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DMP Mutual Support Thread (Part 5)

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  • candygirl
    candygirl Posts: 29,455 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I'm in a panic today.Have lloyds TSB and halifax merged?If so I'll have to get my money out of my lloyds account but don't know where to put it.My debts are with Halifax, MBNA and Barclaycard!!Help:eek: :eek:
    "You can't stop the waves, but you can learn to surf"

    (Kabat-Zinn 2004):D:D:D
  • Althea
    Althea Posts: 114 Forumite
    Lloyds TSB and HBOS officially merged yesterday, according to the Times Online. They are now the "Lloyds Banking Group"


    DMP Mutual Support Thread Member No 239
  • Gemmzie
    Gemmzie Posts: 14,876 Forumite
    We're a bit worried about this too, our Halifax account is the one we're trying to get the charges back from. Lloyds account doesn't have an overdraft or anything but we don't know who we could switch to now!
    No longer using this account for new posts from 2013
  • Althea
    Althea Posts: 114 Forumite
    With a little bit of luck perhaps you won't be affected. From the LloydsTSB website, it says:

    Q: Will the two groups have a separate banking licence?
    A: Yes, the groups will continue to operate under two separate banking licences. This is important as it means they will be treated as separate entities by the depositor safety net the Financial Services Compensation Scheme.

    Which may well mean that one "arm" of the group cannot touch the money in an account held by the other "arm" ... but if I were you, I'd go visit the "Ask a CCCS Counsellor a question" thread and ask the question!


    DMP Mutual Support Thread Member No 239
  • candygirl
    candygirl Posts: 29,455 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Althea wrote: »
    With a little bit of luck perhaps you won't be affected. From the LloydsTSB website, it says:

    Q: Will the two groups have a separate banking licence?
    A: Yes, the groups will continue to operate under two separate banking licences. This is important as it means they will be treated as separate entities by the depositor safety net the Financial Services Compensation Scheme.

    Which may well mean that one "arm" of the group cannot touch the money in an account held by the other "arm" ... but if I were you, I'd go visit the "Ask a CCCS Counsellor a question" thread and ask the question!
    I've rung CCCS and they've advised me to get a new account, so i'm going for NATWEST;) It's a shame as i've been with LLOYDS for over 25 years, but hate HBOS:mad:
    "You can't stop the waves, but you can learn to surf"

    (Kabat-Zinn 2004):D:D:D
  • Althea
    Althea Posts: 114 Forumite
    I actually felt quite disloyal (mad, I know!) for changing from Lloyds, I've been with them 24 years myself. But they've had a lot of money off me over the years, so I'm telling myself it's a good thing I went somewhere else! :)


    DMP Mutual Support Thread Member No 239
  • candygirl wrote: »
    I've rung CCCS and they've advised me to get a new account

    Nooooooooooooooooooo! B.U.M!!!
    Was really hoping wouldn't have to do this :mad:
    I'm now with Lloyds after moving to them last summer at start of DMP. Have CC debt with HBOS... really didn't want the hassle of uprooting again. And I've got a classic acc with Lloyds, which has a proper debit card (no O/Draft though), but I probably wouldn't get one of those account elsewhere now, as my credit rating will be ruined.
    I have a cash account with Lloyds too, which is great as the debit card works ok, but I can only get cash out of that account at a Lloyds machine and I can't have a cheque book. So I was so glad that we opened the classic account too.

    Boo hoo hoo
    :D PROUD TO BE DEALING WITH MY DEBTS :D
    Light Bulb Moment Jul 2008 /
    CCCS DMP started Sep 2008 / DMP Support Thread Member # 224
    Debt Free Day [strike]Aug 2032, Feb 2018,[/strike][strike] Jul 2032[/strike] Feb 2023
    July-08 Unsecured Debts £40,499 / Nov-09 Unsecured Debts £38,945
  • Hi, well here i go!!

    I went with payplan in November, and started making the payments as we agreed. We are getting a lot of agro from Mercers/Barclaycard, and Gus/NMR (two of our smallest debts!!!)

    I have been checking through all our recent statements and most of them are still charging interest and late fees... despite payplan who I thought were supposed to sort this out!

    My question is, would it be more beneifical to do the dmp myself?? Where I can withhold money back until they freeze interest and charges? I am not scared by the tactics, and practically laugh at mercers and just tell them there is no more for them to have!!!

    I don't even know which creditors have agreed to the plan or not? But I have an idea that about 3 out of 12 have!

    Please help!!!
  • dlb
    dlb Posts: 2,488 Forumite
    Booblebum wrote: »
    Hi, well here i go!!

    I went with payplan in November, and started making the payments as we agreed. We are getting a lot of agro from Mercers/Barclaycard, and Gus/NMR (two of our smallest debts!!!)

    I have been checking through all our recent statements and most of them are still charging interest and late fees... despite payplan who I thought were supposed to sort this out!

    My question is, would it be more beneifical to do the dmp myself?? Where I can withhold money back until they freeze interest and charges? I am not scared by the tactics, and practically laugh at mercers and just tell them there is no more for them to have!!!

    I don't even know which creditors have agreed to the plan or not? But I have an idea that about 3 out of 12 have!

    Please help!!!

    You are still in the very early stages of the dmp, so it will take a few months for creditors to see you are serious and agree to be onboard and stop interest..but they dont have to stop interest...they are just more likley to if you continue paying the amount payplan have agreed with them.

    Plus why do it yourself when payplan are already know to the creditors and some often recomened them when you have payment worrys. They are only doing what you would be and are still in the negosiation stages.

    Im 3 yrs in and some of my crediors didnt stop phoning for a good 6 months after i started and some didnt stop interest until months 4 and 5.

    Hang in there, it will all come good.
    Proud to be DEBT FREE AT LAST
  • Thanks for your response... I am aware that it is early stages, I just find it so hard seeing our debt actually increase, because the payments I am making aren't covering the interest they are charging! I feel so helpless that it is all out of my control!
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