Jump to content


Emtec

Lloyds TSB Trustcard and COBS

style="text-align:center;"> Please note that this topic has not had any new posts for the last 2522 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.

Thank you

Recommended Posts

Hi

 

I have had a long term arrangement with Lloyds TSB regarding a Trustcard account.

 

I have been paying a nominal amount for several years.

 

I was contacted by Lloyds TSB earlier this year to review the arrangement and I forwarded a statement of means in the late summer.

 

I then received a reply from BLS, who I hadn't written to (but who are, I believe, part of Lloyds TSB)

advising me that the proposed monthly amount was acceptable.

 

However, they then appear to have almost immediately sold the account to a DCA.

 

It strikes me that this is not treating me fairly and is a breach of Lloyds TSB's statutory obligations under COBS.

 

I wondered if anybody who knows more about such matters could advise me whether this view is reasonable and accurate as I intend to write to them to this effect?

 

Also, I was provided with this credit card when I opened a TSB bank account in the 1990s.

 

If you wanted a cheque guarantee card, the card they gave you doubled as a credit card.

 

I know it pre-dates BCOBS but I wondered if BCOBS was applicable as it was provided by the bank as a cheque guarantee card?

 

I hope that somebody can advise me. Thank you.

Share this post


Link to post
Share on other sites

If they have sold the account on after agreeing to a repayment plan, then the new owner is bound by that arrangement. Have a read of the BCOBs and COBs articles that are linked in my signature - highlighted in green. If you have any further questions afterwards, then I will send out some S.O.S's for you.

 

:)


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

Share this post


Link to post
Share on other sites

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

Share this post


Link to post
Share on other sites

Thank you citizenB. I had read the articles.

 

My initial recollection was that the Unfair Treatment article covered my situation but on re-reading it says

 

"Reneging on an instalments agreement by, for instance, beginning recovery measures directly or through an agent while the agreement is in place".

 

I know that banks do not act with decency or honour and that this just appears to be accepted as the norm,

but my feeling is that they should not have attempted to negotiate a repayment plan with the express purpose of selling the debt on.

 

They misrepresented their intentions.

 

It wasn't in my best interests and it wasn't treating me fairly.

 

As I quoted above, the Unfair Treatment article gives an example of reneging on an agreement by beginning recovery measures.

 

I wondered what those who know about these matters thought about reneging on an instalment plan within a month of setting it up by selling it to a DCA?

Share this post


Link to post
Share on other sites

Sorry citizenB, I posted before seeing your second post.

 

That is a really interesting and helpful article. I have been paying the same nominal amount each month for about 8 years. I haven't missed a payment.

 

However,

it has always been subject to regular review.

 

In 2010 Lloyds TSB wrote telling me that my repayment plan had come to an end and ignored all my correspondence

requesting that it be reinstated until they had defaulted me.

 

They then agreed to accept the same level of payment as had been in place for several years before the default.

 

BLS's letter to me in September accepted the same level of payments again, "subject to periodical review".

 

The DCA's letter acknowledges the agreed repayment plan with Lloyds TSB but states that they regularly review these arrangements.

 

I don't know if the fact that the payments are subject to review provides them with a get out clause?

 

The other interesting point in both the article you provided as a link and also the link from that article to the thread on Connaught Collections

where an estoppel defence was adopted by the judge was the implication that DCAs should not buy debts where there is an agreed repayment plan in place.

 

Is there anything (regulations/legislation) specifically saying that accounts with an ongoing repayment plan should not be bought/sold?

 

Thank you for all your help, citizenB.

Share this post


Link to post
Share on other sites

You raise a few queries, I am unable to answer so I will try and find some one with more knowledge to come on board.

 

:)


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

Share this post


Link to post
Share on other sites

another tact?

 

if they sold it

 

i bet the balance is predominantly PENALTY charges or PPI

 

that could wipe the balance out?

 

there is a reason they sold it

 

bet thats it.

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

Share this post


Link to post
Share on other sites

Thank you citizenB. All help will be gratefully accepted.

 

dx100uk, thank you for taking the time to help.

 

Unfortunately, there was no PPI and whilst there will have been some penalty charges, t

he balance is nearly £10k and I don't think that a significant proprtion will be that.

 

My financial problems started when I was defrauded in business and came on suddenly.

