Lending Stream is colloquially known as a provider of ‘payday loans’ – though its loans might be better described as instalment loans – often payable over a 6 month term.
The loans should be for short-term use only, as they are an expensive form of borrowing. However, we’ve seen problems arise when Lending Stream allows some customers to take out multiple loans over an extend period of time.
Some customers have more than one Lending Stream loan open at the same time, which can have the effect of overly stretching the customer’s finances:
“By the time Mr M applied for loan 4, I consider Lending Stream’s checks should have gone further. I say that because it was his fourth loan in quick succession, he hadn’t repaid the previous loans, and loans 2, 3 and 4 were taken out just days apart.” https://www.financial-ombudsman.org.uk/decision/DRN3712297.pdf
Lending Stream often gives loans to customers who have struggled to repay credit in the past. We’ve seen examples where Lending Stream doesn’t do the background affordability checks it ought to be doing, and it lends irresponsibly as a result:
“For loan 2, Lending Stream’s credit check showed Mr W had two defaults on his credit file, the latest of which was in the previous three months;
As a result, I considered Lending Stream should have carried out a full financial review before it approved loan 2. I couldn’t see it had done this, so I had a look at what such a review would have found…
I considered there were clear indications that Mr W was having trouble managing his money and he was unlikely to be able to sustainably repay loan 2. So I didn’t think loan 2 should have been approved” https://www.financial-ombudsman.org.uk/decision/DRN2087427.pdf
We realise that claiming against a high cost loan lender can seem daunting. We aim to make the claiming process as simple as possible. We specialise in affordability claims. Our experienced team will communicate with the lender (and where required, the Ombudsman service) on your behalf. We use bespoke technology to ensure efficient claims handling. Throughout the process, we inform you of claim progress using a “stage process”, so you can track your progress easily. Please remember though, that you do not need to use a claims management company to make your complaint to your lender, and if your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.
Pre complaint investigation and analysis
Formal mis-selling complaint made
Lender responds with a Final Response Letter
If appropriate resolution cannot be reached with the lender, referral to Financial Ombudsman Service.
Our success fee is due only if your lender makes a compensation payout, and is calculated on the amount of the compensation payout. We do not charge you for any part of a settlement that results in the lender reducing your outstanding balance – that is on the house!
The success fee amount is calculated using a band charging system. There are five charging bands. Each band has a maximum amount that we will charge.
Success Fee Charging Table
|Percentage rate the Success Fee is calculated on (including VAT)
|Maximum Success Fee in band (including VAT)
|£1 to £1,499
|£1,500 to £9,999
|£10,000 to £24,999
|£25,000 to £49,999
|£50,000 or more
Below are examples of how this would work in practice.
If you want to see how much we would charge for a specific amount, please visit our online fee calculator at https://allegiant.co.uk/unaffordable-lending-claim-fees.
Please note that the examples in the tables are for illustration purposes only. They are not an estimate of the likely outcome or success fee.
You can cancel for free at any time within 14-days without giving any reason and without incurring any liability. You can communicate your cancellation by telephone, post, email or online.
You can cancel this agreement at any time after the 14-day cancellation period. However, if a complaint submitted by us is successful, the Success Fee will apply in the usual way.
You can cancel by post: Allegiant Finance Services Limited, Freepost RTYU–XUTZ–YKJC, 400 Chadwick House, Warrington Road, Birchwood Park, Warrington, WA3 6AE; (b) by email: firstname.lastname@example.org; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uk/compliance/cancellation.
Allegiant Finance Services is widely regarded as a pioneer in the high cost loan claims management market.
Contactable by email, phone, or post, whichever you prefer
We will only correspond with you and keep your details secure. We’ll never sell your data.
Much more than a contact form. With our full online application process you will receive an instant automated decision on whether we can take on your claim
We are proud to have recovered over £67m for unaffordable lending claims since 2013
We’ve been claiming high cost loan refunds since 2013