Lloyds TSB -gave me mixed messages.

bobsky_2

Tuesday nite- I discussed my SAO with advisor. The outcome was:
"we can consol your lloyds debts both sole and joint to £394 p/m from £540 p/m" this was ok'd by the team leader.
Weds morn: "those figs are now wrong....so I now suggest Payplan (dmp) which will have an adverse affect on you & the joint account holders credit file etc etc etc".

my head is spinning....as I am struggling to pay my debts. I do not know what to do....advise please.

WASHER

Firstly welcome to MSE and the Debt Free Board.

My Advice would be, not to take the advice from your bank, they have their profit margins at interest, not your welfare. If they are going to reduce your loan repayments, surely you are going to be repaying this loan back for a longer period of time, therefore it is costing you more in the end. I would say also, its not ideal to consolidate debts, far too easy to run up credit cards etc again (I know, I did it twice, and I'm sure you will find other posters have done the same thing).

Why don't you post an SOA (incomings and outgoings) on here and we will advise you of the next step.

You could also take a look at the CCCS website, a debt charity, who will help you free of charge and they will have your best interest at heart.

At first, it can be a little daunting and a minefield, but once you have posted your SOA here, you will find you get lots of advice, we do not judge on this board, we are here to help you.

I have just read your other post on equity release, I would say, please do not involve your mother in this, she will have her pension credits etc stopped/decreased etc. Their is no easy way to repay debt, equity release may be a quick fix for you, but could have a huge impact on your mother and her home.

WASHER.x.