Lloyds Overdraft Issue

kilasuit · 5 August 2009 at 9:12PM

I currently owe them £2000 for an overdraft and was on an internal payment plan with them and i found out that they hadnt taken the set amount off my overdraft on the 4th (yesterday) as to the agreement i had with them.

Well i phoned them up to sort this out and was told that i had to renew my agreement with them, which i thought yeah sounds about right. So i went through it with the chap on the phone and when he asked me if i wanted to set this new arrangement up i asked if i could have a letter detailing the agreement sent to me before i accepted it and his response was "i cannot do that as it is against our procedure to do so" so i asked to speak to his manager as i felt that this wasn't right.

Well his manager said the exact same thing and even went as far as to say that there was no way of him doing this and therefore he wouldnt and if he could he wouldnt.

I feel that its within my right to see any financial agreement before i go through with it especially as i wasnt happy with what i had been told was to make up the agreement. I even said numerous times that i didnt understand what had been said to me and that i wished to see a written copy so that i could get my head around it and understand it.

Am i entitled to a written copy before i agree to anything or can they go on the lines of verbal is acceptable?

Any help would be apreciated

never-in-doubt · 5 August 2009 at 10:51PM

You can state that you were uncertain and felt pressurised into the agreement verbally and having time to thing about the details, in your own domain and time you've decided to cancel the agreement forthwith and instead opt for XXXXX

Good luck - easy enough mate plus cancellation rights come into force, sort it fast and sort it by letter - not phone!

jambosans · 5 August 2009 at 10:53PM

With respect, you owe Lloyds TSB £2000, that amount is repayable, in full on demand. Any payments plans or subsequent agreements you make with their collections department is merely a courtesy LTSB have allowed you in the hope they will get the full amount back ASAP. So in terms of entitlements, you are not really entitled to much when you are repaying a debt that could have been demanded back in full.

The best you can do is negotiate with collections, but if they're not budging get them to explain anything you don't understand. Also bare in mind that collections will be bullish in getting you to agree to a payment plan that is more advantageous to LTSB.

Personally I don't see the harm in written confirmation of the agreement. Although if you don't mind telling, what is so difficult to understand?

There are people on here that know a lot more about debts and your rights, so there may be something I've missed. You might wanna head over to Debt-Free Wannabe Board for some more advice.

Edit: there you go, some sound advice from N-i-D!

kilasuit · 5 August 2009 at 11:32PM

i think i'm gonna send a letter of complaint coupled with a Subject Access Request and Charges reclaim letter and see how they like that tbh thou i dispute the account completely and have completely stopped using the account

I feel that it is a shambles that they were like that to me over the phone and do feel sympathy for the 000's that just put up with it

stclair · 6 August 2009 at 9:50AM

Yeah I agree its always better to be able to sit down and read documents at your own leisure. However in situations like yours they would read scripts to you then if you agree then its taken as a verbal agreement. As you can imagine in banking all calls are recorded for FSA requirements etc.

I would personally do everything in writing and make a point of telling them that that is the only way you will communicate with them, then they will have no choice but to write to you to confirm facts.

As you can imagine advisors in collections are on a bonus and they will tell you anything. As long as you make a payment even the managers.

I wouldnt get too funny with them though as an overdraft can be revoked at anytime. Your very lucky they are letting you set up a repayment plan.

kilasuit · 6 August 2009 at 5:39PM

well thought i'd update as Lloyds have now cut my overdraft to the inital £400 that i had it at before charges were placed on it.

I am now officially £1559 over my overdraft.
which will be £1759 min this time next month

i am definately sending a letter of complaint a SAR and a charges reclaim

natweststaffmember · 6 August 2009 at 5:52PM

kilasuit wrote: »

well thought i'd update as Lloyds have now cut my overdraft to the inital £400 that i had it at before charges were placed on it.

I am now officially £1559 over my overdraft.
which will be £1759 min this time next month

i am definately sending a letter of complaint a SAR and a charges reclaim

Pop over to the reclaims board cos it is always nice to see some new faces

kilasuit · 7 August 2009 at 11:50PM

with this if i reclaimed the charges would lloyds be able to take amounts from my halifax account?

if so i'm rather screwed

Lloyds Overdraft Issue

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free