Bamboo loan sold to Lantern

[liamuk]

Have a loan with Bamboo

- defaulted after 6 payments and the debt sold to Lantern.

No court action or anything

- just letters etc.

 

fired off a IRL to them and had a reply...

 

RESPONSE

 

Following a thorough investigation, we have identified that there are sufficient grounds to support the claims that you have made, and so we agree to uphold your complaint.

 

We will therefore agree to remove the interest and charges from the agreement and accept just the loan advance of £3,000.00 as the total amount repayable under the agreement.

 

To date, payments of £876.55 have been received against your loan and so there is still a remaining balance to pay of £2,123.45.

We feel that this is a fair and reasonable resolution on the basis that you have had the benefit of the money that we lent you.

(This is fair enough, but did think they would have given interest on the amount paid and then deducted from the balance - another creditor did this)

 

As you have not yet repaid the amount that you originally borrowed, there is no refund due to you. (Fair enough) 

 

As you will be aware, your loan was previously sold to Lantern Debt Recovery Services Ltd due to the arrears that had accrued on your account.

We will advise Lantern of our decision to remove the interest from your loan and we would urge you to contact them on 0113 887 6876 at your earliest convenience so that they can work with you to agree a sustainably affordable payment moving forward. (I would have expected Bamboo to take back the debt from Lantern)

 

Unfortunately, we are unable to amend any information with the credit reference agencies as under the principles of reciprocity we have a duty to record accurate and factual information. However, once the remaining balance on your account has been cleared, we will retrospectively remove our entry from your credit report. (I asked that I be put back into the position had I not taken out the loan - also will Lantern remove there info on my credit file?)

 

We hope that you are fully satisfied with the outcome achieved.

However, 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 letter. 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. 

 

For further details about the Financial Ombudsman Service please visit their website at www.financial-ombudsman.org.uk/publications/consumer-leaflet.htm. Should you wish us to send you a leaflet with more detail about the service they offer, we would be happy to send you one in the post at your request. We also enclose a copy of our Complaints procedure.

 

If we have not heard from you within 8 weeks of the date of this letter, we will close our file accordingly.

 

Now a previous creditor I complained about regarding  IRL, they..

 

Payments made £xxx

8% simple interest on the payments made £xxx

Deducted from CAPITAL LENT £XXX

 

Left a balance to be re-paid £xxxx

 

Then they said when the balance was paid they would remove all entry's from my credit file (I paid and they removed).

They said this was in line what the FOS would have said which I agreed with.

 

Bamboo seem to see things slightly different? what do you guys think?

[dx100uk]

because the think you don't know any different

ine letter telling them what you want resolved

else off to the FOS time.

 

as for lantern (MMF) 

I've moved your thread to the MMF forum

have a read here.

 

just ensure they DO have your correct and current address.

i'e have you moved since taking this out?

have you written and told them/OC?

[liamuk]

Not moved at all so the same address.

 

interestingly they (Bamboo) had not registered a default - only as missed payments before selling to Lantern.

 

They have said its there final response so I have sent to FOS this morning.