time and a shockingly low credit score is it worth raising to the FOS a 1 loan complaint for lending stream.
I ask as they have lied about my credit score on their final response.
Thanks
Mart
Sara (Debt Camel) says
How large was the loan?
marty says
Hi Sara
Thanks for the reply, it wasnt huge £400 but i was borrowing from elswhere to, you know slightly bigger loan pays of the previous and so on, so i borrowed to clear it as they have stated i paid it early, but didnt like their service so didnt roll it over but is was still part of the over spiral.
I know you’ll say its naughty borrowing while on dmp, but desperation happened and they let me get the loans.
thanks
mart
marty says
Hi Sara
I forgot to mention i do have complaints in to the other lenders, for more and larger loans, i just happen to have had lending streams rep;ly first and they were just a one time loan, was just wondering if it was worth sending to fos with the wrong information they are basing it on.
thanks
mart
Christy says
Hi!
I got a letter from Lending Stream on 19th of September that I need to provide Bank details for settlement to be paid if I accepted it.
So next day I got letter from FOS about all decision and ammonut which I am entitled to. I responded same day that I accept the settlement and got a letter from FOS that he write to Lending Stream that I accept it. Then I reply to Lending Stream with my bank details.
Now I can’t understand do I still need to wait for another letter from LS or from the day when FOS said to LS that I accept settlement I can wait 28 days?
Now I can’t understand should I
H says
Hi Sara,
Had my final response from Lending stream today, after only submitting it 3 weeks ago. I had 22 loans with them over a 25 month period, 2016 – 2018 (Lent £4410, Interest £3393) All 22 loans were rejected, every loan has this explanation:
Using national averages for expense categories where data is available as a third party verification of your submission, we revised upwards your total stated expenses and this still resulted in a viable disposable income. The loan amount approved was ??? GBP which resulted in an average monthly payment to Lending Stream of ??? GBP, well within the overall disposable income. A credit worthiness check was completed and the third party credit reference agency confirmed a rating which was satisfactory for the loan obligation. We checked via a third party source your other credit obligations at the time of your loan approval and these similarly met all reasonable affordability criteria. And there final statement said: we conclude that proper and proportionate affordability checks were conducted at the time each loan was approved. All loans were successfully closed. In-fact many loans were pre-closed before the original loan term.
Regards, H
H says
I would pay off loans early sometimes so that i could get another one the following day to pay off other payday loans, also when i would take out loans from i would exaggerate my monthly outgoings so that i could get the loans, should i be worried about this?
I have submitted a complaint to FOS so just a waiting now i guess.
Regards
H
Kevin says
Hi I got rejected from lending stream I had 63 loans over 6years and sent mine to FOS in June and I had loans 4 to 63 up held and accepted £13040.00 so do not give up
H says
June 2018??
Marty says
Cool result but mine was one not rolled over for £400 and they rejected how would the FPS decide.
A says
Kevin,
Once FOS said that LS should pay interest and charges on loan 4-63 and gave LS 28 days to make an offer, did their offer match what FOS stated they should pay you?
Great news, huge sum of mine! I am in a similar situation… Originally offered me 1 loan at £145…FOS have said 8-61 were unaffordable for £5700 +8% so £61250.
Deb says
Hi Sarah
I’ve had a response from Lending Stream surprise surprise they didn’t miss sell me the loans. I had three loans in a three month period, loan one in April , loan 2 in May and loan 3 June.At the time you were allowed loans at the same time (2013) they amounted to £830 between them and I ended up defaulting on them in the July. I’ve paid the debt collection agency for them now BUT at a cost with interest and court charges of over £2k. They had said this below
“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.”
Is it worth sending information like I had other loans with other companies at the time and I had just defaulted in the May with QQ and they still lent me more OR do I just go straight to the FOS now
Many thanks
Sara (Debt Camel) says
They don’t usually change their mind. But you can try if you want. You can also say you would be happy to accept a refund on just the last loan, if that is the case.
