Bank Account and Debt Question

*Stevo*

Hi all, my first post so sorry if this has been answered before.

I have 3 debts with halifax, 1 has been passed to Cabbot and 2 to Blair Oliver and Scott.

I bank with Lloyds TSB (which i setup before the buyout) I have had no problems with Lloyds and my debt as i have arranged re payments with the debt firms. So my question is this. I have recieved a cheque for a couple of thousand pounds and need to cash it. Will Lloyds take the money if i bank it with them?

I have tried to open another account with HSBC and the Co Op bank and been refused.

Any help would be fantastic as i am at a witts end

Steve

opinions4u

Will Lloyds take the money if i bank it with them?

The terms and conditions of a Lloyds TSB account give them right of set off against any other funds held within Lloyds Banking Group. Halifax are part of LBG.

That said, I am not aware of any cases where right of set off has been applied across the traditional HBOS / Lloyds TSB line.

So if you pay the cheque in, wait for it to clear and then withdraw the funds you will probably be okay. But that's not a guarantee.

You could of course do the radical thing - use these funds to reduce your outstanding debts.

*Stevo*

opinions4u wrote: »

The terms and conditions of a Lloyds TSB account give them right of set off against any other funds held within Lloyds Banking Group. Halifax are part of LBG.

That said, I am not aware of any cases where right of set off has been applied across the traditional HBOS / Lloyds TSB line.

So if you pay the cheque in, wait for it to clear and then withdraw the funds you will probably be okay. But that's not a guarantee.

You could of course do the radical thing - use these funds to reduce your outstanding debts.

thanks for the reply and i am using the funds to pay towars the debt but i want to spread between the 3 not all to one

CLAPTON

why risk it

unless you simply can't open another current a/c or a savings a/c

*Stevo*

CLAPTON wrote: »

why risk it

unless you simply can't open another current a/c or a savings a/c

the issue is i have tried to failed on 2 applications so am getting a little worried.

Anyone out there with large debts on a paymnt plan got a bank accoutn recently?

Mrs_Ryan

Yes. Try Barclays. But make sure you ask for the CASH CARD account. It's just a basic account but has a good debit card.

Wallhart

Yes try and get a simple account. I would definately advise you using that money to pay off the most expensive debt rather than spread between all 3.

LTSB may take it but knowing how bank system integration's go I wouldn't expect them to be able to co-ordinate

*Stevo*

Hi all, made it to Barclays today and setup a cash account and a savings account. Cant believe how relieved i am. I am now looking at the debts and am going to make offers for full and final on one of them to see if i cn get it reduced a little

Stevo

izools

*Stevo* wrote: »

Hi all, made it to Barclays today and setup a cash account and a savings account. Cant believe how relieved i am. I am now looking at the debts and am going to make offers for full and final on one of them to see if i cn get it reduced a little

Stevo

Excellent news!

Be careful with Barclays Bank though, I know of three people (one of whom was I) who had their accounts closed with no explanation - about two weeks after being opened.

Myself and the two other people concerned had a patchy credit past. No history of fraud, but previous defaults.

Play it safe, and if they do give you notice of the accounts being closed, the Natwest Step account and Nationwide Cash account are easy to get - and they both come with a VISA debit card.