A friend in need!

mercurystar999

I have a friend who need help. He doesn't even know the scale of his debts. He has accounts with Lloyds tsb and Nationwide. The Lloyds account had an arranged overdraft of £300. The Nationwide has no such overdraft facility.

He went overdrawn with Lloyds TSB and was charged for doing so. Wages go in pay to pay the fees but then not enough to pay the bills, a viscious circle. He then basically buried his head in the sand and has done nothing. He moved house and never told them so now doesn't even know the scale of his debt to them.

He also had a credit card with Lloyds with an unknown amount due to his moving and not telling them.

He had another account with Nationwide and subsequently used that when he changed address, which he now uses to pay his wages in and pay his bills. He asked to cancel three dd's but they never and now gets charged £90 for three failed dd's per month.

What can he do???

RAS

sorry, some of this is confusing. He can cancel DDs. He needs to get that done.

Without knowing the dates on these accounts, it is impossible to tell. We have some people comming here trying to sort debts and we eventually find that they are statute barred, so they do not have to pay. Others have accrued loads of debt in a few years.

if he has not paid the older accounts for over 6 years (5 in Scotland) they are statute barred.

If he is having trouble with the recent account he needs a basic account with no OD with a bank not related to the ones where he has trouble and he needs a proper budget. Once that is sorted he can start to look at the other accounts.

He can reclaim charges issued in the last 6 years and PPI on any loans. That would reduce his indebtedness.

Also as him to speak to one of the debt charities if he needs to but it may be there is some work that can be done on here first.
http://www.moneysavingexpert.com/loans/debt-help-plan#help

mercurystar999

The charges are from 2006 so not barred. He has foolishly started reclaiming with a bank charges company called, claims financial.

I've told him to stop that and go through the templates here.

mercurystar999

Anyone else?