Lloyds TSB Bank NEWS!!!! IMPORTANT!!

[yellowplum]

To all this may concern...

 

I have recently had my partner return home from work (yes he works for the institution that shall remain nameless, I am sure you can all figure it out)

 

He has heard that LTSB are now receiving so many of this LBA's and N1's that they are just going to begin settling them rather than dispute them.

 

However, and this is the interesting part...

 

They will close your account!

 

Has anyone experienced this yet?

 

If I receive any more information then will of course post..

[Guest Battleaxe]

It's the only way they can hit back. they are throwing their toys out of the pram. Of course you have a parachute account open.

 

Think of all the movement going on with accounts being closed and new ones being opened, the banking industry could imploded.

 

This makes three A & L, Nationwide and now LTSB closing accounts. nasty little children.

 

Keep us posted please.

[GaryH]

Thanks for the information Yellowplum. If it turns out to be true its good news on the one hand, as it means the pressure we're putting on them with regard to their abuse of the court system is definately working.

 

On the other hand though, they won't get away with closing peoples accounts for long. If they start that then they can expect a fight on their hands. The FSA have already ruled such action to be discriminatory and if what you say correct, we - as a group and as individuals - should start to pile on the pressure straight away. I think I'll make a start right now on preparing a complaint to the FSA!

 

Thanks for the info.

[JohnPeard]

What happens if you have a loan and a credit card with a bank that closes your current account. (especially if you applied for the loan and card at the bank)

 

Are these contracts automatically deemed to be terminated?

 

If this is the case, although any debt remained, the bank could no longer charge interest, and would have to negotiate a new repayment T&C.

 

This may be of value with someone with a high level of debt, because the 'interest' charges and repayment period would be frozen.

[Michael Browne]

Bank a/c, credit card and loan will each have a separate agreement. One won't be affected by the other.

 

However, in cases like that, it's more likely that a bank won't close an a/c

[avlasc]

I have a claim in at the moment - the bank has offered to settle the full amount albeit with conditions, I see no sign of them wanting to close the acount though?

[Guest Battleaxe]

What happens if you have a loan and a credit card with a bank that closes your current account. (especially if you applied for the loan and card at the bank)

 

Are these contracts automatically deemed to be terminated?

 

If this is the case, although any debt remained, the bank could no longer charge interest, and would have to negotiate a new repayment T&C.

 

This may be of value with someone with a high level of debt, because the 'interest' charges and repayment period would be frozen.

 

If only and A & L would do this to us, we have a loan with them and that rotten A & L/MBNA credit card. Bet they don't close those accounts. One can only dream