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.
Andrew says
Does anyone have a direct contact for Lending Stream? They are no longer responding to emails, used web chat and called and they won’t speak to me because I don’t match the security they hold. I haven’t had a loan with them since 2013 so have no way of knowing what they have. The case has been agreed with the ombudsman and I want to check they have my bank details as been nearly two weeks now and they still haven’t asked. Know they get 28 days but after reading above they are going to say don’t have them on day 28 no doubt to stall. Ombudsman won’t take anything to do with it saying need to wait 28 days!
Dale says
Evening all. Just wanted to post my experience with Lending Stream
1. Complaint raised 25 April 2019
2. Rejected by LS 1 July 2019
3. Sent to FOS 1 July 2019
4. FOS picked up 7 Aug 2019
5. Adjudicator ruled in my favour 17 Sep 2019 (gave LS to 1st Oct to reply)
6. LS agreed with decision 1st Oct 19
7. Sent acceptance of offer to adjudicator on 1 Oct 19
8. Sent bank details to LS on 1 Oct directly
9. Called LS on 3 Oct who confirmed they had the up to date bank details
10. Emailed LS 27 Oct courtesy email to say 28 days approaching
11. Received funds today – 29 Days just under 3K
I refrained from bothering them too much over the 28 days, I did call them this morning to say thet were a day overdue and then followed up with an email to let them i know I had informed FOS of the delay. Funds arrived around 6pm this evening
I missed out with QQ like a lot of others last week, also The Money Shop, WDA and Wonga, so this one was a worry but 29 days seem to be quite a common payout date for LS. Good luck to everyone else waiting.
Andrew says
Hi Dale
What are the email details you used for them? I got a bounce back email couple weeks back saying they no longer use emails and to call or webchat but both these methods won’t speak to me as I don’t pass security. I can’t remember my details they have as long ago. Ombudsman won’t contact them until full 28 days are up (7 days left)
Dale says
Hi Andrew,
All emails came from/ went to – complaints@lendingstream.co.uk
Best of luck
Dale
Andrew says
Thanks Dale
Sharon says
Hi,
I have raised my complaint with LS about my loans and asked for a list of them. They have provided the list but not replied to my complaint of irresponsible lending to me, what should I do now please?
Tia Sharon
Sharon says
Just an update as to where things are up to with my complaint.
1. Raised complaint 5th October 2019
2. Received email 21st November 2019 from LS rejecting my complaint
3. Sent to FOS shortly afterwards, FOS contacted me 2nd December 2019 asking for credit file and bank statements
4. 9th January 2020 adjudicator confirmed LS should not have lent me loans 2 to 42 and have said to LS they should refund charges, give 8% interest and remove any negative information from my credit file, they have until 23td January 2020 to respond.
Briefly worked out how much interest I paid, its approximately £7200 just need to work what what the extra 8% would be so if they make me an offer I know its correct or does anyone know if the FOS will know if the offer is correct please?
Tia x
Robyn says
I had my response from lending stream today at the 7 week mark, they rejected saying they’ve done nothing wrong. They sent a 24 page response to me (I printed it off to scan and attached to my FOS complaint) obviously trying to just palm me off. I had 37 loans and they listed EVERY single loan to say each was affordable and they weren’t irresponsible. To be honest, their response is laughable. They said that because my loans were all paid off and some I paid off early, that it was clear they were affordable. However I used to pay off early because I needed to borrow again, so I was getting loans from several lenders and basically was robbing Peter to pay Paul. Surely to them if someone pays off a loan and then borrows again with a day or so, it shows that they are in hardship, I have sent straight to FOS so fingers crossed.
Jojo says
Soooooo I’m on day 14 out of 28 waiting for payout, yesterday after reading through some of the comments on here and on trustpilot I decided to leave a review of my own. After doing so strangely I recieved an email from lending stream stating my refund had been initiated. Feeling quite annoyed I called them to make sure they were not taking the 28 days from this email and that it was in fact from the day of acceptance. I explained that I am really quite worried from the reviews and the things that I have read about there process on refunds. I was assured that it wont be the case and that it will be paid “very soon it’s with the accounts team” weather he is telling the truth or not is another story just really hope i dont have to wait past the 28 days has anyone been paid early recently??
Andrew says
I am on day 25 and haven’t heard anything from them yet. Tried to email the address they send from and been told it no longer is used for complaints. Tried calling and they won’t speak to me about it as still within 28 days. Just left a bad review on trust pilot as this has been ongoing since June when they offered me a fraction of what the ombudsman said should get and we agreed on but unfortunately that time hasn’t counted for anything.
Al f says
I saw your review on trust pilot ( I think it was you). Any luck with the refund? I’m on day 22 and all they keep saying is ” it will be in your bank within 28 days”.
Sick of being palmed off…. I just want my money so I never have to deal with this company again
Jojo says
What I dont understand is that’s how can they pay others within days and then make other plainly wait the 28 days or more it’s disgusting, pay outs shouldn’t take this long I was told that mine will be paid very very soon as it is with accounts I will call then today and find out where it is it’s been with accounts now for over a week surely they shouldn’t take that long?!? Its terrible day 19 :( il let you know how I get on
Andrew says
Day 28 today and still nothing, left another bad trust pilot review as people need to know how bad they are. Haven’t even had a call or email to check where it’s to be paid to or when. Emailed Ombudsman who haven’t responded either so seems these companies get to do what they want timescale wise.
Al f says
That’s shocking.
I left a negative review on TP and then called LS this morning, they’ve said they will put me through as a “priority” but can’t say I have much faith to be honest. Hope you get your money soon!
Seems they can take as long as they want and there’s nothing we can do it about it. I have a solicitor involved with my claim so I was hoping that may provide some sort of security in getting my payment on time, starting to doubt it now though.
