Do you have money worries and a loan or credit card with your bank?

Porcupine

Saw offsetting from Natwest two years ago. Two flatmates had a joint account for paying bills. The account went overdrawn for a few pounds (mostly because NW were inept about sending statements). Not only did they add about £90 charges, they also took money from the personal account of one of the flatmates.

The Ts&Cs did say they could do this, but I thought it was sharp practice to take from an account that was in different names.

moo_cow

Lloyds did this to me several times resulting in me having to open another account elsewhere. They took money which meant I couldn't pay my mortgage in whole for that month (ironically the mortgage is with Lloyds also), they did it again the following month so we had to quickly open a new account somewhere else. (They refused to put the funds back in by the way.) They have stung me with charge after charge. I even had charges applied for going over my limit due to the charges they had applied the month before.
They refuse point blank to acknowledge my hardship case for charges reclaiming and will not allow me to close this account because there is still a debit balance on it due to their charges.
I had banked with them for 12 years before it all went sour. They are the absolute pits and should be avoided at all costs.

ryukin

IJB wrote: »

I understand about opening a basic account elsewhere but I need to travel abroad with my job and therefore need a debit card. I feel trapped with a bank who I detest.

Add me to the list of people stung by Lloyds TSB's offsetting policy. Two years ago I opened a basic (Readycash) account with Yorkshire Bank, who so far have been fine - and you get a Maestro debit card too!:T

I also have an account with the Nationwide but they won't trust me with one of their debit cards :mad:

shillibeersghost

First Direct have restricted my banking services because I am struggling with debt, which means I cannot use direct debit, which means I am now paying more on ALL of my bills....how is that a help????

Steven.Chapman6

They did this to me as well, went to the bank and found that the had taken £250.
I had been telling Customer Support for 2 months of my financial hardship and they took my CCCS number and did nothing to help me. It took 10 minutes of demending to speak to a Supervisor via Customer Service and then another 35 minutes wait. They then finally gave me a Fax number for the Financial Management Unit, which I could fax my Income & Expenditure to and then agreed a reasonable payment. They would then stop the off setting!!! Have sent my details and waiting for a response.

hutch610

Bit worrying reading about First Direct, I'm with them and never had a problem always been very helpful.

lizzy27_2

Hi
It is my understanding that right of set off can only apply when the debt is in the same right (must be in the same name). Therefore money cannot be taken from a joint account to pay off a sole debt, unless the bank can prove that the credit balance all belongs to the person in debt. It has been known for bank to take 50% of the balance. The debt is not yours and is not in your name therefore the bank cannot insist you pay the debt. If you haven't already threaten the banking ombudsman. I hope this is helpful.

joy47 wrote: »

I took out a mortgage on my property for a loan for my partner on condition he made the repayments. We had to have a joint bank account at the same bank for the payments to come out of. I had nothing to do with this account until my partner stopped paying the mortgage. I then discovered he had taken out a credit card in his name only on the account and was in debt. The bank knew the situation amd knew I had no knowledge of the card debt. I have been paying the mortgage for the last 18 months but last month when I went in to pay my mortgage they took the payment and then told me that the money had gone towards the card debt. I had been worried that they might do this and had made sure that I went into the bank and specifically asked for the money to be paid into the mortgage acount and not paid into the joint account. The bank then said I had to pay off the card debt before they would accept payments off the mortgage. In order to prevent my property being repossesed I have had to borrow the money from my family to pay off this credit card. Did they have the right to do this?

PeterTheBike

My wife and I have had a joint account with Lloyds TSB for over 35 years. We have also had one of their Trustcard credit cards for many years. Last year I noticed 2 fraudulent transactions on the credit card and contacted Lloyds TSB in less than a week of these frauds taking place. They put a stop on the card - fine, but then took over 6 months to get the card active again - but that's another story!

I would not pay off the £70 of fraudulent transactions and while the account was suspended, I received no statements. Lloyds TSB then started to raise overdue charges for the £70 which I only saw on the online statement. Back to customer services again, they took ages to understand their problem, but promised to withdraw the charges. Next thing I see transactions in our current account relating to the credit card. Back again to customer services and the best they can do is make a vague comment about "I think we can do this".

It was only after a letter was sent to our local branch manager detailing the situation, and stating that if it was not sorted out the credit card would be destroyed and our current account moved to another bank that it was all resolved.

Lloyds TSB only remain our bank until I feel confident I can find a better one.

Scrooge33

Actually, this is nothing new. About 25 years ago when my husband was made redundant and struggling to make ends meet, Nat West reversed his standing order to me for housekeeping (both of us banked at NatWest). Unaware, I then went overdrawn and had to pay the charges for this. I was bringing up kids and only working part-time and it was very difficult. I too couldn't believe that a bank could be so uncaring as to 'pull the rug' just when we were floundering - and do it legally.:eek:

When will we all learn that even with all their smooth marketing and friendly adverts, these people are not our friends - they are just the same as the cut-throat money lenders of old. They are actually con-men in disguise. We should beware of them and stop letting then smooth-talk us into taking risks with our money for their gain. :mad:

ssmillie

Lloyds took over £350 from my joint account a couple of weeks ago (which my husband is the only contributor - and this can be proven) to pay my credit card payment - can they do this or can I get this back?
Any advice greatfully accepted!!
:eek: