Being held To Ransom by The Mob, AKA LloysTSB

Lloydsmoneygrabinscumbags

Thanks for taking the time to read my posting

6 years ago I took out a loan of £17000. This loan was more or less thrust upon me in as I was im my early 20’s and I went in to my branch to borrow 2/4k for a car, and the bank said you are a gold customer, and could borrow 20k and have the funds available the next day. The temptation got the better of me as I was a young man who had never had any money nor borrowed any..

I took out insurance costing me £53 per month, as the banks representative sold it to me as a must have alongside the loan.

Where the problems began

I was left with no choice and had took voluntary redundancy a year into the loan. I explained the situation to Lloyds and tried to activate the loan insurance, Lloyds TSB told me this would fine and not be a problem but until the insurance company finalise all the details they would continue taking the monthly payments of £335. It took me 6 months to get back to work after a lot of interviews.. The bank then informed me that the insurance company would not be covering any of the loan repayments missed nor any of the charges encountered over the 6 month duration. Reluctantly I agreed to a 6 month payment plan to get me out of collections and back to my branch. I made every payment up until the last month when Lloyd reverted back to an old payment date of the 28th rather than the new agreed date of 07th of every month, Lloyds informed me that I would be unable to go back to branch as their error now showed as a default payment, so another 5 months in collections went by no payments missed by me and again Lloyds took the payment on the 28th and again due to this the payment registered as a default and I needed to carry out a further 6 months During the next 3 years of being kept in collections although never missing a payment Lloyds decided to set up half of my loan payment amount to go to the loan and the other half to pay off my overdraft, I had no idea that they had done this and it resulted in me not paying the full amount of my loan each month, meaning I was just about covering the interest charges and not reducing my loan.

This is just some of the complications that I have had to through and how Lloyds have treated me over the last 6 years……….. I borrowed £17000 and after 6 years of a 7 year agreement I still owe £14500, and the only way to get back to my branch is to refinance my existing agreement to the new value of well over 30k in total including the interest that Lloyds would get for me agreeing to this scenario. Making the total amount paid nearly 70K for a 17k loan……….

Please, please can anyone give me some advice, if you have been in a similar situation and managed to resolve it, or if you are someone who knows the system and what I can do to get this injustice resolved and put behind me? I would very my appreciate any help as this situation has got me feeling very desperate due to paying all bills on time yet my credit rating is in a terrible state due to Lloys TSB and their conduct.. (Loan Sharks Don’t Even Get Away With Sort Of Exestuation)

Thanks for your time guys. :money:

petermb_2

Do you have a copy of the agreement?
I would certainly be willing to have a look at it for you.

countrygirl84

Lloydsmoneygrabinscumbags wrote: »

I took out insurance costing me £53 per month, as the banks representative sold it to me as a must have alongside the loan.

Well firstly I'd be claiming for mis-selling! The insurance is definaitely not a must-have. It is optional and the member of staff processing the loan for you can't even recommend that you take it. They are meant to go through the details with you and leave you to make your own decision. I worked for NatWest for quite a few years and my job was as an advisor (processing loans, mortgages, etc). Basically we were given a points target to meet each week and for example you would get 250 points for the loan but if you sold the insurance with it you would get 500 points. So, I'm guessing the 'advisor' had her own interests at heart. And as much as it winds me up, a lot of bank advisors see young guys as easy prey and know that pretty much most of them will sign up to what you tell them to. Personally, I don't know how they have the heart to do it.
As for the loan, my advice would be to go to CAB and see what they say because what they have done is completely insane! Get all the paperwork together and write down everything you can remember and get some advice.
Good luck.

marshallka

Lloydsmoneygrabinscumbags wrote: »

Thanks for taking the time to read my posting

6 years ago I took out a loan of £17000. This loan was more or less thrust upon me in as I was im my early 20’s and I went in to my branch to borrow 2/4k for a car, and the bank said you are a gold customer, and could borrow 20k and have the funds available the next day. The temptation got the better of me as I was a young man who had never had any money nor borrowed any..