Andrew says
Still nothing day 29 no excuses won’t even talk to me now just ignoring my requests. Ombudsman chased yesterday and heard nothing from them either in regards to the reason it’s not been sent. Really don’t know how they get away with it. Have left 2 bad reviews on trust pilot as well and hasn’t made them go any quicker.
Does anyone have a contact number or email address they will actually respond to?
Andrew says
Called the ombudsman who have now chased as well but still no response back. Seems some people can get refunded quicker than others
Dane says
Hi Andrew,
Call this number: 02033650138
This is their complaints department. I am on day 8 and have been told that it usually takes 10-14 days to receive the funds back into my account, i’m not holding my breath but i call them on a daily basis for updates.
good luck
Al f says
Strange how some people are told 10-14 days buy the rest are told 28. When I asked for an update they just told me to be patient and the usual ill put you down as a priority lie.
I’ve even asked to speak to the complaints manager but was told they weren’t in
End of day 25 and still nothing. Think it will result in court proceedings
Andrew says
Brilliant thanks Dane. Will give it a bash, still nothing in my account as yet. Ombudsman said give them another couple days but don’t see why they need that.
Annon says
All,
Thought I’d clarify what happens. I received an email from the FOS on Thursday 6th with my offer from Lending stream of £1.2k. I called them up and accepted it and asked them to send LS an email whilst I was on the phone to accept. Lending stream had contacted me a couple of days prior to confirm my bank details. On the same day I then called up Lending stream to confirm the acceptance and asked how long it would take. They said it’ll be within 28 days, I have called up everyday since and asked to speak to someone more senior who said that it usually takes 7-10 days but can’t guarantee.
Last night I sent an email to LS saying if the money is not in my account by the end of this week (which would be 8 days) then I would write a negative review on trust pilot. Shock – it is immediately in my account this morning!
Nicholas says
What department did you email
Al f says
DAY 24:
Called lending stream this morning… “please be patient”…. “I will put you down as a priority”.
Have I not been waiting long enough? (18 months+).
Should I not be a priority as you have taken money from me that was unlawful?
Sick of this joke of a company. I have used a solicitor to get this fair in the vain belief that it would as a bit more punch to my case, thought I’d get my money in a timely fashion… Clearly I was wrong.
Once the 28 days has elapsed what comes next? In cases I’ve read about FOS seems to fob them off.
My solicitor said it would need to go back to FOS and could take as long as 9 months…
Had enough…
Sara (Debt Camel) says
Going through a Claims Company is certainly not any faster. They don’t have any “punch”.
I hope your refund gets paid out soon.
Andy says
Has anybody actually been paid out lately. ? I’m in day 18 today left a bad review 5/42 at minute
Jojo says
Nope day 20 today called lending stream yesterday, I was so upset they dont care, I told them that I was really struggling financially and she actually laughed….. I asked her why she thought it was funny that at the minute I cant live from one day to the next?, she was adamant she didint (I’m a liar as it goes too) disgusting so apparently she has noted it down on my notes (doubtful) I have left a bad review on trust pilot and will continue to every day.
It’s a joke some people wait a matter of days some people wait the full 28 and others go beyond that all I know is I dont want to wait another day :,(
Sara (Debt Camel) says
I suggest you put in a Subject Access Request to LS asking for a copy of the phone recording yesterday.
Jojo says
I have sent them a complaint email in regards to it and for them to actually go back and listen to the telephone call, doubt anything will come of it thou I have never known anything like it :(
Sara (Debt Camel) says
Add to your email that you want a copy of that recording. It’s your right under GDPR rules. Let’s get some hard evidence of this that can be disputed and also shown to their regulator. This should never have happened.
Jojo says
Ok I have done that also
Andrew says
Can you advise the email address you are using as the one I send to gets a response saying they no longer use it but if it’s an ongoing complaint they will but need reference( this is on every email) so don’t know why they are ignoring them
Jojo says
Yes the one I have sent it to is the one that they have been sending emails to me through its complaints@lendingstream.co.uk I haven’t had any bounce backs etc…. however I have heard through posts on here that there is a possibility that they block people. Give it a go but I definitely haven’t had and mail not delivered responses hope this helps :)
Andrew says
Yeah that’s the one I was using they keep sending a message back saying it’s not used and if a complaint use the tracker which I am. Also when I phone and give the reference they won’t speak to me. Driving me round the bend
Michele says
I did not go through the ombudsman- I set out my complaint and eventually they made an acceptable offer. When they didn’t pay out, I issued county court proceedings so they had to pay the issue fee and additional interest on that. Money credited to my account the day before the response to the court papers was due with an apologetic phone call – they ended up paying more due to their sloppy complaints handling and slowness to pay out. If they have accepted the Ombudsman’s decision threatens them with court proceedings with seven days and see if that shifts them up a gear or two. This approach does not suit everyone’s complaint but if you are getting the runaround send them a warning letter if court proceedings and additional costs and see if it helps grease the wheels. Good luck
Jojo says
That’s truly awful Andrew I suppose it’s just a case of waiting I’m not going to lie thou having an awful day today….
Al f says
Day 26
Just called lending stream. The advisor on the phone guarenteed me that it would be in by Friday…. Then quickly said “is there anything else I can help you with” and before I could say anything he said bye and put the phone down.
Andrew says
Can anyone recommend what kind of legal action can be taken or what alternatives there are to get this refund? Ombudsman aren’t interested it seems even though now at 30 days. Lending stream won’t rush the payment. Looking for some sort of scare tactic to give them a kick up the arse, takes seconds to make a transfer they are purposely not doing it for whatever reasons.
Dane says
I have just added all of the CEO’s, CFO’s and other directors on LinkedIn. I am now going to bombard them all to ensure my payment is made today!! Try it 🤪
Andrew says
Haha great idea. Really don’t see point into the ombudsman not taking anything to do with it now. They get them to agree an amount then say can’t get them to make payment
Andrew says
Hi Dane
Do you have a list of al the names you have? They are failing me on security now when try to talk to them ( date or birth and my name) just an excuse not to speak with me it seems. Have emailed Chris Deboer 4 times now and not one single response. Hope your having better luck.
