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hi all
I have recently posted on another thread in this group looking for some advice with regards to a payday lender and the aggressive collection action taken by the third party to which they sold the debt on to.
It was mentioned that I should contact the Payday Lenders with whom I had significant loans to make a complaint with regards to affordability.
With Lending Stream alone, I had 20 loans in a 10 month period, sometimes 4 loans in the same month, and applying for loans immediately after paying off the last one. I have Bi polar which became extremely bad after spiraling into debt with these lenders, unfortunately I found it impossible to manage the debts and could only meet the repayments by borrowing from other lenders/sometimes the same lender to repay these loans and to meet my rent obligations. When I was 'high' I would believe that I was amazing with money and lend uncontrollably moving money around thinking I could juggle everything but unfortunately during the extreme lows I was unable to manage this and fell into a terrible mess.
I have had a response from lending stream saying a big fat NO, basically that they checked my Experian score which was 692 at the time (I have never had a score as high as that - if my score was there I wouldn' thave been using a payday lender) They also said that based on my income and given expenditures I should have been able to afford their debts. They disregarded my complaint that they should have noticed that there was a pattern emerging that I was struggling, lender larger amounts more frequently and immediately after paying them off. They advised that they had at times refused me a loan, but htat was never for more than a few days and my list of loans showed that throughout the 10 months that they loaned money to me, there was not a single month where they did not lend to me.
the reason that I was able to repay the loans was because I was borrowing all over the place trying to keep my head above water. if they had checked my credit file they would have seen my rapidly deteriating financial situation.
I would like to escalate to the FOS. Before I do that, can you please advise if there is anything that I will need to prepare? I have asked them to send me the proof that my credit history was ever 692 - but im not sure if there is anything else I will need.
thank you so much for your help
Lini
I have recently posted on another thread in this group looking for some advice with regards to a payday lender and the aggressive collection action taken by the third party to which they sold the debt on to.
It was mentioned that I should contact the Payday Lenders with whom I had significant loans to make a complaint with regards to affordability.
With Lending Stream alone, I had 20 loans in a 10 month period, sometimes 4 loans in the same month, and applying for loans immediately after paying off the last one. I have Bi polar which became extremely bad after spiraling into debt with these lenders, unfortunately I found it impossible to manage the debts and could only meet the repayments by borrowing from other lenders/sometimes the same lender to repay these loans and to meet my rent obligations. When I was 'high' I would believe that I was amazing with money and lend uncontrollably moving money around thinking I could juggle everything but unfortunately during the extreme lows I was unable to manage this and fell into a terrible mess.
I have had a response from lending stream saying a big fat NO, basically that they checked my Experian score which was 692 at the time (I have never had a score as high as that - if my score was there I wouldn' thave been using a payday lender) They also said that based on my income and given expenditures I should have been able to afford their debts. They disregarded my complaint that they should have noticed that there was a pattern emerging that I was struggling, lender larger amounts more frequently and immediately after paying them off. They advised that they had at times refused me a loan, but htat was never for more than a few days and my list of loans showed that throughout the 10 months that they loaned money to me, there was not a single month where they did not lend to me.
the reason that I was able to repay the loans was because I was borrowing all over the place trying to keep my head above water. if they had checked my credit file they would have seen my rapidly deteriating financial situation.
I would like to escalate to the FOS. Before I do that, can you please advise if there is anything that I will need to prepare? I have asked them to send me the proof that my credit history was ever 692 - but im not sure if there is anything else I will need.
thank you so much for your help
Lini
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