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Lloyds tsb credit card struggle
jessiebessie
Posts: 25 Forumite
in Credit cards
Hi, I have a Lloyds tsb credit card I have had for approx 11 years,I have never missed a payment always paid on time.Over the years my credit limit has risen (by them not me requesting the rise) to £10,000 .Anyway at the moment I have £7500 debt on the card I am on an interest free period of 6 months at the minute but hubby has just been made redundent and has taken a lower paid job,my minimum monthly payment is £150 approx and we are really struggling to pay this.So my question is: if I where to ring Lloyds and tell them my situation What could they offer me? does anyone know? I don't want to be ripped off by them charging me loads of interest if they offer me a payment plan or something similar!!!!
Any advice will be very much appreciated Thank you x x x
Any advice will be very much appreciated Thank you x x x
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Comments
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Be very careful about what you say to them. Remember Ltsb switched from Visa to Mastercard so it might very well have been Visa who increased your limit. Mastercard are operating on different criteria. Partially due to the older misjudged credit limit rises.
They have been discovering all sorts of irregularities from the transferred accounts. Mine for instance had no accurate records attached to it. A fact only realised by them when I rang up to change my direct debit details. Had to go to bank branch and have them phone Mastercard to prove that I'd been a customer for 27 years and that they were looking at several years worth of statements.:mad:
Ltsb themselves are on a drive to convert credit card payments into secured loans. Which isn't to say there aren't other offers being provided. But you will need to know what to ask for.0 -
Thans annie,I know I will have to be careful in what I say to them that's why I thought I would ask for some advice from you guys.Is there lots of discrepencies with them since they changed from visa do you know? I have been reading about the unenforced credit agreements but I don't really understand it all and I don't want them to think that I can't pay I am just finding it a bit difficult at the minute!!!!!0
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Be very careful about what you say to them. Remember Ltsb switched from Visa to Mastercard so it might very well have been Visa who increased your limit. Mastercard are operating on different criteria. Partially due to the older misjudged credit limit rises.
They have been discovering all sorts of irregularities from the transferred accounts. Mine for instance had no accurate records attached to it. A fact only realised by them when I rang up to change my direct debit details. Had to go to bank branch and have them phone Mastercard to prove that I'd been a customer for 27 years and that they were looking at several years worth of statements.:mad:
Ltsb themselves are on a drive to convert credit card payments into secured loans. Which isn't to say there aren't other offers being provided. But you will need to know what to ask for.
What does the fact that lloyds credit cards are now Mastercard have to do with her credit limit? Mastercard do not set credit limits for lloydsTSB:rolleyes:0 -
Oooooooh now I AM confused!!!! x x x0
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I wouldn't call them.
Being a loyal, long serving customer doesn't stand for anything in Lloyd's eyes (having been with them for 17 years, I know this
)
It's asking for problems. They are going to either try to make you take an overpriced (and possible secured) loan or will call in the debt because of your change in circumstance.
A better solution is to go over to the debt free wannabe boards and start a new thread posting up your SOA and get advice from there first.
Calling Lloyds should be a later resort, especilly if you're still on a 0% deal - you've got a bit of time."One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
Because by then you've blown your chances. That's it."0 -
jessiebessie wrote: »Oooooooh now I AM confused!!!! x x x
Don't be confused;)
With regards to your lloyds tsb credit card, they will not be able to help you unless you are in arreas.
Once your account is in arreas you will be able to setup a payment plan, please take not that this will harm your credit rating.
If you have a good credit rating with your bank? have you thought about taking out a loan to consolidate your debts and hopefully reduce your monthly outgoings?
Good luck and keep your chin up;)0 -
I wouldn't call them.
Being a loyal, long serving customer doesn't stand for anything in Lloyd's eyes (having been with them for 17 years, I know this )
It's asking for problems. They are going to either try to make you take an overpriced (and possible secured) loan or will call in the debt because of your change in circumstance.
A better solution is to go over to the debt free wannabe boards and start a new thread posting up your SOA and get advice from there first.
Calling Lloyds should be a later resort, especilly if you're still on a 0% deal - you've got a bit of time.
A 0% deal still means that you have to pay the min payment which on £7500.00 is approx £150.00 per month..... :rolleyes:
The OP has stated that her partner lost his job, he has found a new job but it pays less hence the need to reduce their monthly outgoings:T0 -
What does the fact that lloyds credit cards are now Mastercard have to do with her credit limit? Mastercard do not set credit limits for lloydsTSB:rolleyes:
When the cards were originally issued they were done so under Visa terms and conditions. With the transfer to Mastercard different terms and conditions apply. They are using different criteria to manage the card accounts that they took over. Partially because of the credit crunch but also because of the very lax checks that were carried out under the Visa years. I was trying to say that if you haven't dealt with them since the change over be prepared for a much tougher time.0 -
A 0% deal still means that you have to pay the min payment which on £7500.00 is approx £150.00 per month..... :rolleyes:
The OP has stated that her partner lost his job, he has found a new job but it pays less hence the need to reduce their monthly outgoings:T
Exactly which is why they need to get over the the DFW now and start the process of reviewing and reducing their outgoings. A 0% deal is the best they are going to get for now. Changing from it now is only going to be more expensive. It's better to wait until the deal is coming ot a close and then look towards what to change it to.
Now is the time to give yourself a money makeover......before the bank tries and does it for you.
Remember - Lloyds will only ever have their own interests at heart - never yours."One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
Because by then you've blown your chances. That's it."0 -
jessiebessie wrote: »Thans annie,I know I will have to be careful in what I say to them that's why I thought I would ask for some advice from you guys.Is there lots of discrepencies with them since they changed from visa do you know? I have been reading about the unenforced credit agreements but I don't really understand it all and I don't want them to think that I can't pay I am just finding it a bit difficult at the minute!!!!!
Going by my experience it is certainly worthwhile getting a copy of your records to see just what the situation is. In my case the account was so old that they'd lost track of the original documents, they'd also not got several things such as my date of birth recorded properly. Nor even details of the Trustees Savings Bank Account that the card was originally issued on. I would ask more advice on the reclaiming boards first though.
In my case I was trying to increase my payments to them so as to follow Martin's snowballing technique, so challenging anything wasn't an issue.0
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