Dane says
Hi mate.
I have added
Chris Deboar
Anshul Argawal
Sinita Patel (secretary to the ceo)
Nothing in My account yet but have called them daily for updates and have emailed everyone multiple times I am currently doing a few checks to find the names of people in the accounts and finance team as we speak so I’ll update you if I get anywhere
Andrew says
Brilliant cheers. I was raging with them failing me on security so emails will be only route now it seems. Ombudsman are no help at all, have given them another 2 weeks to get back even though they haven’t in 5 already.
Leigh says
Hi
Did you manage to find email addresses for anyone other than Chris Deboer?
Jojo says
I’ve forwarded the email I sent yesterday to the CEO as I haven’t had acknowledgement from them that they have even recieved it in the hope maybe things will get moving a little more also still leaving trust pilot reviews…. it just isn’t right :(
Al f says
Do you have the CEOs email address please?
Dane says
Yes i would like the email address too please jojo.
Sara do you have it at all?
thank you
Al f says
lending stream CEO
chris.deboer@global-analytics.com
No payment after 28 days = County Court action form N332A. LS then have 14 days to pay or it goes to bailiff
Jojo says
Sorry for the late reply I confirm that is the email address I have used and surprise surprise replying to the forwarded email I sent to the CEO, lending stream have just responded saying they are going to look into it and listen to the phone call and get back to me within 48hours.
So it must be the right email.
Al f says
EVERYONE!
I emailed the CEO 2 hours ago saying that if my payment wasn’t in my bank within 48 hours (my actual 28 day deadline) then I will be submitting form N332A County Court proceedings for the amount owed, plus added interest and fees.
2 hours later the money is in my account.
Good luck to those still awaiting payment, hope you get it soon!
Sara (Debt Camel) says
oh well done… was that a final decision from an Ombudsman or an adjudicator decision you had?
Al f says
Adjudicator decision
Sara (Debt Camel) says
ah… well actually you can’t enforce that in court, but well bluffed!
Al f says
No but you can take count court action with form n322a which then gives them 14 days to pay before bailiff action.
Sara (Debt Camel) says
No, that form is only for enforcing a Final Decision from an Ombudsman which is legally binding on the firm. See https://debtcamel.co.uk/enforce-financial-ombudsman-decision/. It shouldn’t be used for an adjudicator decision. I don’t want other people to misunderstand this.
Al f says
Oh ok, that was where I got the into. Clearly misread it… Sorry everyone!
Andrew says
I have emailed the CEO now with the details about and said 31 days since the ombudsman decision was accepted by them. Been 3 hours now and still nothing back as yet or account credited.
Andrew says
Ombudsman has just told me there’s nothing they can do, they have gone back advising given them another 2 weeks and if they don’t respond nothing much else they can do. CEO has ignored my email so doesn’t look like I will be getting a resolution anytime soon. 31 days and counting, numerous trust pilot comments and emails to complain as well.
Emma says
Hi all, how long have people waited for LS to respond to adjudicator decision? Mine is now nearly a week over the deadline. I emailed my adjudicator who replied saying they had until the close of play 26th November (not sure whose account he was looking at but it wasn’t mine as that’s not the date on the letter sent to LS). He also added that even if they don’t reply they will probably require a few more weeks. This is my last complaint so was hoping for it to be over and done with by new year!
Andrew says
I am on the 32nd day and not heard anything. They ignore my emails, calls are not dealt with and even emailed the CEO who hasn’t even responded. Left bad reviews on trust pilot also and still they haven’t come back to me.
The ombudsman advised could take months as there is nothing they can do other than chase as well. I am very doubtful I will see this money if am being honest
Emma says
Is that for them to accept the adjudicators decision? X
Andrew says
That was accepted and they are then given 28 days to pay that out. They haven’t once got in touch with me or the ombudsman in 32 days now. I read above about emailing the CEO and he has ignored it also. Just a poor company when comes to customer service and get away with it so will continue to be bad.
Andrew says
Finally after 35 days they have paid out!
Brian says
Just had an email from the adjudicator stating they arent going to uphold my complaint as the information LS sent to them doesn’t suggest the loans were unaffordable.
Now I have requested LS send me this magic information that paints me in a very different light financially but they kept refusing to send it to me (I had my suspicions it didnt exist) but now the adjudicator is dodging my questions when asked what information they have and where from?
My question is, do they (the FOS) have to provide me with this information (as it’s about me) under GDPR? I’ve been fed “It’s commercially sensitive” by LS previously. I would really like to know what they are looking at before I send to the ombudsman.
Thanks
Sara (Debt Camel) says
Have you sent LS a Subject Access Request asking for a copy of all your personal information?
Can you summarise your borrowing from LS?
Brian says
I sent the SAR back in August. They sent back an email saying they did some checks. Then when I chased the copies of the credit reports I was sent an email which included the line “We would like to inform you that the data you requested is commercially sensitive that is used to conduct rigorous affordability assessments for all of our customers on each and every loan application. However, we would not be able to share that with you” (which in itself is a joke as the adjudicator said he wasn’t upholding as they didn’t need to do in depth checks).
First loan was for £500 in August
Second was for £1,000 in November (3 days after paying off loan 1)
Also, even though I applied for £1,000 they decided to up the amount to £1,240 (which I obviously accepted)
In between the first and second loan I took out further loans of £2,500 from other PDL companies.
At the time of the two loans credit outgoings (all visible on my credit report that they say they checked) totalled £1600. LS Used £1000 as my other outgoings (wildly inaccurate but nevertheless) totalling £2600. Then they gave me a loan with repayments of over £400.
Now I can understand for the first one they may be less inclined to do in depth checks for £500 but £1240? That seems like it may warrant a few more checks….and therefore a decline for me!
