Help! Claim form Asset Investigation/lending stream

[Debt Camel]

Re: Help! Claim form Asset Investigation/lending stream

Well let's see what the offer said... I

The point of getting the Ombudsman involved is to be able to propose that you should use the Ombudsman service as a form of mediation instead of the court case.

[Bettyregrets]

Re: Help! Claim form Asset Investigation/lending stream

I've managed to copy it


This is in reference to the correspondence received from FOS on). We apologize for the delayed response.

We have reviewed your accounts and would like to share our findings. You borrowed two loan accounts with Lending Stream where the loan Xxxx is outstanding with £468.00.

Please be informed that Lending Stream has transferred the ownership of the loan yyyyyy to Asset Collections & Investigations Limited due to prolonged non-payment.

For any further queries with regards to the loan (yyyyy), we would request you to please contact 01698 907055 (for Asset Collections & Investigations Limited).

Affordability Checks:

Since it is in our interest to provide loans only to the customers who we believe can repay without difficulties, all necessary analysis and checks are performed before the approval of each loan. Our advanced analytics and underwriting processes review the information provided by the customer, all public information and details held by the Credit Reference Agencies.

While reviewing your accounts, we note that your loan were approved based on the following facts:

Employment: During the applications, you were full-time employed.

Income: The data shared in the applications indicated that your monthly income was £xxx The disposable income on your loan account was ample to complete the monthly repayments towards your loan easily.

Experian Scores: Experian score was factored into our proprietary underwriting and deemed acceptable. While accessing your applications, the score was confirmed to be above 734.

Applications Declined: We have not approved for a loan each time your application did not meet our lending criteria.

The loan were approved only for the amount you were eligible for


We expect our customers to include any current obligations due to be paid while filling the expenditure details to ensure a fair assessment of their disposable income and ability to make repayments.

Our constant message to customers whose circumstances change, or who experience hardship, is to speak to us and we will work something out together. However, upon reviewing your account, we found that we were never informed about your financial adversity. Had we been informed, the required assistance would have been offered.

Considering the above data, we confirm that all necessary checks were executed at the time of your applications and your loan was approved only after it cleared our affordability analysis.

Resolution:

While we confirm that the affordability checks were performed with due consideration on the approval of your loan, however, considering your circumstances, we offer to closed the loan account Xxxxx without any further payments.

We consider this as our final response to this matter.

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.

We await to hear from you.

Should you require further information, you may email us at complaints@lendingstream.co.uk or call on 0203 365 0138 (Mon-Fri, 7 AM -10 PM), call charges apply.

Regards,
Lending Stream Complaints Department


NB I dispute that my credit score was ever that high and if it was I could have borrowed from my bank

- - - Updated - - -

Furthermore I did email them several times about not being able to afford the repayments and offering lesser amounts

[jon34]

Re: Help! Claim form Asset Investigation/lending stream

I've managed to copy it


This is in reference to the correspondence received from FOS on). We apologize for the delayed response.

We have reviewed your accounts and would like to share our findings. You borrowed two loan accounts with Lending Stream where the loan Xxxx is outstanding with £468.00.

Please be informed that Lending Stream has transferred the ownership of the loan yyyyyy to Asset Collections & Investigations Limited due to prolonged non-payment.

For any further queries with regards to the loan (yyyyy), we would request you to please contact 01698 907055 (for Asset Collections & Investigations Limited).

Affordability Checks:

Since it is in our interest to provide loans only to the customers who we believe can repay without difficulties, all necessary analysis and checks are performed before the approval of each loan. Our advanced analytics and underwriting processes review the information provided by the customer, all public information and details held by the Credit Reference Agencies.

While reviewing your accounts, we note that your loan were approved based on the following facts:

Employment: During the applications, you were full-time employed.

Income: The data shared in the applications indicated that your monthly income was £xxx The disposable income on your loan account was ample to complete the monthly repayments towards your loan easily.

Experian Scores: Experian score was factored into our proprietary underwriting and deemed acceptable. While accessing your applications, the score was confirmed to be above 734.

