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lloyds overdraft default, 5 years old unpaid, advice needed please!


shades78
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Hi all!

 

Need a bit of advice from those in the know!

 

I have an unpaid overdraft with lloyds tsb (classic account). At the time I was not earning a good wage and I managed to go over my overdraft limit each month. Charges started building up to the point my pay was getting eaten up each month, leaving me with hardly enough to get by.

 

I was then offered a job within a hotel, privaty owned where my salary was paid in cash. Niaivly (ney stupidly) instead of doing the sensible thing and paying off my debt I carried on regardless. I was pretty young and niaive at the time, guess iburied my head in the sand.

 

Any how this is almost 5 years ago now, have a new bank account and I have moved several timeswith work ect. lloyds have only my origanal address and i have not been traced by them so far, therefor have not recieved letters demands ect within all that time (although no doubt they sent them to the old address)

 

I have a default on that account, last updated 1st feb 2006. No ccjs registered on any crdit file, although the default is, and obvious problems obtaining credit with it.

 

My question is this:

a) do i contact lloyds to make arrangements to clear debt? (there for having default on file for another 6 years from time it is eventually settled?)

b) do I continue to keep away for a year until default drops off credit files and /or debt becomes stat barred (if indeed it does?)

c) if i go for option b) do i risk incurring a cjj

 

I have no access to internet banking with this account so i do not know how much is actually owed with charges etc, although on credit files (equifax) it registers default of £1250 ( origanal overdraft limit was 800.)

 

Would be very greatful for any advice, great site by the way!

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Hi again, just another point i need to add to origanal post, I now bank with halifax, which as you know has now been taken over by lloyds (or vice versa). Will my funds in halifax be obtainable by lloyds as they are both under bank of scotland?

 

thanks :(

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Hi again, just another point i need to add to origanal post, I now bank with halifax, which as you know has now been taken over by lloyds (or vice versa). Will my funds in halifax be obtainable by lloyds as they are both under bank of scotland?

 

thanks :(

 

Yes - Change banks as soon as you can.

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