…..apologies for the long post
Sara (Debt Camel) says
That is well worth taking to the Ombudsman because of the large second loan.
Brian says
Yeah will definitely be sending to the ombudsman.
Frustrating part for me is not knowing what I am arguing against though as I have no idea what info they are using to make their decisions.
After the adjudicator being very quick to reply 4 times today when I say I want the information sent over he has all of a sudden gone quiet.
Rob says
What is the process of the FOS? I’ve sent initial submission and had an email from someone at FOS asking for bank statements, email correspondence, credit report etc…. what happens after this? Do I then wait for it to be given to an adjudicator?
M says
Hi, I have had a complaint upheld with adjudicator for a number of loans with LS. LS wrote to me on Friday saying they had responded to FOS. I rang FOS today and they are saying no response has been uploaded yet. I rang LS out of noseyness today to see how much they offered and if they emailed or sent a letter. (They emailed) anyone any idea how long it takes the FOS to upload the reply and respond to me? I feel this is really slowing things down when I could really be doing with the refund.
E says
Good luck – LS told me the same thing a couple weeks back and then FOS said they never had it. When I queried this with LS they said they hadn’t responded yet and had made an error telling me they had. I now haven’t heard anything in weeks – 6 weeks tomorrow past their deadline to respond. LS have stopped responding to my messages. I really hope they have responded to your adjudicator x
E says
Hi M, did you get your offer. It was really bizarre – after I replied to you I had an email from LS saying they had now responded to adjudicator. This morning I had an email with my offer x
M says
Hi, still nothing! Great you got yours through, hopefully you will get it processed quickly. I rang FOS and they seem to be getting a bit frustrated with me lol. They said they will be in touch when it has been scanned to their system? Rang LS again to confirm and was told same info that was emailed to FOS on 6th December x
E says
Surely it doesn’t take a week! I had my email from FOS the day after LS emailed them. Suppose it’s hard to decipher which one is lying. Keep on at your adjudicator- I emailed my adjudicator and cc’d In the short term lending email as soon as I was told by LS that they had responded. I also emailed LS straight away with proof of bank changes as not to delay the payment.
M says
Thank you.. I will maybe try them again later lol although they make me feel like I am annoying them. Fingers crossed as it just delays the whole process.
Rob says
Just let everyone know, I referred my lending stream complaint to FOS about 3 weeks ago after they rejected my complaint, it was picked up on Thursday by adjudicator who rang me to say she is now weighing up both sides and will get back to me in due course. So fingers crossed!!
DBoy says
Had offer accepted by myself and LS have also accepted too, 28 days I’ve been told to wait. 1700 would be nice before Christmas but not holding my breath!!! On day 9 so far
Mark says
I accepted the offer from Lending Stream of 2.6K on 22 November 2019
Lending Stream confirmed this in writing on 27 November 2019
Refund Arrived in my account 17 December 2019
The core stages is approvals team once they have written to you, then it goes to the refund teams. I must say I called up a couple of times to check it was moving through the stages. They were polite and clear at all stages. I was delighted to have the money in my account well ahead of their deadline of 23 December 2019
River says
In regards to offers from Lending stream, Ive seen a lot of comments from people staying that they recieve terrible offers. I was offered 53 loans within 16 months in between 2016 and mid 2017. These totalled 6k and with interest was closer to 8k. At the time I was on 13k a month, 21yo running house on my own, I ended up taking loans out all over and got into a awful spiral which all started with these lending stream loans. Is this worth taking to the FOS as today is the end of the 8 week complaint period
Sara (Debt Camel) says
If you haven’t had a response, I suggest phoning them up and asking when you will get it. But you may well get a poor offer…
Danny says
This is in reference to the FOS complaint received from [a claims company] on your behalf (FOS Ref: PNX-3264893-N4J0; Our Ref: 5695679).
We understand that you are concerned for the refund.
We would like to inform you that we have already initiated the process of refund and it will be processed within 28 days from the date of acceptance i.e 3rd December 2019.
Hence, you can expect the funds no later than 31st December, 2019.
We hope the above helps.
If you have any further questions or would like additional information, please contact us on 0203 365 0138 between 7:00am – 10:00pm (call charges apply). 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
I’ve had a reply
A K says
Hi Danny,
Did you get ur refund per the date in the email from LS?
Thanks.
Vee says
Hi Sara
Need some advise. I had put in a complaint 6 months ago and the complaint was declined by Lending Stream. Tomorrow is the last day to put in the complaint with the FOS. Should i put the complaint to FOS now? The deadline is in 1 day? How likely is success with FOS
Sara (Debt Camel) says
Unless you only had 1 or 2 small loans, send it in! It’s easy to do. Lots of people are winning cases. What have you got to lose?
Vee says
Hi Sara
Summited complaint today to FOS. Ill let you know how it goes. Had 56 loans with them in 12 months. Hopefully get some redress back.
Thank you !!!
McK says
Hi, has anyone had LS pay out the refund quickly?
E says
From reading everyone else’s comments they tend to pay out as close to the 28 days as possible. I’m on day 20 now and still waiting.
McK says
It’s awful. Hopefully it happens before the 28 days. I don’t understand as other companies can do it much quicker.
McK says
Hi E, any luck with your refund yet?
E says
Nothing yet – 28 days today so hopefully it’ll be in at some point tonight as I’ve heard they pay late in the day
McK says
Good luck!! Fingers crossed for you!
E says
Still nothing. – day 31! Phoned this morning and they couldn’t even find my account. After 20 mins I gave up as was at work. Phoned again this afternoon and the bloke asked if I’d checked my bank in the last week (ummm yep!) then he told me it should be with me by 10pm tonight. We shall see
McK says
Oh that is not good. Hopefully you get it 2night! The certainly know how to drag their heels!!
E says
Money just entered my bank. My advice is to forget about your redress until you get to the 28 days x
McK says
I got mine also on the 13th which was day 14 after 9pm. I had requested a copy of my phone calls where they suggested I get a loan of I needed money and then there it appears. Amazing what they can do when they want isn’t it!!
