Who are Lending Stream?
Lending Stream is a high-cost short-term lender run by GAIN Credit LLC, which also runs Drafty. It offers instalment loans repaid over 6 or 12 months, from £50 for new customers up to £1,500 for returning customers.
Taking several loans in a row is a common feature of these complaints: the ombudsman looks at whether later loans showed you had come to depend on this kind of credit.
Can I claim against Lending Stream?
You could, if any of these sound familiar:
- 01You borrowed again soon after paying off a loan
- 02You had several loans running at once
- 03You borrowed to pay bills or other debts
- 04You already had missed payments or defaults
Each loan is looked at separately. Even if the first was fine, later ones may not have been.
What you could get back
Average personal loan claim£8811
Interest and chargesRefunded
Interest on your refundAdded
Balance owedReduced
Negative credit file entriesRemoved
If a loan is found unaffordable, you usually only repay what you borrowed. Anything paid above that comes back to you, with interest.
Ombudsman decisions about Lending Stream
Published Financial Ombudsman decisions show how complaints like these are judged. Where a complaint is upheld, it is often only from a certain date or for certain lending. Every complaint is decided on its own facts, so these are examples, not a guide to what you’ll get.
- Partly upheld
The third of three loans was irresponsible: the borrower had several loans running, defaults on file and was likely dependent on this type of credit.
Read decision DRN-4305287 - Partly upheld
Loans four and five needed more checks because of frequent applications and differences in the application details.
Read decision DRN-5598465
Lending Stream loan questions
Can I claim if I’ve paid the loan off?
Yes. Repaid loans can still be looked at, subject to time limits.
What if my loan was sold to a debt collector?
You still complain to Lending Stream, the lender that made the decision to lend.
How long does Lending Stream have to reply?
Eight weeks. If Lending Stream hasn’t sent a final response by then, or you’re unhappy with it, the complaint can go to the Financial Ombudsman, normally within six months of the final response.
How far back can I claim?
Usually six years from the lending, or three years from when you realised you had cause to complain, whichever is later. Where an account is still running, the ombudsman has sometimes looked back further.
Complain to Lending Stream yourself
You don’t need a claims company. You can complain to Lending Stream directly using its complaints page. If you’re unhappy with the answer, or it hasn’t replied within eight weeks, you can take it to the Financial Ombudsman. Both are free.