lloyds TSB loan, can anyone help?

tina1981

I do have a 30 day cooling off period but then would be stuffed unway unless they could somehow revert to us back to the old loan. I doubt the chances of that happening are great.

We didn't withdraw any cash on the card so it would just be the 17.9% interest on that.

I honestly am more annoyed with the woman and think perhaps she isn't very competent.

They invited me in at the branch for an appointment as they told me they could save me money. yeah right lol.

thanks for your reply )

mrmajika

tina1981 wrote: »

I do have a 30 day cooling off period but then would be stuffed unway unless they could somehow revert to us back to the old loan. I doubt the chances of that happening are great.

The absolutely can do this for you. I've witnessed it being done when I was an LTSB employee.

IMO you should get the loan cancelled, revert back to the old one and either

(1) Keep on paying the credit card debt at the 17.9%, clearing as much as you can - which would still be cheaper interest than this new loan is.

(2)Even better - transfer the LTSB debt to a 0% credit card via Balance Transfer (assuming your credit rating allows for this).


Best of luck.

tina1981

aww thanks so much for your help.

I'm gonna try and cancel it and get transfer the balance onto a new CC.

One more thing.......do you know if it's better to cancel over the phone or in writing or in the branch?

Sorry to be a pain.

jonesMUFCforever

You would have to do it in writing.

spender£

i hate lloyds too when it comes to loans, i asked them if they could reduce the interest I had on mine (well, they kept sending me letters saying to give them a call and they would look at the interest). The long and short of it was, they could only give me a 'new' loan at 30%!!!!!!!!!!!

Told them NO WAY - and took out one with Tesco's for 7.9%

They are crazy, and tried to talk me into doing this in order to consolidate any other debts I had.... sigh.

tina1981

just finished work encase you were wondering what a random time to post a reply lol.

I should have thought a bit harder lol and said no straight away. It's when you think about things in hindsight and realise you've been taken for a fool.

I'm going to write a letter and state the facts (in my previous posts) as why I want to cancel this loan and revert back my previous one.

I do feel I have been mislead and HOPE I can revert back to the previous loan.

tina1981

If anyone would like to help me put a letter together to cancel this.....give me a shout.

I'm sure I am more than capable of doing it myself but I feel I'm not very good of wording things in a polite and concise manner.

Any help appreciated once again xx

Anyone reading this and I am boring you..... Sorry x

mrmajika

The letter doesn't have to be War & Peace, try something like >>>>

Dear Sir or Madam

I write to you to give instruction that I wish to exercise my right to cancel the recent consolidation loan I took out with Lloyds TSB. For your information and convenience, the loan aggreement number is [LOAN AGGREEMENT NUMBER].

I respectfully request that you cancel this new loan with immediate effect and revert to my previous aggreement whereby the debt is split over my previous loan and Platinum credit card.

I would be grateful if you could confirm in writing when the cancellation has been completed.

Should you require any further information, please don't hesistate to contact me. I shall look forward to receiving confirmation of the cancellation in due course.


Kind Regards,
[NAME]

tina1981

thanks mrmajika and everyone else for your info and input.

I'm gonna post a letter off 2moro, I'll keep you all posted with the outcome.

Cheers

Tina x

tina1981

It's me again.

I posted off my letter yesterday cancel the new loan. Fingers crossed.

I am now somewhat confused though. I have just checked my bank account to see if my first payment has come off for this, it has. That's fine. The ppi has come of on a seperate transaction. That's fine. I am in the process of cancelling both of these.

What I find baffling is this, the woman at the bank asked me 'if I just wanted to carry on with the existing ppi' I said yes (cos I'm a fool) but IF I was paying a ppi on my previous loan why was it all coming off in one payment and not two like it is now?

I'm wondering if I even had a ppi on my previous loan.

I wont know until I receive the paperwork I have sent away for.

I hope this makes sense.

Does this sound odd to anybody?