Katie mccurdy says
22nd day still no refund recieved, I’ve called a few times for a update and just get told it will be in before the 21st which is 28 days. Not hold much hope out ofr that though reading these comments
McK says
Does anyone know what time of the day LS normally pay refund at? I am sick of checking my online banking every few hours each day lol. They will not give any definite answers over the phone.
Sara (Debt Camel) says
I suggest you check it once a day at the end of the day. And don’t bother at all for the first 3 weeks.
A K says
They paid me exactly on the 28th day. After 10pm.
Grant says
Hi, how do I go about putting a claim in with lending stream please. Or is it to late? All sounds pretty confusing
Sara (Debt Camel) says
not too late! use the standard payday loan refund template here: https://debtcamel.co.uk/payday-loan-refunds/
Louise says
My complaint was rejected by lending stream 29 loans in 8 months, took to fos, injudicator has upheld my complaint and advised lending stream to refund loans 5 to 29 plus 8% interest. My loans where only small £50 to £280 and i always paid off early. I think there was around £120 of interest all took in 2015 so no idea what il get back. Im wondering wether its worth trying with sunny i borrowed from them, but as i paid quickly and nothing was ever over £400, i took 15 loans in 3 months paid back within a week as my wages where weekly, is it worth the hassle?
Matt says
After putting in complaint in July and receiving an offer of a measly 246 quid for 24 loans after filing with the Fos I received another settlement offer of 5k which I’m delighted about today which I accepted, there going to pay for 17 out of the 24 loans I could try to get more but sod it happy days show me the money!
Louise says
Wow congratulations with the offer, im awaiting an offer i expect no more than £150 as payed off early so interst wasnt steep, i was borrowing from 1 lender to pay the other vicious circle. Never again no matter how desperate i get!!!!
Sharon says
Just an update as to where things are up to with my complaint, I haven’t chased anyone throughout this process as they have always responded within the stated time frame although that might change when it is time to pay out.
1. Raised complaint 5th October 2019
2. Received email 21st November 2019 from LS rejecting my complaint
3. Sent to FOS shortly afterwards, FOS contacted me 2nd December 2019 asking for credit file and bank statements
4. 9th January 2020 adjudicator confirmed LS should not have lent me loans 2 to 47 and have said to LS they should refund charges, give 8% interest and remove any negative information from my credit file, they have until 23rd January 2020 to respond.
5. Received an email from LS 22/01/20 stating they have responded to the FOS and they have made me an offer of £9300! I have emailed LS to confirm bank details which they still hold on their system and confirmed acceptance of the offer to FOS.
Nick says
Hi Sharon – could you let us have an update please? I don’t suppose you have been paid yet? Could you let us know when you are. I’ve just had adjudicators response (upholding 28 loans) & am wondering how long the process might take from now. Am desperate for the money to clear remaining debts.
Sharon says
Hi Nick,
I am still waiting for my money, confirmed bank details and accepted offer on 22nd January, I expect to receive it by 19th February, will let you know once I receive it
Vee says
Hi Sharon
Have you recevied your redress? Could you tell me how long it took for LS to respond to FOS?
Ian says
Hello, I’m a first time message leaver-er but I have been coming to this site for a while now and first off i’d like to say that Sara, this site is brilliant and it’s given me so much confidence to fire off emails to so many companies I’ve used in the past.
I like many others have put in a complaint for Lending Stream, but I’ve noticed that people are saying that LS have quoted 28 days until they get a response? all the correspondence I’ve had stated 56! has anyone else had this?
Cheers
Sara (Debt Camel) says
the 28 days is normally until they pay you after a settlement is agreed. the 56 days is the time you have to wait at the beginning before sending a complaint to the ombudsman.
Iulian says
Hi all. I would like to put a complaint against Lending Stream. Can I use Resolver or not? What is the best and fastest way?
Thank you
Joanne says
I used Resolver with them and they didn’t reply within 8 weeks. I went straight to the FOS and explained what happened, supplied them with my credit file and circumstances at the time along with saying I contacted them through Resolver and directly to their and had no response with copies of my emails and screenshots to show they didn’t respond through Resolver. Once I contacted FOS I had a response from FOS within 3 weeks and had a pay out from Lending Stream in 6 weeks. lending Stream told me it can take up to 28 days to get the redress and it literally took 28 days .
Sara (Debt Camel) says
I think Resolver can slow LS complaints diown. the faster way (if irritating) is to go through their cpmplaint form: https://www.lendingstream.co.uk/contactus-step2/?sel_val=customer
chris c says
I also tried resolver initially and I was sent back an email which read
“Dear Customer,
Are you trying to reach our Customer Service department? We no longer use this email address for new communications. Please visit http://www.lendingstream.co.uk/contactus instead.
If you’re trying to contact us about an ongoing or past query, we’ll need your original Ticket Number to identify it. You’ll find your Ticket Number on the original email we sent you when you first raised the query – please reply directly to that email to help us identify your query.
Please do not reply to this message as we will not see it.”
I would say its far better to message them directly through their site I had to go through the long wait and FOS but am now expecting slightly less than 4k for my trouble I literally copy and pasted my resolver complaint into their message window.
H says
Complaint made: 01 SEP 2019
Rejected: 24 SEP 2019 (complained to FOS same day)
Case picked up by adjudicator: 23 OCT 2019
Adjudicator decision: 13 DEC 2019
LS Agreed: 30 DEC 2019
Refund Received: 27 JAN 2020
Thank you Sara for all of the information.
Stephanie says
Hi what time did you get the funds. I am still waiting for mine, they said 28 days from 2nd Jan.
H says
It arrived around 6pm on day 27. When I spoke with them on the phone they told me they had up till 10pm on day 28 and even though they had my acceptance on the 31st at 09:00 in the morning that day was not counted. Never actually imagine I would get anything but £3.5k for sending a email is most definitely a bonus! Helped me so much and now I’m completely debt free! 4 years of the vicious circle. Can finally get my life back on track.
