Help! 'Offsetting' money owed on Halifax against Lloyds account

stugall · 20 January 2011 at 4:02PM

Help please!

I received a booklet in the post today informing me of the merger between Halifax/BoS and Lloyds TSB in mid-March.

I am conscious that I have a current and business account with Lloyds (in credit) and an outstanding loan (with an agreement to pay a minimum monthly amount with BoS/Blair Oliver, for which I have maintained monthly payments.)

Reading the 'booklet' can anyone advise me whether I am right to assume that BoS (through debt company Blair Oliver) could at any time come and ''offset'' the full monies owed on a loan by automatically taking the money from my (in credit) Lloyds current or business account?

Any advice please - as the merger kicks in mid-March.

Many thanks
Steve

zppp · 20 January 2011 at 4:12PM

What is the status of your company? LTD/PLC/LLP/Sole trader

stugall · 20 January 2011 at 4:19PM

Sole trader

zppp · 20 January 2011 at 4:25PM

Then I would say they could offset. If you had and Ltd company then I would be saying you have less to worry about. I would suggest that you move your personal/business banking elsewhere in case they do invoke the right to offset.

jonesMUFCforever · 20 January 2011 at 8:28PM

What booklet is this then?
This is a new one on me.

Help! 'Offsetting' money owed on Halifax against Lloyds account

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free