Deb says
LS have replied rejecting my complaint after 4 weeks , they do say if I have any evidence supporting my claim I can send it in. Just wanted to know whether this is worth sending the evidence in or go straight to the FOS
Any help would be appreciated
Sara (Debt Camel) says
Well as they got back after only 4 weeks you could send them a copy of your credit report and bank statements. And say the case goes to the Ombudsman in 2 weeks if they don’t make you a reasonable offer.
Dave Holland says
I’m currently on day 31 of my claim being settled by lending stream…. this weeks excuse is an internal I.T issue and the refund will be made “shortly” but they can’t give an exact time or date.
When I said that if I was a new customer you’d have my loan in my bank in 15 minutes they had no valid response to that comment!
Andrew says
Does anyone know how long Lending Stream take after the Ombudsman has gone back to advise them what should be refunded? Ombudsman has given them until 22nd, will they likely take until then to respond or are they ok at coming back?
Adz says
Well the Ombudsman accepted for me on the 30th July, I’ve just got my refund today so not quick, anything to drag their heals they will
Andrew says
That’s terrible how do they get away with that? I was hoping now the Ombudsman has told them what is to be done would be weeks not months.
Jojo says
My complaint got sent to the FOS at the end of July, and has been with an adjudicator since towards the end of september, does anyone know roughly how long this process takes I have itchy feet constantly checking my emails, my final response from lending stream was that they possibly shouldn’t have gave me loan 1 out of 52 I feel so ashamed I got in such a bad cycle of having to borrow month after month sometimes 2 or 3 times a month to cover all my payments I’m just hoping they see this the loans were taken out within a 3 period. Can anyone shed any light on the process and how long I’m likely to be waiting to put my mind at ease thanks in advance :)
A says
Hi jojo,
Mine was similar, been with FOS since beginning of September, got the verdict today, now lending stream have until 28th october to make an offer… If they don’t then apparently it goes back to FOS and it could take a further 6-9 months.
Those that have had offers back after FOS getting involved:
Did lending stream make an offer of the amount suggested by FOS or even close?
Anyone had an offer that they have rejected at this stage?
Their original offer was £146, I took it to FOS and nearly a year later FOS have stated lending stream should pay £5700 +8% simple interest
Robert Newton says
I am also passed the 28 day period (29th day to be precise), they are failing to reply back to the company that is handling my refund for me, this is causing some emotional trauma as I promised my bill providers I would have the cash in my account by the date promised by Lending stream. Lending stream are quick to give you money within 15 minutes or so and even faster to claim their money back with seriously high interest on top and even more interest on top if you fail to pay back ( I never failed to pay back), companies like this should be banned world wide as they do more harm then good to people in need of the money (especially people with addictions), it would not surprise me if they actually fail to do the adequate checks before giving out a loan, this is dangerous, no wonder debt related suicides are on the rise..especially in the UK.
Mike says
Have any of the recent commenters on this thread had their refunds from LS back yet?
Dave Holland says
Yes, I received mine on the 34th day after phoning them 4 times a day. It randomly got paid in to my account at 8pm one evening.
Moan like hell and they do pay up.
Kevin says
Hi Sara mine got sorted with the FOS on the 19th September I have to wait 28 days for pay out so I phone lending stream last night and they asked for my bank details and said that the 28days starts yesterday so I was so angry I have to phone the FOS on Monday because my 28 days are but on Thursday so I will keep you informed on how I get on
Ben says
No need. They’re chatting nonsense. If the 28th day arrives then escalate to FOS who will pressure them into paying.
My refunds in the past have arrived on 25-27th day (i’ve never phoned anyone, bar confirming bank details, left them alone).
I’m on day 25 of Lending-stream, it’s due Monday. I’ll be ringing FOS on Tuesday if it’s not arrived. One communication from them and they’ll act.
