Old loan driving me mad!

Tixy

You need to see a full statement first before you can decide what to do. When did they last send you a statement? they have to send them at least annually.

If once you have the statement you cannot understand it or do not agree with the charges then write to lloyds for an explanation. If you are still not happy with that explanation or feel they are not acting in accordance with the T&C of your account then you would write a complaint to them. If when they reply to that complaint you are still not happy and feel they are not acting in accordance with the T&C then at that point you go to the ombudsman.

Frustration

Tixy wrote: »

You need to see a full statement first before you can decide what to do. When did they last send you a statement? they have to send them at least annually.

If once you have the statement you cannot understand it or do not agree with the charges then write to lloyds for an explanation. If you are still not happy with that explanation or feel they are not acting in accordance with the T&C of your account then you would write a complaint to them. If when they reply to that complaint you are still not happy and feel they are not acting in accordance with the T&C then at that point you go to the ombudsman.

The last statement I received seemed to be just an interest statement - so that confused me.
I meant to write to them about it - but was in the middle of moving. So I will do so asap

Frustration

Does anybody have a suggestion regarding the best way to write to Lloyds about this?

I do not want to take control, and not let them run rings around me

Hannah_10

Frustration wrote: »

So I will write to LLoyds first - and if I do not receive an explanation - I can go to the ombudsman?

Send a writtern enquirey to LTSB. One of two things will happen:

1. They will not reply (give them 28 days).
In which case you need to send a formal written complaint to LTSB and give them chance to resolve the complaint by replying to your enquirey.

2. They will respond to your enquirey. Then either...
2a. You will be satisfied with the response.
2b You will not be satisfied with the response. In which case you need to make a formal complaint to Lloyds and wait for their reply again. If you are satisfied with the response to your formal complaint about the balance of the account showing differently to the way you would like it to, then great. If you are not satisfied it is at this point that you write to the ombudsman.

It's not a quick process at all, which is why I say a phone call, or even an email, might be your best first option because it is quick way to get an answer and can always be followed with something in writing to confirm it.

I suspect what may have happened is that your rate of interest has been jacked and/or that your repayments are simply not covering the interest. Both of these can be totally legal and within guidelines (depends how they were done) so right now we can't be sure you have a case the ombudsman can even do anything with. More investigation is needed before you are ready to attack.

Whatever has happened is horrible, to be sure, but is it horrible-but-within-the-rules or horrible-and-outside-of-the-rules? So far, there is not enough information to tell. I advise you keep your powder dry and just enquire peacably for now. If I thought you had a chance in going at them all guns blazing I would tell you how, but you don't- yet.

To put it another way... gather intel first, mount assault if intel suggests favourable outcome likely. Or mount assault now, without intel and do so without recourse to any UN backing. You're going at this like a labour PM to an oil filled dictatorship. Stop and think.

Frustration

Hannah_10 wrote: »

Send a writtern enquirey to LTSB. One of two things will happen:

1. They will not reply (give them 28 days).
In which case you need to send a formal written complaint to LTSB and give them chance to resolve the complaint by replying to your enquirey.

2. They will respond to your enquirey. Then either...
2a. You will be satisfied with the response.
2b You will not be satisfied with the response. In which case you need to make a formal complaint to Lloyds and wait for their reply again. If you are satisfied with the response to your formal complaint about the balance of the account showing differently to the way you would like it to, then great. If you are not satisfied it is at this point that you write to the ombudsman.

It's not a quick process at all, which is why I say a phone call, or even an email, might be your best first option because it is quick way to get an answer and can always be followed with something in writing to confirm it.

I suspect what may have happened is that your rate of interest has been jacked and/or that your repayments are simply not covering the interest. Both of these can be totally legal and within guidelines (depends how they were done) so right now we can't be sure you have a case the ombudsman can even do anything with. More investigation is needed before you are ready to attack.

Whatever has happened is horrible, to be sure, but is it horrible-but-within-the-rules or horrible-and-outside-of-the-rules? So far, there is not enough information to tell. I advise you keep your powder dry and just enquire peacably for now. If I thought you had a chance in going at them all guns blazing I would tell you how, but you don't- yet.

To put it another way... gather intel first, mount assault if intel suggests favourable outcome likely. Or mount assault now, without intel and do so without recourse to any UN backing. You're going at this like a labour PM to an oil filled dictatorship. Stop and think.

