LloydsTSB Called To Discuss My Rates?

CanonMan_2

Hi everyone, what a great community you have here. I've been receiving Martin's Money Tips E-Mail for while now and have visited this forum a few times but this week I have been inspired by "$17mma's Story" on becoming debt free.
I've realized I really don't do as much as I can to save myself money.
I have a monthly spreadsheet that I do for my budget, to keep track of my outgoings and to look at where I reduce my outgoings. Like going from petrol to deisel and changing my insurer, (saved 6 - 7% of my wages doing that :j )

Anyway I have an opportunity tomorrow to help myself. My account manager at LloydsTSB called me the other day to arrrange an appointment to discuss the rates I am paying on my Loan and Credit card. A bit out of the blue I must say!
I have had the loan since January 2004 and owe £7,846.04
I have had the credit card since September and owe £858.01
I also have an overdraft (which she didn't mention) of which I owe £761.39
Does anyone have any advice or has anyone ever been contacted by Lloyds to discuss this? Do I have any room to 'Haggle' seeing as they contacted me and not the other way around?

Oh, i've never missed or been late with payments and always pay well over the minumum on the card. This month I managed £250.00 :T



Thank you everyone,


Steve.

Also, accidently posted this in the 'Mortgage Free Wannabe' topic area. Sorry.

Gingham_Ribbon

I'll delete it from the mortgage free board now. I'm sure you'll get lots of help on here. Good luck.

CLAPTON

i would assume they want to sell you something...PPI, insurance in general (car, house) , another loan, bonds etc etc

more importantly ...and if you don't mind me saying, given you took out a loan in 2004 it should be a source of concern that you have allowed your overdraft and cc debt to mount up.

be caution and agree to nothing...go away and think about it.
best wishes

NiciD_2

Hi CanonMan,
Welcome!
I too am new here - only discovered the site a couple of weeks ago but already its helped me loads to put all my debt into perspective and start budgeting.

I got called out of the blue by my account manager at Lloyds too recently as they wanted to discuss my loan and cards (which arent with Lloyds). I went along to see what they could offer me - they said as Id been such a good customer always staying within my od limit etc and had banked with them for 10 years they would be able to offer me good rates. They started off saying I could get a 14% loan at which I laughed my head off! :rotfl:

However, as I was "such a good customer" my act manager would ring through to head office and see if he could negotiate a better deal.
The best they could end up offering me was a 10% loan over 7 years which thanks to the advice of some of the other forum users, I have declined.
Be warned - they may just be trying to sell you something and you're prob best shopping around with some of the other loans/cards suggested on this site. Good luck though. Sounds like you're doing ok so far! Nici

Alleycat

Sounds like they might be wanting to offer you a consolidation loan. If they do, just laugh at them (well I would anyway!). If they are able to negotiate on apr's I would say go for it. Even if you do shift debt onto cheaper apr's with other providers, at least you would be cutting your apr with them whilst you are doing any swaps.

Also try and discuss reduced apr's and get them to agree to them before saying yay or nay to any ppi etc they might want to sell you. That way they will hopefully agree a lower apr with the hope that you will take the ppi etc, but when you get to discussing this bit, then you can tell them to go stick it. If they try and go back on any offers of lower apr you can argue that they have already agreed it.

mjh1977

Hi. I've been with Lloyds for a couple of years and found them really good overall. However, they have tried it on a bit at this kind of review, selling this, that and the other, often quite aggressively. Just say no. Make tactical concessions - guess they're on commission so it helps to do a simple upgrade, accept a credit card etc if you're offered.

I'd recommend trying to see the branch manager, unless you really trust your account manager. Clearly individuals vary, but in my experience - unusually - individuals do affect the outcome with Lloyds, unlike some banks I could mention.

Good luck.

CanonMan_2

Thanks Nici, and everyone else. I don't want any more loans or cards so I guess they probably want to offer me a consolidation loan. I was a little naive in thinking they could reduce the interest rates i'm currently paying. Why would they want to do that?

Ali-OK

Lloyds are doing a 0% credit card for 9 months at the mo - ask for that and fee free transfer for 'being such a loyal customer'!

Loans are being advertised at 6.4% - is that better than your current APR?

They're very expensive for overdrafts - the Plat acct has £250 free, but you have to pay a whacking £15 a month. Do you have a 'Plus' account to get the 4% AER interest when in credit?

Take a look at their website to glean what you can and have the info in your head ready.

I also think they'll try and sell you something - but turn the tables, sell yourself (overpaying minimums, etc) and ask for anything they're advertising that's cheaper than what you've currently got.

Hope that helps and good luck tomorrow!

CanonMan_2

Hi Ali-OK thanks for your reply. My current loan is at 7.9%.

I just took a look at Lloyds website and got a quote on a loan for £9500 and with payments of £400 p/month and the APR was 16.9% :eek:

D&DD

Hi Canonman I agree with Ali..this definately smells like a 'consolidation' chat so go in there armed with as much info as possible..
There was a thread on here recently and I think every single contributor had fallen into the consolidation/run it up again trap..do be wary

Ali-OK

CanonMan wrote:

Hi Ali-OK thanks for your reply. My current loan is at 7.9%.

I just took a look at Lloyds website and got a quote on a loan for £9500 and with payments of £400 p/month and the APR was 16.9% :eek:

Jeez..you won't be wanting that then!

But (and I've been a Lloyds customer for 20+ years) you have your record with them in your favour and they do better deals with that knowledge than a credit check.

Suggest go in smart, be friendly, have a sense of humour and show how on top of your financial management you are and how working your way to being debt-free will be quicker if they give you the low deals (and tell them you'll be interested in other products when debt free! Most of their products are diabolical, but sucking up and seeing review person think they might get commission from a sale later on might help!)