Lending Stream and Sunny Problems

[thaiguru76]

Hi

 

I am in need of a little advice. I currently have 3 loans with Lending Stream and 3 loans with Sunny and unfortunately am unable to make the full payments. I have contacted them with regards a repayment plan.

 

I want to know if I will get into trouble as I unfortunately lied on my applications. I stated that I was self employed earning £1900 per month when in fact I am unemployed. I know I should not have done this but I am/ was an alcoholic and gambling addict. I have now stopped my gambling and am still working on the alcoholism. I am just worried they could take legal action if they find out.

 

I also read on here that it is irresponsible lending to give me 3 loans at the same time. I have also been constantly paying off and taking out new loans with both of them due to gambling (winning/losing). Should I be looking into this or should I just keep quiet and accept a repayment plan so that they don't realise that I lied on the application.

 

Sunny have asked me to fill in an income and expenditure form and have froze my account for 30 days (this was 2 weeks ago) and Lending Stream have also sent me an income and expenditure form but they are also asking for Proof of JSA/ Termination of Emplyment which is what worries me. Lending Stream are still adding interest at this time.

Thanks in advance for your help.

[renegadeimp]

You wont get into trouble as such, but they should have done better checks. Giving you that loan proves very clearly that no checks were performed at all.

[thaiguru76]

Thanks

 

So should I just be honest with them? Should I be looking for them to write off the loans due to irresponsible lending or would that be pushing my luck?

 

Thanks again

[citizenB]

Yes, you should be honest with them. I agree with the imp, their checks were obviously not sufficiently thorough, even if you did mislead them.

[thaiguru76]

Thanks for the replies.

 

Just to be sure. Should I be asking Lending Stream and Sunny to write off the loans due to irresponsible lending?

 

I just don't want to do anything that will get me into legal trouble. I know that technicallly we are both in the wrong, but I want to be sure before I make my next move.

 

Thanks again.

[fkofilee]

This is really a tough one. Normally I would suggest go for the throat but its hard considering what you have done... But I can understand the vices are difficult to shift

I would admit, but also say that should they have done proper checks, then they would have noticed you werent employed...

 

However, how did you pass their work checks?

[thaiguru76]

This is really a tough one. Normally I would suggest go for the throat but its hard considering what you have done... But I can understand the vices are difficult to shift

I would admit, but also say that should they have done proper checks, then they would have noticed you werent employed...

 

However, how did you pass their work checks?

 

Thanks for the reply.

 

I put that I was self employed and earning £1900 per month on the online application. Both Sunny and Lending Stream accepted this without any checks whatsoever. They did not ask for bank statements or any other proof of income. I assume they did a credit check which considering I have a very bad credit rating I am suprised I passed.

 

Thanks again

[fkofilee]

Well then , they should have checked statements etc..You have some weight here...

[thaiguru76]

Well then , they should have checked statements etc..You have some weight here...

 

Thanks

 

So you would go for the throat and try to get them to write off the loans?

 

If so any idea how I should word an email/letter?

 

Thanks for all your help. It's much appreciated

[thaiguru76]

Hi

 

Thanks for all your help so far.

 

I am still a bit unsure as to what the best move for me is.

 

I have had differing advice so far. On here you suggest I go for the throat and try to get my loans written off. Where as on another well known forum (not sure if i'm allowed to post their name) they have reccomended that I do not let them know I lied on the application and that I should look to either arrange a repayment plan ot just not pay them.

 

I really don't know what to do now.

 

Thanks again for all your help so far.

[thaiguru76]

Hi

 

Thanks for all your help so far.

 

I am still a bit unsure as to what the best move for me is.

 

I have had differing advice so far. On here you suggest I go for the throat and try to get my loans written off. Where as on another well known forum (not sure if i'm allowed to post their name) they have reccomended that I do not let them know I lied on the application and that I should look to either arrange a repayment plan ot just not pay them.

 

I really don't know what to do now.

 

Thanks again for all your help so far.

 

Sorry for extra post, but I also wanted to add that I have been advised that if I teel the truth then I could be opening myself up to a possible legal claim and also possible reporting to the Police for a criminal offence and I really don't want that to happen.

 

Thanks again

[renegadeimp]

You wont be reported to the police. Who told you that rubbish?

[thaiguru76]

It was someone on another forum who is very knowledgable on PDL's and lending agreements

[renegadeimp]

Which forum.

[fkofilee]

Goodf?

[thaiguru76]

which forum.

 

aad

[fkofilee]

http://forums.moneysavingexpert.com/showpost.php?p=53600973? hm......

 

(Edit - It blanks the name of A** About Debt)