Lending Stream (Gain Credit) offers high-cost short-term instalment loans, usually repaid over six months. Many customers took several loans, sometimes one straight after another.
The Ombudsman has upheld complaints about Lending Stream loans, ordering refunds of interest and charges plus 8%. Your online account may only show recent loans, so ask for your full history.
Could you have a claim?
Lending Stream had to check you could afford to repay without falling behind on bills or other debts, and check again before lending more. It may not have done enough if:
- You took a new loan before the last one was paid off
- You had several loans running at once
- The repayments took a big share of your income
- You were also using payday loans or an overdraft heavily
- You missed payments or went onto a payment plan
More about claims for high-cost instalment loans.
What you could get back
If a complaint is upheld, the usual outcome is a refund of the interest and charges you paid on the lending that shouldn’t have been given, plus 8% simple interest a year, and any negative marks about that lending removed from your credit file. If you still owe money, the refund may be taken off the balance first. Try our refund calculator for a rough idea.
How to complain to Lending Stream
- Write to Lending Stream saying the lending was unaffordable and asking for a refund of interest and charges plus 8%. Use the complaints contact on Lending Stream’s website. Our free complaint letter has the wording.
- Lending Stream has 8 weeks to send a final response.
- If you’re unhappy with their final response, you usually have 6 months to take it to the Financial Ombudsman Service. If 8 weeks pass with no final response, you can go to the Ombudsman straight away. It’s free.
You don’t have to use a claims company. If you’d rather a regulated firm did it for you, do our free check.
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Questions people ask
Can I claim if I’ve paid off my Lending Stream account?
Yes. What matters is whether the lending should have been given at the time, not whether you’ve repaid it.
Will complaining affect my credit score?
No. Complaining doesn’t affect your credit score. If your complaint is upheld, negative information about the unaffordable lending is usually removed.
I don’t have my Lending Stream paperwork. Can I still complain?
Yes. Lending Stream holds the records. You can ask for a copy of everything they hold about you with a free subject access request, which they must answer within a month.