Lending Stream are a US / Indian based firm operating in the UK. Having opened for business in 2014, they are amongst the younger firms in this industry – and notably entered this market when great change was taking place.
Historic criticism / fines from FCA, FSA, media scandal over unaffordability – with embedded links
Given the comparatively short period that Lending Stream have operated for, this is one business that has been relatively free of scandal and fines. That said, Lending Stream would indirectly hit the headlines when their debt collector, Motormile, purchased debt from them. Consequently Motormile were ruled to have failed in undertaking due diligence in relation to double checking the amounts owed by their debtors.
The Financial Conduct Authority would eventually create a compensation scheme for these customers, involving 5000,000 individuals and an average pay-out of £72 per person.
“We have agreed this package, and previous action, to protect the customers of Motormile from unfair practices. We have worked closely with Motormile, and are now satisfied with their progress and the way that they will address their previous mistakes”.
– Jonathan Davidson, Director of Supervision For Retail And Authorisations At The FCA
We are experiencing strong success against Lending Stream with affordability complaints at the Financial Ombudsman Service. It is noteworthy that Lending Stream’s last filed accounts hinted at the FCA having ordered it to look back through its historic lending to self indemnify historical mapractice.