'premier' joint bank account from 2004. - confusing details.

[stevewayne]

Hi. Thank you for the reply. Payment has been stopped. I am not sure what to do with the irresponsible lending route, do we need to notify them?

[dx100uk]

you need to complain to Lloyds yes

 

have a read of this

 

http://oft.gov.uk/about-the-oft/legal-powers/legal/cca/irresponsible#.U4EZkqNwbRY

[stevewayne]

Hi. Update.

We wrote to Lloyds pointing out the account was never in credit for the nine years it was running,

and the overdraft limit was just raised to a higher limit once the account went over the limit leaving a balance at account closure of £3800.

 

I have worked out that in that time £5300 of charges and interest were added.

 

At no point was my friend contacted until after his wife's death, although we accept that it was a joint account.

But my friend maintains that had they contacted him before, he would of dealt with the matter.

 

My firend continued paying £25 per month until recently and brought the balance down to £2800.

 

We have now had a letter from Lloyds agreeing to write off the balance if my friend agree's to their offer.

 

They have tried phoning him but he would not pick up the phone.

 

My question is,

is this considered a fair offer?

or is there more scope for some cash back?

 

Thanks in advance.

[Guest]

so, out of 9100, 2800 is left. if they write that 2800 off, means friend wld've paid 6300 from an initial 3800. over how many years? is that calc correct?

[stevewayne]

Hi.

 

The account was a bank account where both salaries were paid in.

 

The account continued to be overdrawn for the nine years it was live.

 

Once the account went over the limit the limit was increased.

 

No paperwork except bank statements exist which I have following a SAR.

 

When the account was closed it had an overdraft outstanding for £3800.

 

The account was then passed to a dept management company and small payments were made up to when the wife passed away.

 

My friend then paid £25 a month from 2011 to a few weeks ago.

 

The balance at this point was £2800.

 

Lloyds have accepted irresponsible lending and have offered to clear the balance of £2800.

 

I have worked out that during the nine years £5300 was charged for interest

but the majority was for bank charges.

 

Hope that clarifies things.