Advice on a situation with Lloyds

kjrv72

Hi

I have a Lloyds TSB advance Mastercard with a balance of £12200 and I'm slightly in arrears.

I have recenty come in to a bit of money - £11500 and contacted the collections department to see if they would accept my offer. After speaking to her manager she said yes they would accept that as settlement, she would make notes on the system and could I go down to my local Lloyds branch to pay the money.

When I got down to the branch the adviser said there was no note on the system and after a confusing call to the overseas call centre she took the money and cut my credit card up.

Went home and called LLoyds to confirm account had been paid and settled and the lady said no we never said you could pay less and said the account will not be closed until I pay the remaining amount, they were no help what so ever, they are going to listen to the tapes to hear the earlier conversation but said it could take a week.

Just wondered what to do now really or if anyone has a number for a call centre for Lloyds in the UK.

Thanks

ILW

Did you have any written confirmation of their offer to settle at a reduced amount?

CLAPTON

most unwise to rely on a telephone conversation rather than having the agreement clearly in writing.
However, that's done now so you can only wait and see what the tapes show (if anything).
Presumably you are aware that if it goes ahead this will show on your credit records, probably as a partial settlement and will mean you will be most unlikely to get any credit for a number of years.

NickX

You really should have read a forum such as this before parting with such a significant sum.

Sorry to rant, but I must have posted many times that with a "Full and Final" settlement you must get it in writing that the agreement is "Full and Final" before parting with a penny.

Anyway, you have done it now - you need to stand your ground and push that you had a verbal agreement for a "Full and Final" settlement and will dispute any demands for further funds. I think if your are assertive, they will back down because £700 is no great shakes to them, but you may need to enter into a series of written negotiations first.

Moggles_2

CLAPTON wrote: »

Presumably you are aware that if it goes ahead this will show on your credit records, probably as a partial settlement and will mean you will be most unlikely to get any credit for a number of years.

Yes, your credit history is precious and once shot, it takes years to rebuild.
Is it worth it for the sake of £700?

kjrv72

Hi

Thanks everyone for the responses, no I haven't written confirmation, which I agree is silly now in hindsight.

I have a telephone number now for a UK call centre their systems were down when I called but I shall try arguing with them over this.

Worse comes to the worse I will try and scrape together the extra £700.

Thanks

Moggles_2

Yes, hindsight's a wonderful thing.

I can't help thinking this hiatus could be a blessing in disguise.
I would resort to this plan only if there really is no other way to raise the £700.

Once credit files are marked "partial settlement" there's a risk other providers will raise your APRs and/or reduce credit limits.

Very best
M

kjrv72

I thought I would post an update to this situation.

I received a letter from Lloyds yesterday after they investigated my complaint.

They have apologised for the mix up and have confirmed that they have accepted the £11,500 as full and final settlement. I will keep the letter somewhere very safe.

Thanks all that replied :beer:

NickX

kjrv72 wrote: »

They have apologised for the mix up and have confirmed that they have accepted the £11,500 as full and final settlement. I will keep the letter somewhere very safe.

Excellent News. I'm really glad they have been reasonable. Congratulations :beer:

Thanks for posting back with the result aswell.

Moggles_2

Congratulations & thanks for your feedback
:beer: