Lending Stream Loan Compensation, what's it all about?
Customers who believe that they were mis-sold a Lending Stream loan will be able to claim any interest paid plus an additional 8% compensatory interest. This is only on the basis that the individual struggled to pay back or had to use top-ups or subsequent loans to pay off their loan.
This follows the recent surge in claims for payday loans from the likes of Wonga, refunds which have seen millions of pounds reclaimed by previous customers. Under strict direction of the FCA, guarantor lenders must be willing to refund the customer all interest paid plus 8% interest – provided that they can prove the loan was mis-sold.
Working with our partners, we will package up your compensation claim and send this to Lending Stream – Lenders are required to respond within 8 weeks (or sooner).
Why Could I Be Given a Lending Stream Loan Refund?
If you have taken out a Lending Stream loan and one or several of the following statements applies to your circumstances you may be entitled to compensation.
- During your application process, you may not have mentioned all of your debts and If this didn’t match with your credit record, the lender should have ensured to reaffirm this.
- It is possible that you underestimated your monthly expenditure due to guesswork or eagerness to be eligible for your loan, and in such circumstances, if your figures appeared too low, your lender should have explored their reliability further.
- At the time of your application did you have a regular income? If you were self-employed during this period or even had overtime that fluctuated, the lender should have looked at this.
- Did you have evidence of recent applications for credit or previous problems on your credit record? Payday loans can be specifically targeted at those with bad credit scores, however, the lender should have been conscious of whether your situation appeared to be worsening.
- Whenever you topped up an existing loan, your lender should have ensured to run another set of checks concerning whether this was affordable. Had you missed any previous loan repayments? Had your finances deteriorated since your first loan? If so, the lender should have addressed the fact that their current loan could be unaffordable and as a result, capped any more lending.
Mis-Sold A Lending Stream loan?
If you believe that you were mis-sold a Lending Stream loan, you now have the opportunity to request a refund.
- Whilst you may have really needed the loan at the time, you may have found yourself in a worse financial position as a result and the loan should not have been granted in the first place.
- If you already had a loan with Lending Stream and needed to borrow extra money, you may have been given extensions or top-ups, without adequate checks, only to put you under more financial pressure.