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please help lloydstsb unsecured loan


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i appreciate all your help regarding an unsecured loan i took with lloydstsb in september 2009 for the amount of £10000.

i went to see the bank manager for a consolidation loan and secured loan.

first thing i knew he was offering unsecured loan and there end then after 10 min ihad a loan of £10k unsecured loan which went thru straight away to my account.

i work night and due to lack of sleep and probsably desesperation to pay my credit cards i signed whatever documents presented ..i only realised that the interest rate is 24.9% after 2 months ..

i managed to keep the payments till last few months where my debts including credit cards became unbearable..

i saw the bank manager 3 times about finding ways to reduce the loan interst rate but was unhelpful..

1.)we did income and expediture he offred me payment holiday which i took ..without stopping interest..and said to me come back in 2 months..

2.)i went again to see him he tried to get me unsecured loan thru lloyds mortgage ..rejected due to low credit score

3)i went to see him again he rang lloyds customer service .i did income and expenditure .

stopped my credit card and put my current accoutn under control and advised me to go see citizen advice bureau and cccs.

when leaving his office he said ..oh i should have rang the "loan people"

i told thats why i came to see you for.

Also since taking this loan i did not receive my annual statement as required by the cca as per reading in this forum.

The loan was taken for 7 years.

According to what i read any loan taken over 5 years should have variable interest rate.

other debts

lloyds credit card £3000

mbna £3500

capital one £700

according to my budget i have about £350 left per month to pay all these debts.

i am confused as what to do and how to go about things

any help will appreciated and valuable.

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Indeed we will!

 

Have a read of this, some of it is slightly hard going, but believe me it will be worth it:

 

http://www.lendingstandardsboard.org.uk/docs/lendingcode.pdf

 

I think you'll find enough information in there for him to find a way to help, or the other option is you complain and he loses his job. It's called irresponsible lending and as soon as the bank realised there were difficulties they had duties and responsibilities whch they seem to have neglected somewhat.

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