Redundancy/IIP/Lloyds TSB Loan

damtheman

Hi there

I took out a 8k loan in 2006 for consolidating some debts and some new furniture with Lloyds TSB. Unfortunately since the loan was taken out I've had a few job losses/changes etc. And one I attempted to claim for redundancy.

I was employed at an establishment in August 07, probation for 3 months, unfortunately due to personal reasons (which were ignored by the employer during review meetings) my general performance diminished causing the probation period to be extended to 6 months of which they ultimately escorted me out the building in January 08 and paid me February's wage as well.

Then I was obviously jobless, went onto Job Seekers Allowance for awhile, of which my previous employer tried to tell them that I left under my own accord and not because they fired me. After many temp jobs I was finally in my current post in May 08. I had personal reasons sorted and wasn't until September 08 that I claimed.

The loan monthly repayment were £255 which I was slowly unable to afford so claiming seemed the best option. But after 3 months since my claim, Lloyds TSB got back to me and explained that after contacting the previous employer that the policy did not cover any probation period. I assume this does not apply to the fact that the ORIGINAL probation period was 3 months and they are ONLY looking at the 6 months as the probation. Anyway, I haven't followed this up since, deciding that there isn't anything I can do about it.

And since May 08 I've had to negotiate with Lloyds that I cannot maintain the monthly repayment of £255 so I am doing my best to keep up a repayment of £30 a month towards the outstanding balances of a few £255s.

Obviously my posting here is, I am stumped. I don't know where to go, what to do about this, surely there must be something I can do in regards to back dating my JSA claim in relation to my policy maybe? I am on a lower wage since I took the policy out and I have done my best to keep Lloyds up2date with my circumstances.

I could just assume that I'm complaining about nothing and just to continue with the £30 repayments, which is MUCH better than the expected £255 but there have been late payments due to randomising days of paydays etc which have caused Lloyds to be very blunt with their restarting their repayment scheme with me.

Maybe a DMP is an option? This loan isn't my only debt right now.

Any help greatly appreciated as always and thanks in advance.

Best wishes,

dtm

Rafter

dtm,

Not exactly clear from your post, but it seems Lloyds are trying to wrangle out of paying on your payment protection insurance yes?

If so, and this 'probation' exclusion wasn't clearly pointed out, you might have a claim for miselling and getting some premiums refunded.

As to the fact you are now paying reduced payments on your loan and want to formalise this....

Suggest you post on the debt free wannabe board and ask for ideas. Your credit rating is probably awful anyway, so it might be a formal plan is the best way to see an end date to your current borrowings.

Good luck

R.

damtheman

Thanks Rafter, I wasn't immediately aware of the probation rule till it was pointed out in documentation more recently when we approached a representative in branch.

Can I get this thread moved for coverage?