Applications Declined: We have not approved for a loan each time your application did not meet our lending criteria.

The loan were approved only for the amount you were eligible for


We expect our customers to include any current obligations due to be paid while filling the expenditure details to ensure a fair assessment of their disposable income and ability to make repayments.

Our constant message to customers whose circumstances change, or who experience hardship, is to speak to us and we will work something out together. However, upon reviewing your account, we found that we were never informed about your financial adversity. Had we been informed, the required assistance would have been offered.

Considering the above data, we confirm that all necessary checks were executed at the time of your applications and your loan was approved only after it cleared our affordability analysis.

Resolution:

While we confirm that the affordability checks were performed with due consideration on the approval of your loan, however, considering your circumstances, we offer to closed the loan account Xxxxx without any further payments.

We consider this as our final response to this matter.

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.

We await to hear from you.

Should you require further information, you may email us at complaints@lendingstream.co.uk or call on 0203 365 0138 (Mon-Fri, 7 AM -10 PM), call charges apply.

Regards,
Lending Stream Complaints Department


NB I dispute that my credit score was ever that high and if it was I could have borrowed from my bank

- - - Updated - - -

Furthermore I did email them several times about not being able to afford the repayments and offering lesser amounts

"Experian Scores: Experian score was factored into our proprietary underwriting and deemed acceptable. While accessing your applications, the score was confirmed to be above 734". This is a red herring used by Lending stream and as you rightly state if your score was that high then you would have been able to access cheeper form of borrowing from main stream lenders.

It is my experience that lending stream Do Not carry out credit reference checks. I know. as I have my Experian £2 stautory paper copy of my credit file from the time I had a loan from lending stream and nowhere in the searches section are they mentioned.

It is my opinion that Lending stream use the Experian 734 score as a get out of jail free card in an attempt To mask Irresponsible lending.

[Bettyregrets]

Re: Help! Claim form Asset Investigation/lending stream

I'm pretty sure it's the same for me ie no trace of them on my credit file

[jon34]

Re: Help! Claim form Asset Investigation/lending stream

I don't think any of the payday lenders carry out these checks as they should do under sec. 55A and 55B Amendment C.C.A (2006)

[Debt Camel]

Re: Help! Claim form Asset Investigation/lending stream

Well it seems clear that there offer was not on the second loan that was sold, just on the one loan. On that basis I suggest you phone up the Finanical Ombudsman and ask if you can send your complaint about the second loan to them. tell them the debt collector has started a court case and you would prefer this to be dealt with by the FOS. Explain that you need a quick decision on this.

[Bettyregrets]

Re: Help! Claim form Asset Investigation/lending stream

Thank you

[jon34]

Re: Help! Claim form Asset Investigation/lending stream

Phoning the F.O.Bs is a good idea, but it is relient on the person on the other end of the phone at the F.O.B to understand the situation and act accordingly. It should be born in mind that this is a live County court claim, and the court procedure should still be followed.

[jon34]

Re: Help! Claim form Asset Investigation/lending stream

Hello Betty.

Any updates on this issue

[Bettyregrets]

Re: Help! Claim form Asset Investigation/lending stream

Hi. Nothing from Asset in response to CPR etc. Ombudsman won't get involved as there is already a court case. I have a date for mediation on 31st July. If I can resolve this out of court and they agree to small payments each month I will be happy because I am literally quite ill with the stress of this. I am hoping the fact that LS wrote off the other loan will make them agree to a lower amount. Because I've had no reply to correspondence I've no clue how much I actually owe but I'm sure it's a fraction of what is being claimed

[jon34]

Re: Help! Claim form Asset Investigation/lending stream

Good luck with your mediation appointment and try not let the situation drag you down too much.

[Bettyregrets]

Re: Help! Claim form Asset Investigation/lending stream

Thank you

[jon34]

Re: Help! Claim form Asset Investigation/lending stream

Good luck with your mediation appointment today

[Bettyregrets]

Re: Help! Claim form Asset Investigation/lending stream

Thank you.

[jon34]

Re: Help! Claim form Asset Investigation/lending stream

Hope it all went well for you