Bank Loan Lloydfs TSB

[wannagethelp]

I have a bank loan taken 3 years ago and I'm really struggling trying to pay back the payments, £370pm, I also have a £3,000 overdraft which is maxed out and I don't know to do to try and reduce the payments and overdraft, can anyone advise please

[Crocdoc]

If you have no means of making the payments I would suggest that you open a Basice Bank Account with another bank and transfer your income to the new account, this will put you back in control of your money at which point you can negotiate an affordable repayment plan.

[wannagethelp]

Thank you for your advice, just hope I can get another account, seems a problem recently, is there any reason why a bank won't give someone an account?

[Guest]

there's lots of info on cag and other sites eg nationaldebtline, citizens advice etc re dealing with debts and financial difficulties. firstly, could do one of those common income and expend forms and see where you are financially. then could advise loyds of financial difficulties requesting interest freeze and repayment on your terms what you can afford per mth. see what they say. if they refuse, remind them of their policy and the bankers Lending Code etc re financial difficulties. they are supposed to be sympathetic and come to some arrangement.

some banks such as coop, barclays for eg should do a 'basic' account even if defaulted or poor credit.

Edited July 16, 2012 by Ford

[wannagethelp]

there's lots of info on cag and other sites eg nationaldebtline, citizens advice etc re dealing with debts and financial difficulties. firstly, could do one of those common income and expend forms and see where you are financially. then could advise loyds of financial difficulties requesting interest freeze and repayment on your terms what you can afford per mth. see what they say. if they refuse, remind them of their policy and the bankers Lending Code etc re financial difficulties. they are supposed to be sympathetic and come to some arrangement.

some banks such as coop, barclays for eg should do a 'basic' account even if defaulted or poor credit.

 

 

Well, I have opened a basic account with another bank, Barclays, but they have said a savings only account, can only draw money, no direct debits or standing orders available to me, am really nervous about approaching Lloyds about financial difficulties, can they just take any monies going into my account as I havent got time to move my mortgage, insurance etc before my loan payment is due, if I go and speak with them in the morning can they refuse to 'freeze' for the time being?

[Stigman]

I have opened a basic account with another bank, Barclays, but they have said a savings only account, can only draw money, no direct debits or standing orders available to me

 

Go back to Barclays and ask for a cash-card account, this is a basic bank account that includes the options for you to have Direct Debits, standing orders etc. should you so wish to use them.

Please note that this account does not have an overdraft facility.

 

Stigman

[wannagethelp]

Go back to Barclays and ask for a cash-card account, this is a basic bank account that includes the options for you to have Direct Debits, standing orders etc. should you so wish to use them.

Please note that this account does not have an overdraft facility.

 

Stigman

 

I did ask for a basic current account and was told it was too expensive for them to open one, savings account with a cash card was the only other option, unless I changed my complete banking over to them, which I can't because I owe all this money to Lloydstsb, loan and huge overdraft

[sillygirl1]

Halifax Easycash (sign up online or visit a branch) is a good basic account with online facilities and a debit card. You can pay bills, transfer money and do most other things with this account except go overdrawn.

[wannagethelp]

But arn't Halifax connected to Lloydstsb somewhere?

[sillygirl1]

It is worth a try, I don't think they are part of the same group, it's not my area of expertise.

[Stigman]

The Barclay's Cash Card Account is not the full Current Account and is even offered to those in receipt of Bankruptcy etc.

 

http://www.barclays.co.uk/Currentaccounts/Keepitsimple/CashCardAccount/P1242557963900

 

Stigman

[Guest]

Well, I have opened a basic account with another bank, Barclays, but they have said a savings only account, can only draw money, no direct debits or standing orders available to me, am really nervous about approaching Lloyds about financial difficulties, can they just take any monies going into my account as I havent got time to move my mortgage, insurance etc before my loan payment is due, if I go and speak with them in the morning can they refuse to 'freeze' for the time being?

 

as has been mentioned, there are basic cash card accounts (no o/d) out there that do standing orders eg coop cashminder as well.

loyds should be sympathetic and oblige an arrangement. not sure though whether a high street branch would be able to arrange things there and then as nowadays dep'ts are divorced even though they say 'speak to your branch' when in difficulties. they might just 'refer' you elsewhere. if they try and avoid then insist on immediate resolution if poss. speak to a manager. also, if they offer an arrangement check what effect that would have on your credit rating if thats a concern. did you do an income and expend to check your finances.

Edited July 27, 2012 by Ford

[brokebutnotbeatn]

Also try Natwest, or the Co-Op. Barclays are the worst of the sharks IMHO.