Does anybody have any information on claiming the tax withholding back on the 8% interest.
Cheers
Sara (Debt Camel) says
for tax see https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/
sam says
Hello Stephanie
Did you get yours last night or still waiting toda being the 28th day?
Sarah says
I got a loan through Lending Stream years ago and then again and again and I couldn’t afford to pay it back. I’m still paying this back each month as keep getting debt collector letters.
Is there a way to make a claim, how and is there any point?
Sara (Debt Camel) says
Hi Sarah, was this your only loan from them or did you have other ones that you had repaid?
Sarah says
The first I got was in 2013 I have all the e mails but can’t remember if I took out more than one with them but basically the loan remains and is still at £434. I can’t log into the account on their website anymore as I assume they sold my debt to someone else who I pay each month. I got slot of payday loans and would have 100% got another to try and pay this at first just can’t confirm if it was with them.
Sara (Debt Camel) says
You can send Lending Stream a message saying you want to make a Subject Access Request asking for a list of your loans and all the payments you made to them. Send this through their Contact page https://www.lendingstream.co.uk/contactus/.
If you only had 1 loan, it’s probably not worth complaining. More than 1 is.
Louise says
Is it normal for lending stream to respond to fos on the last day!!! So frustrating… The injudicator upheld my complaint and gave til today for lending stream to respond, called injudicator and lending stream no response as of yet, LS advised they have til the end of today, but if i didnt call i doubt anything would be done. I forst logged this complaint beginning of September last year. Its not even allot of interest less than £200 its my credit file i want adjusting if anything.
sam says
no its not, they waited till the last day for mine but did reply.
you should recieve something back today, would be anytime though
Kate says
Hi
I complained to LS on 11th January 2020. Received an email on 24th January with a list of loans I had taken etc.
My complaint is around affordability and also the fact they approved me for loans when I was in a protected trust deed which had appropriate checks been carried out I would not have been approved. What do you think the chances of them making an offer are?
Matt Innes says
I had an emails saying that lending stream was gunna with hold 20 percent of my settlement for hmrc purposes am I going mad or can someone help me with this please?
As part of HMRC regulation, we are required to withhold 20% on the portion of the refund deemed to be statutory interest on interest. We will provide you with the interest certificate that will confirm the tax withheld and your net refund amount
E says
This is only on the 8% simple not on your whole redress amount. They should have broken it down in the email?
Tom says
Hi All ,
Just wanted to share some details regarding my claim with Lending Steam . I have sent the complaint on the 23rd of September and received a final response from LS on the 9th of November .They have only upheld one small loan and offered just over £150 ( have had over 40 loans )I have than submitted my claim to FOS . Adjudicator has picked um my case on 13th of December .Received the response from FOS on the 17th of December requesting LS to refund over £7k .LS came back agreeing with adjudicator on the 3rd of January .I have accepted the offer on the 6th of January and confirmed my bank details at the same time .My refund was due to be processed within 28days ( due date was 3rd of February ) .I have received an email from LS today to confirm that the refund has been issued today .Funds hit my bank account shortly after the email .Big thanks to you Sara and everyone posting their experiences !!!
sam says
4 days early!? christ thats good!
everyoe at the moment i hear is day 28 or late!
Did you chase or call them about it?
RoB says
Hi can I just ask you guys, did lending stream ask for confirmation of your acceptance from your adjudicator? My adjudicator said on her final email that she asked lending stream to settle direct with me however they’ve said they can’t process it until they receive a settlement form acceptance from her?
sam says
yes, your adudicator would have emailed lending stream to accecpt it.
check with them they have
then check LS have their email.
Tom says
Hi Rob ,
I have confirmed to adjudicator.As far as I know they won’t do anything until they get the feedback from FOS .
Tom says
Hi Sam ,
I have called them once a week , they gave me the same reply that refund will be made within 28 days , I have not bothered with another call this week .One advisor told me that they are busy processing the claims and each claim is in the queue. It is worth noticing that they will send an email confirmation when they submit the refund ( don’t need to check your bank balance every 5 minutes ) .Good luck !
Shaun says
I submitted a claim in 2018 along with Wonga & Quick Quid.
Lending stream reported that they were not unaffordable, even though it was clear I was being lent irresponsibly.
Anyway, they send back a response in August 2018 rejecting the claim. I didn’t go back to them at all, or take it further. Can I now reinstate my claim as I was accepted to a claim from Wonga?
Thanks
Sara (Debt Camel) says
This is probably too late, you should have gone to FOS within 6 months.hen,
BUT some people were sent rejections by LS that did not tell them they had the right to go to FOS. Find your rejection email. If it doesn’t mention that you can go to FOS, then you still can :)
Shaun says
Damn, they put the disclaimer in the email:
You have the right to refer your complaint to the Financial Ombudsman Service, free of charge – but you must do so within six months of the date of this email. If you do not refer your complaint in time, the Ombudsman will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances. For example, if the Ombudsman believes that the delay was as a result of exceptional circumstances.
I have already resubmitted the complaint anyway, was just trying to work out if they would reject it due to being processed before. However looking at the above, it states that the FOS will not have permission to discuss on my behalf. So putting in this new complaint could reopen the ‘case’ and I can then refer to the FOS? Who knows lol worth a shot!
Sara (Debt Camel) says
well I suppose you may slip through their checks, but now they are entitled to reject any complaint on the grounds they have already responded to you.
Shaun says
I have since received this
We understand that you are not happy with the final response shared in our email dated 18th 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 response remains the same
Should you remain dissatisfied, you may refer your complaint to the Financial Ombudsman Services.
Therefore I have forwarded it onto the FOS. Fingers crossed something comes of it!
