Cant change our bank account type!!!

[ZENTRIX9]

Ok, I have had a LLoyds account for approx 5 years and also a credit card at the same time.

 

For the bank account we pay £25 per month plus £13 for the interest and £5 for using the agreed overdraft.

 

We owe £2100 on the overdraft and £500 on the credit card.

 

We dont use the account and all the extras that go with it and want to downgrade to a basic account

because all the money that we pay in to stop it going higher just keeps it at the same balance.

 

We have managed to get the card balance down but its taking a long time.

 

We have been told that we cant do this until the balance comes down to £500 on the overdraft.

 

its been like this for at least 3 years and all we are doing is treading water.

 

Does anyone have any suggestions?

[Conniff]

Is this an authorised or unauthorised overdraft ?

[Bazooka Boo]

Ruddy Lloyds AGAIN!!!!

 

Open a new account with a different banking group, these clowns are criminals, have a read of BCOBS also, and get reclaiming all of those fees and charges they have conned you out of.

[citizenB]

Ask them to revisit their decision - they are Treating you Unfairly, which they are not permitted to do .

 

Have a read of the BCOBs articles in my signature.

[ZENTRIX9]

Yes it is an authorised overdraft, the only reason we still have it is because we owe them the money. I already have an account elsewhere for our personal and business account running with no problems in 4 years.

Edited January 1, 2013 by ZENTRIX9

[Conniff]

When you say authorised account, do you mean authorised 'overdraft' ?

[ZENTRIX9]

Sorry, yes, authorised overdraft

[Conniff]

That's a shame, would have had an easy one if it was unauthorised.

 

Tot up the actual amount owed and the charges and interest that has been added on. Ask them to stop adding charges and interest, they have had their share from you.

 

If they refuse, you should tell them if they don't then you will have no choice but to stop making any further payments.

[ZENTRIX9]

Thanks Conniff, can I just clarify that?

 

Bank account

Starting from when? when I opened the account?

So does that include the charge for using the account? the charge for using the overdraft (even though its authorised)? and the interest on the account?

 

Credit card

Anything to claim back on this?

[ZENTRIX9]

I dont use this account but if I send them the letter and they dont play ball can they close it and demand full payment or similar? What can I expect?

[caro]

Thanks Conniff, can I just clarify that?

 

Bank account

Starting from when? when I opened the account?

So does that include the charge for using the account? the charge for using the overdraft (even though its authorised)? and the interest on the account?

 

Credit card

Anything to claim back on this?

 

Have a listen to Mike Dailly on Moneybox about packaged bank accounts. http://www.bbc.co.uk/programmes/b01pf5d3

[ZENTRIX9]

Mmmm, very interesting, when I took out the account I had the equivalent extras with HSBC!! and I told them this. I was advised that this was the best account for me.

 

I think I was definately mis-sold this account.

[caro]

It's something I'll be looking at myself as my OH was told by Lloyds that he had to have one of these accounts if he wanted an overdraft.

[ZENTRIX9]

Yes I think I was told that too.

[ZENTRIX9]

Can I claim the account charge from the day I opened the account?

[caro]

I would say so.

[ZENTRIX9]

I have worked it all out now and from the time we opened the account we have been charged £1885.66, the account overdraft is £2092.06 and has been this balance within a few quid for the last 2 years. Can I ask them to deduct this amount off my overdraft, add the £500 from my credit card, stop charging me for the account and let me pay a fixed amount per month to pay it off quickly. Do you think that Lloyds will go for that?