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LTSB Loan Repayment Holiday - info


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I've started this as a new thread, for information purposes really on loans through customer support.


My partner and I were experiencing multiple charges on 4 of our accounts (1 mine, 1 joint, 2 his) for a number of years. Many reasons to blame...charges, i was a full time student on a part time wage, charges, bills to pay,charges, life to live, charges, loans etc etc etc


So, last year we went into the bank to see if we could try to sort this matter out, to be told initially by them man in the bank to "stop spending your money" (I think that was because they wanted to do it for us!!). Anyway, to cut a long story short, we ended up consolidating old loans and overdrafts etc etc, to provide one lower monthly payment over a longer period. This kind of suited us, and we felt it was our only way out at the time because we were paying extortionate amounts in fees, payments and managing accounts proved a bit difficult for us.


However, the new loan was provided through Lloyds TSB Customer Support, the friendly guy on the phone sorted it all out for us and we got the money in our bank at the time they said we would and the payments started the next month. All fine and dandy - we have more cash to ourselves now because of this, which is a great help.:)


HOWEVER, FYI, we do internet banking, and on our 'loan' section on our account, it says if you've made over 6 consecutive payments you can apply for a loan repayment holiday. Great, I thought, I could essentially pay off xmas with this loan holiday, so I called them up, only to be told that AS THIS LOAN WAS SUPPLIED THROUGH CUSTOMER SUPPORT YOU WILL NEVER BE ELIGIBLE FOR A REPAYMENT HOLIDAY. I think this is highly unfair, seeing that they're getting thousands back in interest and it was their charges which added to our financial difficulty. (I can't really explain how i feel at being told i'm not eligible for this cos i had to go through the special-measures-for-people-with-extra-financial-difficulties ...like I was stupid or not to be trusted or being punished or something like this really!:mad: )


We were also told in the bank that the loan calculates its interest daily and we are able to go into the bank and pay money off the loan at any time. I asked if there was a direct debit or standing order system in place to enable me to pay off a little more every month and was told 'no'. Not very convenient for me to go into a bank due to working 6 days a week, so i just let it be and continued to make monthy payments and had a pot with change in ready to take to the bank when it is full and when time allows me.


HOWEVER, there IS a standing order system which allows you to pay off a little more from your account. So, if you're in the same boat as me, and want to reduce your interest charges, call the bank on 0800 096 1232 and ask to set up standing order for your loan account. (Its very sneaky of them, cos obviously they don;t want us to pay up early cos they're making loads of money out of interest charges out of us).


(We have read the small print and we did listen in the bank, but there was so much jargon and terminology that it can get a little confusing).




(I'm adding as much as i can whenever I can now to reduce the interest payments and get this loan paid off before the next millenium!).


Good luck folks, :(:)

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