Mark says
I’ve been offered a refund through the FOS from lending stream but I’m currently paying a CCJ for lending stream through a debt collector agency, if the FOS has stated I shouldn’t haven’t been allowed those loans in the first place do I have a case of not continuing my CCJ payments????
Sara (Debt Camel) says
Tell your adjudicator about the CCJ – it won’t be a problem. Also tell Lending Stream that you expect the CCJ the debt collector has to be “set aside” (legal jargon for cancelled) and for the payments you have made to the debt collector to be taken into account when they are calculating the redress.
Dani says
Got my refund through today on day 25 at 12pm, very happy :) thank you Sara for all your good advice!
sam says
thats a wierd time! they normally pay late at night!
did you chase at all dani?
im on day 17 and getting nervy!
D says
I’m on day 32 and still no refund. Received an email on 30/01/20 stating that they were in the process of initiating it but still nothing. Was escalated on 31/01/20 and was told would be in my account no later than this morning. Still no refund. Rang them tonight and they said it will be escalated again. This is ridiculous! There must be some legal action we can take against them?
Dani says
I don’t get why they are more awkward with others, could they be holding off refunding people with bigger refunds? Mine was £709
Dani says
Yes I emailed them Friday asking for an update, and weirdly they refunded me today, I thought the time was wierd too.
Mark says
Got my refund today at 6pm on day 28 of 28!
Sharon says
Do they always send you an email when they issue your refund does anyone know please?
E says
I got my email about an hour after the refund hit my bank. It didn’t go in though until day 31 at 10pm.
Sharon says
Thanks E, I’m only day 14 tomorrow so at least 2 more weeks for me, will contact them on day 28 if I haven’t heard anything by then
Cloe says
Just wanted to let people know my timescales from my complaint.
I put in my complaint to the ombudsman on 27th November after Lending Stream rejected my complaint.
I had a decision from the ombudsman advising a refund on 6th January, which was also sent to Lending Stream.
They accepted this decision on 16th January.
I called them on 17th January to confirm my bank details (as recommended in the comments here), and they advised that the refund would be received within 28 days from the 16th, when they received my acceptance from the ombudsman.
I have received an email this morning advising that my refund has been sent, and from checking my bank it has been received.
I didn’t need to chase at any point and refund received on day 22.
Not sure if this is helpful to anyone but I appreciated reading peoples updates as I was waiting for mine to be processed! Good luck everyone.
sam says
sounds like you’ve been a lucky one who they have responded quickly too and paid quickly also!
im on day 21 and waiting for mine.
but they’ve taken a few extra months in repsonding inbetween.
Danni says
So I have been looking to possibly make a claim against lending stream for a period between 2018 – 2019. It would appear that My account has disappeared! I can’t sign in nor can I make a complaint because I’m not a customer! I have tried resolver and got a response stating LS didn’t get my complaint. It directs you to their website but then when you go to make a complaint it alleges it doesn’t recognise my email, therefore I can’t actually make a complaint. Is this a tactic to block the ability to claim? As I have all the emails they ever sent and proof of loans in my email. It’s rather stupid if you ask me it shows that I’m either not actually a lendable customer so they have decided to scrub me off their books or they are trying to make the process extremely difficult to make any direct claims. Anybody else having this problem?
Sara (Debt Camel) says
LS can be difficult but this isn’t a problem I have heard about.
So you have emails from them sent to an email address that they say is not valid when you put it in here https://www.lendingstream.co.uk/contactus-step2/?sel_val=customer – is that correct?
Danni says
Yes I have a screen shot of the message that comes up, I also can not log in. I have had the same email address for 10+ years so it’s not a mistake. I also had it saved under auto passwords so I could easily access it but nothing and if I’m honest everything just stopped all the marketing and repeat emails. I never thought anything of it until now.
sam says
Day 24 almost over and nothing from LS yet.
Hoping and waiting for payment by friday.
emailed and got the same responce as every other time to wait
Matthew says
What email address are you using?
Matthew says
My case is a strange one. So strange that the FOS adviser said they’d haven’t dealt with a scenario like this before. Long story short Lending Stream accepted the FOS assessment and offered a refund of £2800. This was accepted by both FOS and myself. I contacted LS to confirm bank details & was advised that payment would be made in 28 days. That was last week. I called today just to confirm that the case was closed pending refund and was told that there had been an “error” and a revised offer had been sent to the FOS. FOS adviser has told me that this is “a strange one” and all I can do now is either accept revised offer or take it the Ombudsman for final decision which would go either way. Revised offer was over £1k LESS. No one is able to tell me what the errors were or who’d made them!
Sara (Debt Camel) says
Weird. I haven’t heard of this happening to anyone else and I think FOS would get very upset if they did it often.
A LS customer says
I’m amazed. I would have thought that LS were more or less obliged to keep to their original ‘offer’ especially if (I presume) this was in writing or via email. Surely the FOS could try to make them do so. I would definitely take it to the adjudicator!
Matthew says
So, an update. After speaking to FOS and calculating figures myself I discovered that the initial offer was indeed incorrect. FOS accepted the revised (correct) offer and I once again received acknowledgment from LS & confirmation that a refund was to be processed. I responded to this email requesting to “fast track” due to their initial error. I received a response today stating that the case was with FOS & contact them? I rang LS & they said they hadn’t received acceptance. But FOS & LS both sent me confirmation confirming this. Rang FOS – they are oblivious. Got through to LS customer service manager after 30min & that a dispute had been raised their end to FOS. I just fee totally dejected at this point. Especially since it’s now the weekend and I’m unlikely to hear anything until Monday. Those lengthy negative rescues on trust pilot are mine. Feel like I’m taking one step forward & two back :-(
Sara (Debt Camel) says
I think you are inching forward. But it’s very frustrating.