 

Lloyds TSB had been very supportive for a number of years.

 

They cancelled interest charges pretty quickly so I think that most of it will be money I used trying, unsuccessfully, to get out of myself out of difficulty.

Share this post


Link to post
Share on other sites

who is the owner on your cra file?

 

has it been sold?

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

Share this post


Link to post
Share on other sites

Hi dx

 

Yes it has been sold to a DCA (c a b o t).

 

The purpose of my original post was to enquire whether I had a case for unfair treatment under COBS or possibly BCOBS

because Lloyds TSB had agreed to continue the repayment plan and had immediately sold it on.

If so, I thought I might be able to use it to persuade Lloyds TSB to take the account back.

 

A CAG article on unfair treatment, and the article that citizenB sent me a link for relating to estoppel,

appeared to indicate that I might have a case but my circumstances were different in that my repayment arrangement was subject to periodic review.

 

What also came out of the article on estoppel, and also the thread that that article linked to,

appeared to contain suggestions that a DCA should not buy an account where a repayment plan exists

and I wondered whether that was just a moral code (ie something DCAs would not understand) or was set in regulation or statute.

 

You suggested earlier that Lloyds TSB perhaps sold the account due to there being PPI or a significant chunks of unfair charges.

I suspect they did it because they saw that my financial situation had remained the same for a number of years

and reached the conclusion that there was little prospect of it changing.

Share this post


Link to post
Share on other sites

certainly might be mileage there

 

it interests me they have sold it.

 

you say fraud was involved here somewhere?

 

i'd be more inclined to think that might have a bearing here.

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

Share this post


Link to post
Share on other sites

Hi dx

 

Sorry, I get long-winded and tend to cause confusion at times. There is no fraud involved. I did say that I felt that Lloyds TSB had misrepresented their intentions because they asked me to submit an income & expenditure statement on the basis of them considering my proposal to extend the nominal payment arrangement with them. They accepted my proposal and immediately sold the account.

Share this post


Link to post
Share on other sites

Hi again dx

 

The penny has just dropped about the fraud issue. I think I mentioned that the reason I got into financial trouble was that I was defrauded in business but that was in the early 2000s. I did explain this to Lloyds TSB at the time but they probably won't even have the letter on file now as it would be over 6 years ago.

Share this post


Link to post
Share on other sites

was the defraud this end result

has it nothing to do with all this at all?

 

if lloyds brushed you off and saddled you with the debts as a result.

 

itcould be linked.

 

the fact itts been sold has a very good reason

 

how much is the debt BTW.

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

Share this post


Link to post
Share on other sites

Hi dx

 

The debt is nearly £10k.

 

LLoyds business banking was involved because my business bank account was with them.

 

I lost all my savings and redundancy money and I also had a business loan and business overdraft.

 

They weren't very supportive.

 

I remortgaged to pay these off.

 

And a bi-product of losing all the money was that I used this card and other credit cards to pay the bills until they maxed out.

 

I also had my personal account with Lloyds but the personal banking staff were not aware of my business problems.

 

None of the various parts of Lloyds communicated with each other.

 

I only mentioned the fact that I was defrauded to Trustcard to explain how things had gone wrong.

 

Why would Trustcard be concerned that I had been defrauded apart from the fact that it meant that I could not pay them?

 

The business banking manager couldn't even care less.

And why would they wait some 8 years before choosing to sell on?

 

I've noticed several others on this board reporting that Lloyds have recently sold their accounts to the same DCA.

 

I'd imagine that there have been wholesale sales of accounts where LLoyds have decided that the potential to recover the debts are poor.

Haven't they just reported losses due to PPI misselling?

I'm inclined to think that this maybe why they are cutting their losses by selling these accounts.

 

Nevertheless, I still believe that the way they did it to me was misleading and unfair treatment

and created an unfair relationship and I'm looking for advice on this and also whether there is any regulation preventing the sale/purchase of debts where a repayment plan is in place.

Share this post


Link to post
Share on other sites
You raise a few queries, I am unable to answer so I will try and find some one with more knowledge to come on board.

 

:)

 

Hi citizenB

 

I just wondered whether you had found anybody who could advise on whether I could make use of COBS or BCOBS and also whether there is any regulation preventing the sale/purchase of debts where a repayment plan is in place?

 

Thanks

 

Emtec

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...