Jack Dann says
I wouldn’t get your hopes up. The Ombudsman told me that there isn’t anything they can really do.
Kevin says
Hi Sara I have just phoned the FOS this morning and the new trick they are pulling that means I have to wait not 28 days but 55 days is that they sent an email to FOS which she replied with my bank details and said you do not need to do anything else just wait the 28 days so last week on 24 days of waiting I phone the FOS to see if everything was ok and she said it was but if I want to phone LS I can so I did and they asked me for bank details so I said the FOS has done that for me yes but we also sent you an email for you to send us your bank details so 28 days is reset so I phoned FOS back and she said sorry because they have changed the way they do things again and we also should have responded to the email for bank details so nothing she can do about it so be aware because I now will not get my refund until 7 November it is very shocking that a firm can do this to people
Jojo says
So today I have had a letter from the adjudicator upholding loans 3-45…..
My question is how likely are lending stream going to agree with this decision has anyone ever had them disagree and have it go to the ombudmen?
Thanks in advance :)
Darren says
Hi all.
My refund was due by 10pm yesterday, Wednesday 16th October, 28 days after my date of settlement. I had called Lending Stream on Monday 14th who assured me this would be the case and agreed that we were on the same page.
10pm yesterday came and went and (surprise, surprise), no sign of my redress. I emailed Lending Stream last night, cc’ing FOS, and with no response by 8.30am today (Lending Stream are open from 7am), I called.
LS advise that there is a ‘technical issue’ with processing payments at the moment and I am not the only one to be affected. I can now expect my refund within 48 hours. Whether or not this is a legitimate excuse, or I am just being fed rubbish, remains to be seen.
Just a heads up for anyone else expecting payout in the coming days.
Cheers.
Mike says
In the same boat as you Darren, I called them yesterday as I was guaranteed (they did actually use this term) to have my pay out by 10PM tomorrow evening. Which is weird as 28 days is up today.
Mike says
Actually just been paid by Lending Stream moments ago.
Darren says
Happy to hear it, Mike. No such luck on my front – now on day 30 and after at least 5 calls to them in the past 48 hours.
Joanne says
Mike and Darren, I went through the FOS and had to wait until day 28 too. I rang them on day 29 and said they are breaking the agreement of paying out within 28 days. I stuck to the facts and said they should follow procedure and pay me out the agreed sum , I wasn’t but said if my money isn’t in my account by an hours time I won’t be able to pay my rent and will be homeless. By the time I was off the phone after 10 minutes the money was in my account. Hope this helps
Darren says
I think I’ll be playing that card this morning, Joanne. Day 30 and no further forward. Was fed the same nonsense on each of my phonecalls to LS yesterday. Glad to hear you got what you were owed.
Christy says
Hi! Do you get your payment from LS?
Darren says
Nope, still nothing. Have called LS twice this morning and they advise it will definitely be processed today but I’ve heard it all before and not holding out much hope.
Angela says
I’m in the same boat as you Darren I was meant to receive my refund by 10pm on the 16th and was then told I’d have to wait another 24 to 48 hours. I’ve just phoned again just now and have been told it’s going to be another 24 to 48 hours. It’s a joke !!!
ben says
With my multiple refund cases against the likes of Quickquid and LS, i made a point of not harassing prior to the 28 days being up. I did a courtesy call on the 27th day with LS to confirm payment will be made “tomorrow” – I was told Friday. I Called today (day 29) and i was told Saturday or Sunday due to the sheer volume of refunds they have.
I’ll call up Monday and demand is be escalated. I’ve also contact my FOS rep (who’s been super helpful i might add) to apply mild pressure.
Not in a mad rush for the money, but now it’s the principle of them missing the deadline which has knee jerked me into the above.
Patience.
Ben
ben says
Last night i got an email to say my refund had been paid. That polite nudge to say they’re one day late did the trick.
Angela says
Did you get your refund yet Darren ?
