It seemed like a good idea to write a short post about my experience of setting up a repayment plan with them so others who may also be in a similar situation can know what to expect.
I was surprised that they would lend to me given my terrible credit but they did. That’s a whole other story however! In fact you can find out more in my Lending Stream Review post if you would like to.
Getting back on topic however…
Step 1 – Contacting Lending Stream
The first thing I did was to contact Lending Stream by email with a very brief message as follows: –
Due to a change of financial circumstances I am experiencing repayment difficulties and I am looking for some advice on how to proceed.
Would it be possible to arrange a repayment plan for this debt? Would you consider freezing interest and charges to allow me to get this paid off quicker?
Please let me know if you require any additional information.
Step 2 – Wait for Lending Stream to Reply
I waited for a reply and after nearly two weeks they responded, note that additional interest and charges have been added despite this delay. I do recall that my phone has been ringing none stop every day. I have also received a number of emails encouraging me to get repayments on track, as well as text messages. Perhaps I should have called them.
Lending Stream replied and they said they would need an Income and Expenditure Form and also for me to confirm the date I would make payment, as well as the method I would use to make repayment. At this point the Continuous Payment Authority has ceased because of two failed attempts collecting repayment.
Step 3 – Reply to Lending Stream
I replied to Lending Stream as follows: –
Thank you for your reply. Attached is the requested information.
I can confirm I will be making payment by Standing Order to Lending Stream at a rate of £38.42 per month to arrive with Lending Stream by the 28th of each month beginning December and assuming you reply before then.
Please provide the details required to allow me to set up a standing order.
Could you also confirm how much is owed and whether you will agree to freeze interest and charges. I note that I will have incurred some interest whilst waiting for a response from Lending Stream, is there any chance of that being removed please?
Should our financial circumstances change I will be in touch to amend the repayment plan.
After a further two week wait I received confirmation that an arrangement was in place for this account and was provided with the details to set up a Standing Order. Any additional interest and charges have been frozen.
In all it was quite straight forward to set up this repayment plan. Onward and upwards.