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Svar från LiveLend

19 apr. 2021

Hi Paul,

We're sorry you experienced an issue when you applied for our loan. We can see that you didn't sign the online documents straight away but when you did come return to the application, you applied for a slightly different amount through a new application.

We understand our support team have been in touch with you to explain what happened and how they plan to make things right but please be assured that the hard search carried out during your first application is in the process of being removed from your credit report and our team are available to chat if you have any more questions or feedback.

We apologise again for any inconvenience caused. Please don't hesitate to get back in touch with the team if you'd like any further information or support.

LiveLend

Svar från LiveLend

15 apr. 2021

Hi Gab,

We're very sorry you haven't earned a reward yet. We understand this can be disappointing but we want to reassure you that we continue to review your eligibility every three months and if we see a 25 point increase in the score provided to us by Equifax, we'll reduce your rate by 2%.

We do let our customers know how our Reward Loan works when they open their loan but we also have information about this on our website and FAQs.

We review your eligibility for a reward based on a credit score provided by Equifax. This score is called a ‘management score’. It’s different from the score you’ll see on your credit reports which show you how likely you are to get accepted for credit. The management score is the credit score shared with lenders, including us, from Equifax on a regular basis so that we can measure your score movement over time.

You can speak to our support team about when your next reward review date is but in the meantime, you can still benefit from our other features such as being able to make overpayments anytime, managing your loan completely online wherever you are and not being charged a fee, ever.

We apologise again that you feel you haven't had a better experience with us. We hope things change and that our loan can continue to help you when you need it.

If you would like to speak about your specific account and the credit score data we can see, our support team will be happy to answer any questions you have safely and securely.

Svar från LiveLend

15 apr. 2021

Hi Steven,

Although we're proud of the product we've designed as we've seen many of our customers benefit from rate reductions and reduced monthly repayments, we understand it's disappointing to not have received a reward yet.

We're aware that you've spoken to our support team about your specific account but we just wanted to confirm that we review your eligibility for a reward based on a credit score provided by Equifax. This score is called a ‘management score’. It’s different from the score you’ll see on your credit reports which show you how likely you are to get accepted for credit. The management score is shared with us, as well as other lenders, from Equifax on a regular basis so that we can measure your score movement over time.

Although ClearScore also receive their credit score data from Equifax, they use a different score when showing you your credit report. We appreciate this doesn't always seem straightforward - there are three different credit scores you can view but there is also the score data credit reference agencies (CRAs) like Equifax share with us that, as we mentioned, shows your score movement over time. As this is official data that comes from a CRA, we aren't able to change the information we receive and can only determine reward eligibility based on that data.

We'll continue to review your eligibility every three months and if we see a 25 point increase in the score provided to us by Equifax, we'll reduce your rate by 2%. We hope you earn a reward soon but in the meantime, if you do have any more questions or feedback about your account, our support team are available to help safely and securely on our website.