Thank you for that - I will draft a letter and email (will have to find email addy)
I have found a interest statement that they sent me - but was honestly too sick to take much notice at the time

I have also recieved a couple of phone calls (again was sick, so did not get callers details, took my eye off the ball for a while), and they talked about my lower repayments (meant to be £149.55 per month - been paying £100), and when I told them I was still in not good health - they just said ok - lower payments still ok. No mention of interest - but I cannot prove that

Frustration

Hannah_10 wrote: »

Send a writtern enquirey to LTSB. One of two things will happen:

1. They will not reply (give them 28 days).
In which case you need to send a formal written complaint to LTSB and give them chance to resolve the complaint by replying to your enquirey.

2. They will respond to your enquirey. Then either...
2a. You will be satisfied with the response.
2b You will not be satisfied with the response. In which case you need to make a formal complaint to Lloyds and wait for their reply again. If you are satisfied with the response to your formal complaint about the balance of the account showing differently to the way you would like it to, then great. If you are not satisfied it is at this point that you write to the ombudsman.

It's not a quick process at all, which is why I say a phone call, or even an email, might be your best first option because it is quick way to get an answer and can always be followed with something in writing to confirm it.

I suspect what may have happened is that your rate of interest has been jacked and/or that your repayments are simply not covering the interest. Both of these can be totally legal and within guidelines (depends how they were done) so right now we can't be sure you have a case the ombudsman can even do anything with. More investigation is needed before you are ready to attack.

Whatever has happened is horrible, to be sure, but is it horrible-but-within-the-rules or horrible-and-outside-of-the-rules? So far, there is not enough information to tell. I advise you keep your powder dry and just enquire peacably for now. If I thought you had a chance in going at them all guns blazing I would tell you how, but you don't- yet.

To put it another way... gather intel first, mount assault if intel suggests favourable outcome likely. Or mount assault now, without intel and do so without recourse to any UN backing. You're going at this like a labour PM to an oil filled dictatorship. Stop and think.

I have had a reply from LLoyds - there is no explanation. All the letter says is:
'We have reviewed your accounts and are not able to freeze the interest or charges at this time'
'We will not take any further recovery action as long as your payments continue as previously agreed'

This not seem like a suitable reply to me

Any views?

easilydistracted

OP I have a loan with lloyds which is not in arrears. On a fixed date every month they add on the interest charge for the month. This is usually before my payment credits my account. The temporary effect of this is the loan amount goes up to higher than the previous month. My loan payment then credits and so the loan amount reduces to below the previous month. Perhaps this is what happening with your loan, did you check the balance at the same time of the month in March and April? If not then this may explain it.

The other explanation would be that between that the interest, plus any payment protection insurance and charges total more than £100 a month and the loan balance is therefore increasing each time. From a complete guess based on my loan rate and balance I would suggest that your £100 should cover more than the monthly interest payment and therefore if that is the only cost on your loan the balance should be slowly reducing. However payment protection charges and late fees may mean the balance is increasing or at least not reducing.

As suggested by the other posters the way to check this would be to ask the bank for a copy of your annual statement.

Hope that helps

Frustration

easilydistracted wrote: »

OP I have a loan with lloyds which is not in arrears. On a fixed date every month they add on the interest charge for the month. This is usually before my payment credits my account. The temporary effect of this is the loan amount goes up to higher than the previous month. My loan payment then credits and so the loan amount reduces to below the previous month. Perhaps this is what happening with your loan, did you check the balance at the same time of the month in March and April? If not then this may explain it.

The other explanation would be that between that the interest, plus any payment protection insurance and charges total more than £100 a month and the loan balance is therefore increasing each time. From a complete guess based on my loan rate and balance I would suggest that your £100 should cover more than the monthly interest payment and therefore if that is the only cost on your loan the balance should be slowly reducing. However payment protection charges and late fees may mean the balance is increasing or at least not reducing.

As suggested by the other posters the way to check this would be to ask the bank for a copy of your annual statement.

Hope that helps

Thank you for that post - it has helped

You see, I thought that too. Paying off £100 per month is only 49.55 short per month - and I have only done this for 15 months - so I do not understand why it shoes a minus figure on my online statement.

I thought I had paid well, considering I have been out of work for nearly two years - and before that my employers stopped paying me as I had too much sick time.

I would have thought at least that Lloyds would have sent a better reply.

In my letter to them - I requested that they supply to me any information relating to my loan and myself (under the Data Protection Act 1998)

This they have not done