What are Lloyds up to?

[MAGDA]

Actually, had a look at the DN - it is dated 19th Feb (a Friday) and gave me until 9th March to rectify the default, so think that is probably ok. One thing though, the balance they are claiming will include a lot of default charges and the interest added on top of those, and therefore the arrears (the minimum payments missed) will not be accurate either. Does this make any difference? The ridiculous thing is that my account actually defaulted in 2003/2004 (sure they must have issued a DN at that point) but recently they are treating the account as though it is 'live' again. Now, although it is over six years since we hit problems and had lots of defaults showing on our credit file which are now due to drop off, Lloyds is messing our credit file up now, six years down the line. I'm not bothered about getting credit for loans/credit cards (have learnt my lesson there) but if I wanted to switch our mortgage for example, it obviously causes problems. Luckily the mortgage was already with a mainstream lender before we had problems. I know some people are forced to take out deals with huge interests rates, so we are lucky there.

 

Magda

[cymruambyth]

What happens if you default, get the notice get the termination then go on to reduced payment plan, then as above then suddenly take you off the plan, increase payments (ha ha) then default you again?

[Blondie40]

yes, we certainly are being misled. I really don't know what is going on. I wrote a letter of complaint back in Feb as, without telling me, Lloyds cancelled my payment plan, starting charging interest again, and so-called cleared the arrears on the account, in order to give me a fresh start, only to start applying fresh arrears and issuing a default notice. They did all of this knowing that I wasn't in a position to make the full contractual payment.

 

They are now threatening court action via their solicitors SCM.

 

The letter of complaint I sent was ignored for 8 weeks, at which point, realising I was intending to involve the FOS, they responded. They stated that they would put a temporary payment plan in place again, and pass it to their collections people, MHA, I think. At that point, they said, the interest they had been charging, almost £900 would be refunded and the account would revert to zero interest again.

 

None of these things happened and they are, as stated above, now contacting me via their solicitors to demand payment of the full balance.

 

I think I will write to them again and put in a formal complaint with FOS. The trouble is, if you write to them, the correspondence pretty much seems to be ignored.

 

Magda

 

LloydsTSB need to get in as much money as possible to fill in the black hole they created in buying HBOS.

 

Whether they are looking to sell on the debts or getting SCM to start court proceedings, the more they can get the better for them.

 

So why not end all these informal arrangements they have made and start adding interest then six months later when they sell the debt on, getting a few pounds more for it from the DCA then they would have done six months before.

 

The banks in the UK are due to face another stress test (if it has not already been done) and I would not be surprised if they are advise to improve their liquidity.

[MAGDA]

LloydsTSB need to get in as much money as possible to fill in the black hole they created in buying HBOS.

 

Whether they are looking to sell on the debts or getting SCM to start court proceedings, the more they can get the better for them.

 

So why not end all these informal arrangements they have made and start adding interest then six months later when they sell the debt on, getting a few pounds more for it from the DCA then they would have done six months before.

 

The banks in the UK are due to face another stress test (if it has not already been done) and I would not be surprised if they are advise to improve their liquidity.

 

Hi Blondie, you could be right. That might be exactly what they are up to. It seems most of us on the forum dealing with Lloyds are currently in the same boat, so maybe Lloyds are looking to get as much for the debts as possible if and when they sell them on. It makes me laugh when experts tell us to ring the creditor or write to them if we have problems paying and they will be only too willing to help. That really is a joke!

 

Magda

[Blondie40]

Hi Blondie, you could be right. That might be exactly what they are up to. It seems most of us on the forum dealing with Lloyds are currently in the same boat, so maybe Lloyds are looking to get as much for the debts as possible if and when they sell them on. It makes me laugh when experts tell us to ring the creditor or write to them if we have problems paying and they will be only too willing to help. That really is a joke!

 

Magda

 

Magda, from my own experience that was a real joke back in 2006 when my problems started (long before the credit crunch was born). When I first spoke to my bank about my financial problems the first thing they did (the Monday after the next payday) was demand repayment of my overdraft in full and made my current account so only funds could be paid in and no payments be made from it. Thus making my problems even worse.

 

It has always made me wonder if they had an idea what was going to happen in the next couple of years.

[F_DCAs]

Ah, Royds - the worst bank in the world (if it can even be called a bank).

 

I was so hoping that they'd just go and die off, vanish into the ether of history - Royds is a pained, dying dog on its last legs, writhing in its final pain, and the most decent thing anyone can do is put it to sleep.

 

This government may well have very different ideas than the last one as regards bailouts, so if Royds needs another one, they may not get it, and nor should they.

 

Banking should be left to those who know what they're doing, and that rules Royds right out.