Steven Shepherd says
Guys, not sure if this is a direct response from Lending stream or if it’s had any impact. I had no interaction with them whatsoever but posted three bad reviews on Trust pilot and have just had my redress payment paid out randomly during the middle of the day. Keep up with the bad reviews, it might help
Sharon says
Hi Steven, what day were you on please? I’m on day 21
Thanks Sharon
Rob says
Just to give people some hope, I was on day 12 yesterday of waiting for my refund and decided to leave a trust pilot review, not to try and damage the companies reputation but just to state that I was hoping to receive my refund as quickly as possible and that my mental health has been suffering throughout this whole process, now please don’t misunderstand, I have actually received quite good customer service throughout this complaint despite taking it to FOS, and everyone I spoke to from LS were helpful polite and friendly and I have been exactly the same back…. low and behold… I wake up this morning to my refund in my bank. So all I would say is sometimes you have to kill them with kindness, I updated my review immediately saying this and that I was extremely grateful and impressed.
Sharon says
Final update in regards to my complaint.
On day 21 yesterday waiting for refund, haven’t contacted LS during these 3 weeks, they have always replied within the stated timeframe and haven’t needed to chase. Sent them an email last night asking for an update, said they had always responded timely and hoped this wouldnt falter at this stage and I would much rather prefer to be leaving a positive review. Received an email this afternoon stating my refund for £9313 had been processed.
Thanks to Sara for this site its been a great help x
Louise says
Hi everyone
LS paid my redress today day 20 i chased for 3 days as i needed it due to unexpected cost and i wasnt going down the payday loan trap again.
Didn’t receive an email or anything.
Jenny says
Hi Sara, I’ve heard back from Lending Stream now rejecting my claim.
I’m not too surprised as I did only have the one loan with them, although it was for £590, so not exactly small, and my bank statements from around that time do show a fair few other payday loan transactions.
I suspect it’s not worth going to the FOS with it just being the one loan, am I correct?
Sara (Debt Camel) says
Unless your income was really low, I don’t think that’s worth taking to FOS.
Jenny says
Thanks Sara, I suspected as much – it was probably about half my monthly salary at the time so probably not worth bothering.
I will redirect my energies towards other lenders instead!
Sara (Debt Camel) says
If this was repayment over 3+ months, probably not worth bothering with. If it was an old style payday loan, all repaid the following month, then that is worth taking to FOS arguing it was such a huge percentage of your income it should have been checked closely, then the lender would have seen all your other debts.
Paul says
Good Evening all.
So, another disgruntled LS former customer here… Submitted my claim back on 27th February last year. After a great deal of back and forwards have agreed a settlement figure of 10’991 with the help of the FOS.
I’m currently on day 21 of the 28 day period and despite a number of emails, a negative (then positive) TP review absolutely no-one will confirm what the process is for getting this money back.
I guess I’m nervous as I keep being told the file “is being assessed”. Are they likely to renege on the agreement?
I’ve read almost every comment on here and not sure what to expect.
Thanks for taking the time to read.
A former customer says
Paul I am not sure why you think that they might renege on the agreement …. if it was an offer made & accepted via the FOS, then the impression I get from previous posters is that you will just have to wait for the 28 days – if you receive your payment early then so much the better, but it does seem from earlier posts that they are more likely to wait the full 28 days before issuing the payment. I got my offer last week, confirmed agreement to the FOS & confirmed my bank account details to Lending Stream. I’m now going to sit back & wait for my payment. I don’t think that I will bother to chase them or post negative reviews- what’s the point. Their email says 28 days so that’s what I am expecting.
Paul says
Hi.
I appreciate the reply however you have left out the key concern in my text.. “The file is being assessed”. When I have enquired what further assessment is required no-one can advise me.
I’m delighted you have followed the process and are sitting back in anticipation of a deposit in 28 days. Excellent. It doesn’t however address my concern highlighted above.
A former customer says
Paul – I understand your concern, however have you received an email (when the offer was made by LS to the FOS) asking you to confirm your bank details & telling you that the process for refund takes 28 days? If you have, and have (I presume) also received an email from the FOS advising you of the offer which you have accepted, then I am unsure why you are still worrying about the process and the timing of your payment? I understand that the process has taken a long time up until now, but there is no reason, if an offer has been made to the FOS, to doubt the process. Mt email from the FOS tells me to get back to them if I haven’t heard from LS within 4 weeks. I’m assuming that yours says the same. Maybe you are reading too much into their comment about it ‘being assessed’. Try to stop worrying, you can go back to the FOS if you aren’t paid by day 28.
Paul says
I recognise everything you have said in your text. All identical to my experience.
The process has gone on for exactly 362 days. Plenty of time time to assess the file, ‘a former customer’.
Ultimately, there is nothing that can be done now but the language used in the correspondence is irresponsible.
A former customer says
I agree, it was wrong of them to use that phrase. Please do keep us updated on progress & when you get your payment.
Shaun says
Hi Sara,
Back in 2018 I complained to Lending Stream regarding unaffordable loans at the same time I complained to Wonga. With the same information etc. Wonga admitted liability, and Lending Stream declined any wrong doing. I was offered to take to the FOS within 6 months in 2018. I didn’t think it was going to pay off so I didn’t bother.
Fast forward to February 2020. I then retried to complain to Lending Stream, and they said they still agree with the initial response they sent me in 2018. However, at the bottom of the email they quoted:
‘Considering we have already provided you with the finest resolution available to us for the complaint raised, our final response remains the same
Should you remain dissatisfied, you may refer your complaint to the Financial Ombudsman Services.
Therefore I went to the FOS. Lending Stream have now declined to reopen the case or share my information with the FOS as it’s past the 6 month deadline.
My argument now is they are going against their word in their latest email with the offer to take my complaint to the FOS.
Do you know where I stand?
Thank you
Sara (Debt Camel) says
Under the regulator’s rules, LS have to tell everyone complaining in their Final Response that they have the right to take their case to FOS. That is what they did. That doesn’t mean they have to agree to FOS looking into this complaint as it is more then 6 months since they first responded to you.
I doubt you will get anywhere.