Linked Financial Institutions and Hbos/Lloyds TSB takeover

hillbilly5

HI
I am on a dmp with cccs which has been running lovely. Now I am worried about the Hbos Lloyds TSB takeover.
I had heard that we need to look out for whether after the merger the 2 banks will keep their individual licences - if so as I understand it I wouldn't have to worry about my 'safe' account at Lloydstsb being used to offset debts that I have with Halifax. Does anyone know what the proposal is - whether they will keep their own licences or whether they will fully amalgamate? Also does this quote from the Lloyds TSB website shed any light?

'On completion of the proposed acquisition, the name of the new combined group will be Lloyds Banking Group plc. This is an umbrella name, under which will sit the existing brands such as Lloyds TSB, Halifax, Scottish Widows and Bank of Scotland.
It will only be used once the proposed acquisition of HBOS completes. Until that time, we remain separate companies. No decisions have been made regarding any of the brand names currently in use in either Group.'

Would be grateful of any help with this please?

dollindebt

I am in the same boat as you, hillbilly5. I have banked with Lloyds for over 12 years and have no debt with them, but have a considerable amount with HBOS. I have had a successful DMP with Payplan for almost 4 years now. I am having to consider switching bank accounts to avoid the "right to offset" issue, if this even happens. As I have debt with several creditors, and they are often linked, I am almost out of options for banking (my own fault!).

When I spoke to someone from Lloyds yesterday, she was slightly vague and said that nothing would be finalised until January, then further decisions would be made from there.

jinski

Am with payplan too have an account with lloyds and debts with hbos has anyone moved accounts yet to another bank, help please