Lloyds TSB Full and Final Settlement Figure

Beakatron

Hi Everyone,

I've agreed a full and final settlement figure on my Lloyds TSB loan which is now with the collections department. They have agreed £3100 for the loan which still has £4900 still to pay. I've phoned them 3 times now asking for them to put the f&f figure in writing but they are saying that they are unable to do this and can only send a letter once I have paid the £3100.

I've said to them that I need it in writing as what if I pay and then they decide to come chasing for the rest, I won't have a leg to stand on. They send they understand my position but they are unable to send a letter advising this but that they have various notes on the account to say that this has definitely been agreed and it will settle the account. What should I do??? I need to pay by 22nd April as after this date I will lose the f&f figure. I have the money ready to pay now but am worried in case they come chasing for the rest. This is my last debt and really just want rid of it. I spoke to various people at Lloyds including managers in the collections and loans department and they were adament they can't send me a letter. Please help!!

CLAPTON

you would be foolish to pay without a letter clearly stating that the amount is in F&F

put your request in writing

DarkConvict

There is no reason why they can't send the offer in writing.

Only confirmation of payment in writing can be sent after payment, but the F&F offer can and must be in writing before payment is made! You need to check it for specific terms and keep the letter for atleast 6 years.

Beakatron

I did explain time and time again that I only required them to put the F&F figure in writing but they still would not agree. I'm very conscious of the time limit - I will send the request in writing (recorded delivery) and see if they will respond. Thanks for your replies!

milliemonster

I wouldn't worry too much about the time limit, just explain you need it in writing by whatever date you agree on, otherwise you will carry on making token payments and offer the settlement figure to another creditor (they don't know this is your last debt).

Don't pay the £3100 without this otherwise you may find a nasty surprise turn up in 12 months time of a demand for another £1800 plus charges from a DCA

Beakatron

milliemonster wrote: »

I wouldn't worry too much about the time limit, just explain you need it in writing by whatever date you agree on, otherwise you will carry on making token payments and offer the settlement figure to another creditor (they don't know this is your last debt).

Don't pay the £3100 without this otherwise you may find a nasty surprise turn up in 12 months time of a demand for another £1800 plus charges from a DCA

Thanks milliemonster. It just feels like a total struggle trying to get through to Lloyds. I am eager to get it paid off but definitely don't want them chasing for the rest!!

Jason_Rife

I could do with some help here with Lloyds TSB. I had a credit card some 10years ago and as memory serves I owed them about £2,300. I had a serious accident that resulted in the loss of most of my left hand and spend months in hospital and subseqently recoving and was in no position to deal with life. I went onto invalidatly benefit but not before the balance now stands at £8,700.

I have asked them for a settlement figure because I got a job last year. Although I have been making reduced payments which over the years has more than paid the origional debt back the accumulated interest has gone mad.

I made an offer of £4000 a few weeks ago and again heard nothing. They sent warning letters to an old address (10years old) yet they send me the statement to my current address now telling me they have decided to start adding interest at the rate of £104 per month on top of the outstanding balance of £8700.

I have spoken to the banking ombusman about this situation because of being ignored and charged. They said they would send them a letter?

I am at my wits end and if this was an individual trying to accumulate all this money given my circumstances they would be arrested for extortion!

Can anyone give me any advice as to how I can end this nightmare. Can I take them to court and get the judge to step in and argee a reasonable payment plan or settlement figure? Or am I stuck with this for the forseeable future which is taking its toll on my health.

Yes I do now work but this debt is way out of my finacial ability to pay let alone keep up with the interest.

Help please?