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minimum payment with lloyds loans etc

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Would like to ask, are banks fixed to a % that has to be collected regarding people in financial problems.

 

I was told by LLoyds collection department that £8 was the minimum amount accepted for any payments with lloyds.

 

I advised i may go bankrupt ( at this time i owed nearly £12000 through variouse places)

 

They would not budge.

i have only est £2500 to loyds now and no other debts.

 

IS there % they are with in thier rights to request?

 

BL

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No legal limits - but they're within their rights to have their own policies over what they will accept and what they won't.

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Many Thanks, teh total amount of existing debot now is £1800 overdraft, £500 loan, £300 loan.

 

im concerned LLoyds will force me to sell my property, if i dont give £8 per account.

 

I want to try and freeze these loans. whilst i am ill, when i am back to work i will continue full payments.

 

many thanks

BL

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Have you given Lloyds a breakdown of your income & expenditure?

 

As none of your lending is secured on your property then it's very unlikely they could get a court to make you sell your property (actually, I think it's impossible - but I'm not sure).

 

If you havent already done so, I suggest you contact either PayPlan (not PayPal!!!) or CCCS who can advise you how much is a sensible amount to offer to Lloyds - I'm sure it'll be less than £8! Then, they'll write to Lloyds to try and get them to agree to the amount AND to freeze the interest.

 

Lloyds are likely to agree because PayPlan & CCCS use a formula to work out 'sensible' payment levels that is similar to that used by the courts. If they take you to court they know they'll get no more AND they'll end up with paying for a solicitor etc.

 

Please be assured that your 'problem' is easily sortable - especially if you expect to be earning again soon.

 

I think you'll find this forum useful...

 

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

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Hiya Snorkerz

So sorry i missed this reply i try to keep up but trip up at times lol

 

i have no secured debit with lloyds although my mortgage is with C&G ( LLoyds) had no ideal when i took it out i was assured they where a seperate company who rent a desk in the branch.

 

Payplan where help full but cant help me direct as my income is none existant and i am £100's outgoing over my incoming. They advised offer £1 untill review lloyds advised they dont accept less than £8.00 a loan.

 

Now with the resent harrasment and pure neglegence of the collections centre on my renewal of repayment i am lowering it to £1.

 

I was hoping to be back to work ASAP, but now it seems at least another 6 months to monitor progress ( off which all this hassel deters)

 

Thanks for teh reply

BL

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Lloyds Loan centre recently advised us that the minimum payment agreeable is £25.

 

We filled in a income and expenditure form and then negotiated this amount to be reviewed after 6 months.

 

Hope this helps

 

LOULA

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HI Loula

I think they try and do it to a percentage of the loan but mine are 2 seperate amounts £500 and £300 and both at this time are £8.00 a month

 

soon to also be my overdraft of £1600 or £1800 depending on when they close it.

 

Would be interesting to see what they advise on the OD i will let you know.

 

Wouldnt surprise me atall if they have no limits and just try pot luck.

There seems to be no organisation or guidelines in the collections department.

 

thnaks for the tip

 

BL

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OK.

 

All I have is second hand experience, it is my husbands loan andhe offered them £1 and they said the minimum they could take as a company is £25. Which is brilliant for us, it means we can sort ourselves out!

 

Let me know what happens

 

LOULA

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Hi loula

Nothing to update as yet but I have 2 case of charges being requested, and im deep delving in to 3 loans, all contracts and at this time persuing a conversation which tehy are refusing to provide. phew mad life.

 

So i dont think it will be long before they close my account, i asked ofr this last year so i dont mind atall.

 

But wonder about teh payments, as unemplyed and ill, can they inforce full payment immediately?

 

BL

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This topic was closed on 03/07/19.

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style="text-align:center;"> Please note that this topic has not had any new posts for the last 4980 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

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