Dealing with Lloyds TSB on my own

nikipixie

Hi All

Bit of an odd one. I have been paying Abacus Finance £125 a month for my 2 loans a credit card and overdraft with Lloyds TSB (Abacus kindly take £22.09 of this for themselves!)
Anyway I haven't had a statement from Lloyds in a long time and Abacus haven't updated me on anything, last time I spoke to them they were going to try and claim back miss sold loan insurance from Lloyds TSB for me but I never heard anything more.
I decided to try and tidy some things up and took a free trial on experian to check my credit file and it says on there my 2 loans with Lloyds have been settled?!!
I want to know how and when this happened - should I ask Lloyds? Is it likely to be an error?
I have given Abacus my 4 weeks notice to stop using them and have written to Lloyds offering them £35 a month for the overdraft of £715 and £90 a month for the credit card of £2709 so they are getting the full £125.
If they decline this I will go to cccs, but it would be nice to be able to deal with this on my own.
Any feedback would be great on how to handle the mysteriously settled loans and and further info for how to 'go it alone' would be great

fatbelly

The 'settled' mark probably means someone has bought the debts from LTSB.

I agree that you should ditch Abacus but probably wait for the new owner to contact you, which they should do now that you have done an Experian check.

In the meantime, save so that you can offer a lump sum in full & final settlement. If I'm right, the debts have new owners who will have bought them for 20p in the £, maybe less.

Also note LTSB may have consolidated the loan/overdraft and sold it as one account

nikipixie

Ah thank you for that info, Abacus had agreed repayment plans for the loans and credit card with LTSB, can they still sell it on despite this?

fatbelly

Yes, they can.

Just read your post again. The credit card (£2700) sounds like it is still with Lloyds and so you should continue with your £90 payments - hopefully they will have stopped interest and charges and so you are heading towards a debt-free date 30 months from now.

nikipixie

Thank you again, it says it was settled 10/10/10 not heard from a DCA yet so we'll

yeltzer

Just becareful of lloyds tsb "settlements". My wife had a loan and requested a settlement figure and paid the full amout. Three months later lloyds tsb said the settlement figure given was wrong and she owed xxxx plus interest! That was about 5 years ago still fighting even though now we've got a bad credit rating.

nikipixie

Thank you for the warning. I will be keeping all correspondance safe. I've printed a copy of the credit file as it stands now and copies of the letters sent to Lloyds and TSB along with the receipts for recorded delivery of them.
I received a statement from Abacus today actually and it states on there OCTOBER, NOVEMBER, DECEMBER and JANUARY's money paid for the over draft, credit card and loans, even though the loans are 'settled' be it sold on, or something to do with this ppi thing. So have Lloyds distributed the monies for the loans between the overdraft and creditcard instead?! ... I doubt it lol