lloyds overdraft 5 years old, advice needed please!

shades78

Hi all!

Need a bit of advice from those in the know!

I have an unpaid overdaft with lloyds tsb (classic account) from about 5 years ago. At the time I was not earning a good wage and I managed to go well over my overdraft limit each month. Charges started building up to the point my pay was getting eaten up each month, leaving me with hardly enough to get by. I was then offered a job where my salary was paid in cash. Niaivly (ney stupidly) instead of doing the sensible thing and paying off my debt I carried on regardless. I was pretty young and niaive at the time, guess iburied my head in the sand.

Any how this is almost 5 years ago now, have a new bank account and I have moved several times with work ect. lloyds have only my origanal address (from 5 years ago) and i have not been traced by them so far, therefor have not recieved letters demands ect within all that time (although no doubt they sent them to the old address)

I have a default on that account, last updated 1st feb 2006. No ccjs registered on any crdit file, although the default is, and obvious problems obtaining credit with it.

My question is this:

a) do i contact lloyds to make arrangements to clear debt? (there for having default on file for another 6 years from time it is eventually settled?)

b) do I continue to keep away for a year until default drops off credit files and /or debt becomes stat barred (if indeed it does?)

c) if i go for option b) do i risk incurring a cjj

I have no access to internet banking with this account so i do not know how much is actually owed with charges etc, although on credit files (equifax) it registers default of £1250 ( origanal overdraft limit was 800.)

What i am worried about is that if i make contact ill end up finding out the actual debt with 5 years of charged will be astronomical.

Also i now bank with halifax, can lloyds take cash from my halifax account as they are all owned by bank of scot?



Thanxs in advance!

sueeve

A first thought is how difficult would it be for you simply to pay the money, perhaps over a few smaller payments? This would probaby give you the least anxiety. You don't mention how stable your current financial situation is.

KingElvis

I think LLoyds and Halifax are the same group so I'm suprised you haven't been raided by them yet?

Common_Sense_2

so you owe lloyds money.

As a tax payer, as people on this forum keep on reminding us that we, as tax payers own the banks. So you owe this money to every single tax payer in the country - i'd think that they woudl all tell you to pay it back!

Obviously not in one go - contact them and arrange a repayment plan with them for what you can afford each month.

opinions4u

KingElvis wrote: »

I think LLoyds and Halifax are the same group so I'm suprised you haven't been raided by them yet?

They're not geared up for cross-brand right of set off. Yet.

KingElvis

opinions4u wrote: »

They're not geared up for cross-brand right of set off. Yet.

Lucky for the op they aren't then :rotfl:

gazzaspice

My partner got into trouble with lloyds bank over some bounced cheques, the total of which were about £250, Usual problem, lost job with no notice, no way to pay so they in there wisdom add to the account making it even harder to pay, She buried her head in the sand and moved several times. She didn't hear from them for years but did eventually get a letter from a debt collector asking for nearly £3000, she asked for a statement which showed £250 charges every month from a few cheques written to buy a takeaway when we were living hand to mouth and had no food!

I've recently posted on here as well as I've stupidly got myself in trouble with a payday loan company who are currently trying to charge me £580 on an £80 loan I took out 40 days ago. At the expense of incuring the wrath of the tax paying community (of which I am BTW) The banks had it great for years, they were handing out huge sickening bonuses built on sub-prime debts with the rich getting richer by the day, no surprise is peoples desperation they borrowed money they couldn't afford and guess what the poor people who in desperation needed the money at the time took out loans, credit card, overdrafts ETC and now it's all gone wrong.

And i'm sorry it's not the fault of the borrowers, it's a whole problem with society, we have a generation of young people, not even that young 20-30 years old (you know the one's who get moaned about in the daily mail for being lazy and not working) who are paying ridiculous sums of money in rent just to keep a roof over there heads. I myself pay £700pcm and thats the best deal I can find, it's not a flash place just good enough 2 bedroom ex council house

how many hours do you think I have to work to pay for that? thats nearly all my wages gone, Then on top council tax, soaring electric bills.

My girlfriends parents bought there house for £13,000 - They had a joint income of £10,000. Back then a house was a years wage, now they rent at £900p.c.m.

I'm sorry but you've sold the younger generation down the river.

I wonder if the bank charge reclaim would of been allowed had the banks not been bailed out?

Everythings a rip off, being a young person with a family isn't all tax credits and roses it's bloody hard and i'm sick of all you cash rich people saying well you owe the money, try feeling like thats ok when you borrow £80 and a month later it's £580

All us young people want is a little house that our kids can be happy in but you've got to charge inflated prices to line your own pockets.

