Help Lloyds tsb wnat 2 take away od

gailey_2

Got letter rtoday saying my account wa sup for reveiw on 14th nov they do same every year but never changes they said they changing my overdraft to phone and discuss if i dont then im unauthorised lending and subjects to loads of charges!

So i rang man nice enough but no answers as could mean they want to take it away. I got appointment on tue in local branch just hoping to come to agreement as cant pay it all off straight away!
Really concerend now would be happy to restructure as loan if they let me?
Do you think they be reasonable?
anyone else had similar latly?
im hoping if I work with them they be ok.
I noticed some weird options on automated if u got difficulties press 3 if u ewant repayment hol press 5 so are banks being more understanding now they paid for by me the tax payer?
Really worrying now so just need bit of reassurance I did fear this might happen.

MrsAudus2b

I recently had the exact thing happen to me...Lloyds sent me letter, I phoned up and they said they were taking away my £1200 O/D (currently at its limit)

They made me a local branch appointment which was brilliant - turns out I had a warning flag on my records as I applied for a loan 4 months ago but was not accepted - the guy then told me that the loans people hadn't taken my partners contributions to the mortgage into account and I should have received it - grrrr:mad: Although, I have since discovered this site and am glad they did refuse!

Anyway, getting back to your concern. My advice would be to try not to worry too much, go into your appointment with a list of all outgoings/incomings you have and explain why you need this overdraft - if possible also, how you could start to bring it down.

Hope this helps

x

gailey_2

So what was outcome to your appointment? Did tehy take your overdraft away from you?

SunderlandBlackCat

Have you thought about changing banks?

Alliance & Leicester usually match an existing overdraft up to £2.5k & at 0% for the 1st year & you can also get cashback for switching if you go through Quidco.

There are other good switching offers around as well. 1st Direct comes to mind.

GeorgeUK

I would definately look at the possibility of switching accounts as SunderlandBlackCat suggests. If this isn't an option, how does your credit score look - would it be possible to get a 0% creditcard to transfer this to?
(Not all cards will allow these super balance transfers)

petrafyde

Gailey, please try not to worry 'too' much?

Whats the very worst they can do?

Demand money that you haven't got. That's right!

If my bank did that to me I'd be stuck too - cos I can't afford it either. However, when we sit and worry, we make the problem worse! Just accept that thats the worst that will come of the conversation, and go there resigned. If they say the worst - then all you can say is! I can't afford to repay it all immediately, but I'm more than happy to start paying monthly to reduce the debt. That's it. It's simple -- but when we brood on things they get worse because we make them worse.

Without a statement of affairs I don't think anyone can help you with regards to another loan because we couldn't see if you can afford it. My first instinct is to tell you NO! do NOT get another one, even if it is offered unless there are no other options available, and you won't know if they are until you give more details to the forum. (apologies if you've already posted SOA! I just don't think that without up-to-date info people can help).

Gailey, can you post your SOA? The more experienced MSE'rs will know immediately what you should do. I don't have the link to hand, but search the forum for it and it will come up. Don't allow yourself to be pushed into further debt because you are presently struggling please xxx

gailey_2

Ahh finally sorted Lloyds branch couldent help so tried financila support unit within bank, only option I have is a converting od into loan not ideal but les spain free soloution as can mange repayments and no penalties for overpaying and should hopefully pay it off very quickly as intrest rate 10%.
No damage to credit score however wont be able to borrow anytjing else from Lloyds within next 12months which is not a problem.

I have another current account with overdraft with barclays hence me not switching as 2 bank accounts enough for me.

Have scruntinied my incomung outgoing really cant cut back much more so only option is to earn more through

ebay
get p/t job
cut nursury hours down
sell vespa as rarly used.

Im determined to get out of this mess!Will stay positive.

gailey