I took out insurance costing me £53 per month, as the banks representative sold it to me as a must have alongside the loan.

Where the problems began

I was left with no choice and had took voluntary redundancy a year into the loan. I explained the situation to Lloyds and tried to activate the loan insurance, Lloyds TSB told me this would fine and not be a problem but until the insurance company finalise all the details they would continue taking the monthly payments of £335. It took me 6 months to get back to work after a lot of interviews.. The bank then informed me that the insurance company would not be covering any of the loan repayments missed nor any of the charges encountered over the 6 month duration. Reluctantly I agreed to a 6 month payment plan to get me out of collections and back to my branch. I made every payment up until the last month when Lloyd reverted back to an old payment date of the 28th rather than the new agreed date of 07th of every month, Lloyds informed me that I would be unable to go back to branch as their error now showed as a default payment, so another 5 months in collections went by no payments missed by me and again Lloyds took the payment on the 28th and again due to this the payment registered as a default and I needed to carry out a further 6 months During the next 3 years of being kept in collections although never missing a payment Lloyds decided to set up half of my loan payment amount to go to the loan and the other half to pay off my overdraft, I had no idea that they had done this and it resulted in me not paying the full amount of my loan each month, meaning I was just about covering the interest charges and not reducing my loan.

This is just some of the complications that I have had to through and how Lloyds have treated me over the last 6 years……….. I borrowed £17000 and after 6 years of a 7 year agreement I still owe £14500, and the only way to get back to my branch is to refinance my existing agreement to the new value of well over 30k in total including the interest that Lloyds would get for me agreeing to this scenario. Making the total amount paid nearly 70K for a 17k loan……….

Please, please can anyone give me some advice, if you have been in a similar situation and managed to resolve it, or if you are someone who knows the system and what I can do to get this injustice resolved and put behind me? I would very my appreciate any help as this situation has got me feeling very desperate due to paying all bills on time yet my credit rating is in a terrible state due to Lloys TSB and their conduct.. (Loan Sharks Don’t Even Get Away With Sort Of Exestuation)

Thanks for your time guys. :money:

Come and join us on the PPI reclaiming discussion thread and you will get lots of advice on how to go about reclaiming the missold insurance you had thrust upon you with the loan for yourself.

markelock

if what they taken from you is accurate, I'd be inclined to tell them to shove it.

call Citizens advice as already mentioned.

I would expect that a £17k loan would attract no more than £5k interest, how much have you paid back already?

loan sharks sounds about right.

Pobby

You are right about young guys being a easy target. A God son of mine proudly announced he was buying a new car. He had borrowed £15,000 over 5 years . The interest was a total of £9,000. We argued with him, tried to point out that it was unwise but he went ahead. He was aged 18!!!!

countrygirl84

Pobby wrote: »

You are right about young guys being a easy target. A God son of mine proudly announced he was buying a new car. He had borrowed £15,000 over 5 years . The interest was a total of £9,000. We argued with him, tried to point out that it was unwise but he went ahead. He was aged 18!!!!

I know, it's horrible! I have got to add that I was definitely not one of those advisors. I had a little brother and would have killed somebody if they had done the same to him! They just seem to trust that what the staff are saying must be right and I don't think that some of them like to admit that they don't understand, so they sign anyway.

Kavanne

Pobby wrote: »

You are right about young guys being a easy target. A God son of mine proudly announced he was buying a new car. He had borrowed £15,000 over 5 years . The interest was a total of £9,000. We argued with him, tried to point out that it was unwise but he went ahead. He was aged 18!!!!

Has he had trouble or defaulted?

Spikeyjaycee

Well as someone who herself is fighting Lloyds TSB re a complaint I made about them back in January 2008 that they have since admitted they have no record of!!!!! I am now handing it all over to the Ombudsman and complaining about the way Lloyds TSB treat customers in financial difficulties, which goes completely against the literacy they issue for people in trouble.
If you get no luck yourself, hand it over to the authorities!