You do not need to use a Claims Management Company. You can make the claim directly to the lender and if they reject your complaint you can take it to the Financial Ombudsman Service free of charge, but you must do this within 6 months of the lenders Final Decision Letter.
Making a successful Lending Stream refunds claim is slightly laborious and tricky. Lending Stream is one of the worst companies still left in the Payday Loan / High-Interest market place in the UK. They do not allow complaints via an email address and ignore all emails sent to the company from email addresses, even ones that are listed on the FCA website for complaints which is frankly outrageous.
In order to make a complaint, a customer has to complete an online form which does not allow them to attach or include details needed to make a proper complaint. Of course, this is a ploy by Lending Stream to totally control how complaints arrive with it and allow them to effectively block fully researched complaints from CMC's.
However, at Redbridge Finance we have found a way around Lending Streams amateur attempts to block real complaints from good CMC's. If you wish to learn more about the way we can help with Lending Stream Refunds, please click here.
Lending Stream are probably the worst lender at making the actual payment to the customer. We have had cases where Lending Stream will take 9 months to pay after they have agreed an offer with a customer. Even with the FOS's intervention they still do not pay. I honestly wonder why they are allowed to keep their lending licence. They are impossible to communicate with and will ignore most emails sent to them. However, once we get Lending Stream Complaints in and running the payouts for customers can be very good.
Lending Stream have been in business, proving short term loans, since 2008. They allow a customer to borrow £800 as a new customer and £1,500 as a returning customer. What we do find is that they will allow a customer to have multiple loans running at the same time, or with some overlap. Often the amounts we see when making a Lending Streat Refund Complaint varies a lot with a £50 loans closely followed by maybe a £1,000 loan. It is not unusual to see a customer with 10-15 loans from Lending Stream.
Lending Stream is owned by GAIN Credit LLC which in turn is a subsidiary of GAIN Credit, Inc. GAIN Credit, Inc proudly displays the offices they have around the world, for the UK they have a great photo of London, with a photo title below saying "London, United Kingdom", but the address for their UK office is actually in Leicester which is over 100 miles from London.
As well as owning Lending Stream they also own a brand called Drafty. Drafty offers a line of credit borrowing arrangement, much like Safety Net Credit.