Darren says
I have now, Angela. I did get the “another 24 hours” nonsense from them when I last spoke to LS on Friday, however, the funds went in at approx 20.30, Friday evening – 2 days past my deadline.
Any luck with you?
Angela says
No nothing Darren, glad you got yours though. Day 33 now
Kevin says
Hi just a up date after 30 days I got my refund thank God it has been like pulling teeth with this firm LS I got £13000 less £500 for HMRC good luck everyone remember to give your bank details in even if the FOS has because they use every trick in the book not to pay you
Sara (Debt Camel) says
£13,000 !
Kevin says
Yes I had over 6 years 63 loan and FOS upheld 4 to 63 because there was no brake in a full 6 years so do not give up
I had a very bad gambling problem so I would chase money all the time I would take out pay day loans to pay pay day loan this when on for 7 years I have not gamble for well over a year and never will my I icing on the cake is I will see the benefit of the money now instead for gambling it and thank you for your site because I would not of done this if it was not for reading other people with gambling problems I still have other claims with other payday loans but lending stream was the biggest one
Matthew says
I had 24 loans from lending stream in the matter
Of 5 years always taking one out after repaying another I made a complaint to lending stream and was offered 246 pounds after a total amount of 8-9k of borrowing, that’s not what I paid back that’s what I borrowed! I’ve gone down the fo route can someone give me a time frame on how long before I get any news from them?
Terry says
Read all of these comments and now not quite sure if I’m going to get paid…I’m on 18th day out of 28 and my refund is £2578.97….is it time yet to start giving them a nudge ??
Terry says
Day 23 and paid in full…
H says
Hi,
I was rejected by Lendingstream end of sept, submitted complaint to FOS same day. a few days ago i received an email from FOS asking for Bank statements, details of loans and my customer number along with any correspondence that i have had between myself and lendingsteam.
Does this mean that my case has been picked up by somebody at FOS or is this just a standard reply that you receive from FOS, its just its only been a month and i see some people waiting 6 months before they hear anything.
Im hoping with the collapse of Casheuronet, perhaps Lendingsteam cases will now be looked at a bit quicker.
Any advise will be helpful
Thanks
H
Jojo says
Hi H,
Usually when they ask for your statements etc it usually means that your case has been picked up by an adjudicator.
My case was handed to the ombudsmen and picked up by adjudicator after a month they seem to be get on with things alot more quickly.
I accepted my offer on thursday I’m just waiting to hear back now and have some confirmation of my 28 days I have already confirmed bank details directly with lending stream. So fingers crossed it wont take long…..
Hope this helps :)
H says
Thanks for your reply :)
If you don’t mind me asking, when was your case picked up by an adjudicator?
Thanks
H
Jojo says
Yes sure my case was passed on beginning of August and my complaint was September 23rd it’s not taken too long at all. It’s just the waiting game inbetween and alot of patience.
Dane says
Hi,
I have had a recommendation made by the FOS adjudicator that 5 out 10 loans should be refunded. They have given deadline of 12th of November 19 for LS to respond to their decision. Based on other peoples comments above, it seems they wait until the last day to respond. Is this still the case now they have had so many cases sent to them?
Thanks
Andrew says
Does anyone know why it takes 28 days to refund? Is this the law that they can take this long? They can make a faster payment right away so surely if found they are required to pay out would be quicker just doing them right away? With quick quid collapsing I am worried the delaying tactic is because they are running out of funds to pay out.
Joanne says
Hi everyone, Lending Stream paid my redress 3 weeks ago after my complaint went to the FOS. The FOS picked up my case in August around 3 weeks after i complained to them. Today I’ve had a letter from the court to say my CCJ associated with the redress has been set aside.
Just thought anyone who has a CCJ with regards to payday loan complaints to also ask for the CCJ to be set aside. The payday loan companies will pay the costs to the court and it dosent get taken off your refund.
Sara (Debt Camel) says
Great result for you.