AVOID THE BANK FOR ANOTHER YEAR AND AT LEAST TRY AND GET IT WRITTEN OFF IT MAY NOT BE THE MORAL THING TO DO BUT THE BANKS HAVE BEEN DOING IT FOR YEARS NOW GIVE THEM SOME PAYBACK!

gazzaspice

I'd just like to add that the banks have literally been robbing people, whether they do it in a suit and tie or not they are thieves. If you want to do the right thing offer to pay the original charges you put on the account, don't pay a bean of the charges and I bet the charges make up 90% of that bill, there behaviour is disgusting and a penalty to the poor, how are people who can't pay there bills going to benefit by huge charges being added?


Are they surprised people run away from it? i'm sorry but the whole concept of charging poor people who are struggling is wrong, your already paying interest on money borrowed, the only further charges should be the cost of a stamp and envelope with the letter in requesting you to pay.

I've just about had it i've worked hard since 16 years old, I even paid tax although I had no entitlement to vote, i've worked my socks off every day and I have nothing to show for it. £10 in my wallet and that's it.

All I want is a home I can call my own for my family with a little back garden for the kids, not a chance how am I going to get that on £16500p.a.

My advice is keep running, ideally abroad where life's not so complicated, tax credits, housing benefit just to keep a roof over peoples heads. i'm hopefully moving to Brittany (france) soonish, I've already found a two bedroom house with a garden for 190 euro per month, I can get a job paying 10 euro minimum an hour, and if i wanted to buy the house 20,000 euro!

Get out of here before it's too late pal

gazzaspice

skcollobcat10 wrote: »

If you have any morals I would suggest paying £10 per week, it will make you feel a lot, lot better and at least you will not be having to look over your shoulder for years to come.

Have some balls unlike others who have no intention of paying their debts. You have learnt your lesson, everybody is entitled to one mistake.

Good luck.

Yes everyone makes mistakes, i've made a fair few in my time but I'd be interested find to find out how much of that debt is an overspend? and how much is charges? i'd bet 9/10th are charges, i'm sure the person posting has morals otherwise they'd be in hiding! don't judge debt is a horrible place to be and the poor are the people who suffer.

DON'T PAY anything, wait a year and attempt a statue barred, the banks are just muggers in a suit and tie, you are better than them and you do have some morals so my suggestion is if you feel bad when you can get it written off send some money to the NSPCC a far more worthy cause than these crooks, they make massive losses and still award millions in bonuses! SICKENING!

If you make a payment or acknowledged the debt in any way before the 6 years is up you start again. I reckon you deserve a new start, you were young and stupid don't let it go on another 6 years, thats 12 years it's over your shoulders. My partner knows what it's like making sure the windows are closed so no debt collector can jump in, people serve less for serious crimes, i'm sorry but leave it let the debt get wiped and move on, your already paying for your own mistake by the taxes your paying funding the government bailing the banks out and you as a tax payer are bank rolling that!



You deserve a new start, u've paid your price by having this hanging over you every time the door knocks.... Get it written off and start to live life again.

gazzaspice

skcollobcat10 wrote: »

If you have any morals I would suggest paying £10 per week, it will make you feel a lot, lot better and at least you will not be having to look over your shoulder for years to come.

Have some balls unlike others who have no intention of paying their debts. You have learnt your lesson, everybody is entitled to one mistake.

Good luck.

Yes everyone makes mistakes, i've made a fair few in my time but I'd be interested find to find out how much of that debt is an overspend? and how much is charges? i'd bet 9/10th are charges, i'm sure the person posting has morals otherwise they'd be in hiding! don't judge debt is a horrible place to be and the poor are the people who suffer.

DON'T PAY anything, wait a year and attempt a statue barred, the banks are just muggers in a suit and tie, you are better than them and you do have some morals so my suggestion is if you feel bad when you can get it written off send some money to the NSPCC a far more worthy cause than these crooks, they make massive losses and still award millions in bonuses! SICKENING!

If you make a payment or acknowledged the debt in any way before the 6 years is up you start again. I reckon you deserve a new start, you were young and stupid don't let it go on another 6 years, thats 12 years it's over your shoulders. My partner knows what it's like making sure the windows are closed so no debt collector can jump in, people serve less for serious crimes, i'm sorry but leave it let the debt get wiped and move on, your already paying for your own mistake by the taxes your paying funding the government bailing the banks out and you as a tax payer are bank rolling that!



You deserve a new start, u've paid your price by having this hanging over you every time the door knocks.... Get it written off and start to live life again.