New member looking for advice

[Normypod]

Hi folks

I've just joined as this seems to be the place to get some good advice.

3 weeks ago I received an email from asset collections and investigations stating that they had effectively bought ( or had assigned ) a debt in my name from lending stream LLC. I have now also received a letter stating the same thing.

I have a history of irresponsible payday loan use, debts, mess ups etc

I did use lending steam a long time ago I think it was in 2012 or there or there about. At the time I had a multitude of loans paying others of etc ( sure you have heard this many times)

however these lending stream debts im genuinely not sure if I do still owe them or not. I did receive some correspondence several years ago from another company claiming I owed lending stream money to which I requested proof i.e. Signed credit agreements etc and I never heard from them again. I am going to assume it is the same debt.

The total debt debt is stated to be £946.80

on the letter and emails it states that lending stream previously issued a notice of default to me and also registered the default with call credit information group and teletrack. There is no reference to any dates of default or the original date of any loans etc

it states that to avoid any further collection activity and potential legal action I should contact them no later than noon 27/11/2017 and they will happily discuss an afordably payment plan and also the possibility of a reduced settlement payment to clear my account.

I am tempted to just ignore them but I feel perhaps I shouldn't and one way or another this needs dealing with now

any advice very welcome


thanks

chris

[Debt Camel]

Re: New member looking for advice

Don't ignore them unless you want to end up defending a court case.

Here is what to do - and the good news is it could help your finances!

Read https://debtcamel.co.uk/payday-loan-refunds/ and consider putting in complaints about unaffordable lending to Lending Stream and every other payday lender you used. Even if you repaid all the loans on time, they could still have been "unaffordable" as that link explains.

Your complaint about LS loans goes to LS, not Asset Collections. It should cover ALL the loans you had from LS, including the last defaulted one - if LS reply you need to talk to AC about the last loan, repeat that your complaint is against LS for their irresponsible lending and send the whole complaint to the Ombudsman if they refuse.

Tell AC that you are disputing the debt with LS and ask them to put a hold ion any enforcement action whilst your complaint is being considered.

If LS reject it or make too low an offer, send the complaint to the ombudsman immediately and inform AC that your complaint is continuing.

If you win your complaint, a typical award will be to remove the interest from your outstanding debt and refund the interest paid on some (sometimes but not often all) of your previous LS loans and use the refund to clear more of the balance. You may even get some money back at the end. About 60% of cases are being won at the Ombudsman level - and more have been paid out directly by the lender.

If you lose. at that point you can start asking for AC to produce the CCA agreement for the debt but there is no need to do that whilst complaints are underway.