[Guest]

Actually, had a look at the DN - it is dated 19th Feb (a Friday) and gave me until 9th March to rectify the default, so think that is probably ok. if posted first class, it seems that your dn maybe one day short according to 'service' rules. if posted second class then it would be even more short! what about the 'form' of the dn? see here http://www.consumeractiongroup.co.uk/forum/show-post/post-2166205.html

 

One thing though, the balance they are claiming will include a lot of default charges and the interest added on top of those, and therefore the arrears (the minimum payments missed) will not be accurate either. Does this make any difference? imo, the arrears amount on the dn should be accurate and should not mostly be made up of any 'unlawful' charges/ppi. ...Now, although it is over six years since we hit problems is it statute barred by any chance?......

Magda

 

ford

[Guest]

Interesting read, as posted by bazooka boo in another thread.

Lloyds bank staff ‘puts frighteners’ on debtors - Times Online

 

ford

Edited July 11, 2010 by Ford
typo

[citizenB]

 

It has always made me wonder if they had an idea what was going to happen in the next couple of years.

 

 

Interesting question. They must have realised the bubble would burst eventually. Even now, I dont think we really know the full extent of the situation.

 

It is rather worrying that the banks have admitted that 30% of their income is derived from the charges they impose on the current accounts of those least able to afford them.

 

Things must be bad when the likes of Coutts bank (the Queen's bankers) charging a quarterly fee for their services.

 

Coutts is owned by Royal Bank of Scotland, which is 84 per cent owned by the taxpayer who have pumped £45billion into the disgraced banking giant.

 

Read more: http://www.dailymail.co.uk/news/article-1293188/Queens-bankers-Coutts-causes-outrage-forcing-customers-pay-600-year-services.html#ixzz0tM6rZe7r

 

[MAGDA]

Magda, from my own experience that was a real joke back in 2006 when my problems started (long before the credit crunch was born). When I first spoke to my bank about my financial problems the first thing they did (the Monday after the next payday) was demand repayment of my overdraft in full and made my current account so only funds could be paid in and no payments be made from it. Thus making my problems even worse.

 

It has always made me wonder if they had an idea what was going to happen in the next couple of years.

 

Yes, makes you wonder, they certainly don't help matters do they. You already have problems and they just make them a million times worse.

 

Ah, Royds - the worst bank in the world (if it can even be called a bank).

 

 

Yes, although Natwest are a very close contender - my other least favorite bank:)

 

Magda

[MAGDA]

Quote: Ford's reply to Magda (in blue)

"Actually, had a look at the DN - it is dated 19th Feb (a Friday) and gave me until 9th March to rectify the default, so think that is probably ok. if posted first class, it seems that your dn maybe one day short according to 'service' rules. if posted second class then it would be even more short! what about the 'form' of the dn? see here http://www.consumeractiongroup.co.uk...t-2166205.html

 

One thing though, the balance they are claiming will include a lot of default charges and the interest added on top of those, and therefore the arrears (the minimum payments missed) will not be accurate either. Does this make any difference? imo, the arrears amount on the dn should be accurate and should not mostly be made up of any 'unlawful' charges/PPI. ...Now, although it is over six years since we hit problems is it statute barred by any chance?......

Magda"

Hi Ford, thanks for the above. That is very good news that the DN might be a day short (first class) - will have a look at the link you've posted and check the actually form of the DN to see if that is corrrect. Worth having all of this to hand just in case they do take me to court.

There will be a lot of unlawful charges on the account, so that is something else I can look at.

Unfortunately, it isn't statute barred as I have made payments to LLoyds within the six year period. Wish now that I hadn't bothered in light of how they are now behaving!

Many thanks for your help,

Magda

[MAGDA]

Interesting read, as posted by bazooka boo in another thread.

Lloyds bank staff ‘puts frighteners’ on debtors - Times Online

 

ford

 

This is dreadful. I saw a programme, think it was on Channel 4, and on that occasion the reporter went undercover with another DCA, who operated in a very similar way. It's very sad when people face losing their homes, for example, because the bank refuse to help. One couple were told the bank couldn't do anything until their mortgage was five months in arrears.

 

The article states that:

 

Andrew Mackinlay, the Labour MP, said he would be raising this newspaper’s findings in the Commons next week when he is due to speak in a adjournment debate on debt collection. “The current rules on the collection of debt are inadequate and need to be reviewed because they are not being enforced properly,” he said. “There need to be severe financial penalties if companies are found to be harassing customers and treating them badly.”

 

How long have we been hearing this, but nothing ever seems to happen. It is about time something did.

 

Magda

[Guest]

anyone else suffering at the hands of loyds' 'misdirection'?