Help needed

dfwannabee_2

Just had a letter from collections agency asking for £11,000. Debt was with Lloyds tsb.

I have been paying back £100 per month and not missed any payments (It is all I can afford)

Can anyone tell me what I can do?

Bit peed off Lloyds have sold the debt after me agreeing with them to pay £100 per month (which I have been and not missed any payments)

lvm

Unfortunately they're well within their rights to do this - they probably didn't want to wait 9 years for full payment.

One thing to check - have they actually sold the debt or are the DCA just "acting on behalf of" Lloyds? A quick read of the letter usually gives a hint.

Which DCA wrote to you?

In any case, if they have bought the debt, they are likely to be more than happy to carry on your payment of £100 a month and if you ever had a bit of spare cash, would probably take a full and final settlement offer.

It's likely that if Lloyds hadn't already issued a default on your account, they probably have done now (allthough they should have sent you notice of this). You may want to check your credit file to see what affect this has had - maybe wait about a month or so for this to take effect.

Tixy

Hi

Its probably just a standard letter. Is this the first time you have heard from this DCA? What is the company name? (it might just be an inhouse DCA rather than actually a sold debt).

I would just write to them and offer the £100 a month that you have been paying Lloyds previously, tell them that is all you can afford. Had lloyds frozen the interest? If not then also request in your letter that they freeze interest & charges.