Lloyds TSB - Level Of Indebtness Marker

MoneySaverLog

So how do you calculate it then?

jon142

savagej wrote: »

Yep, and you can calculate your own CII number, it is very easy to do.

And can you tell me how you do it??

jon142

YorkshireBoy wrote: »

This is almost certainly derived from the monthly feeds they get from the CRAs (google consumer indebtedness index [CII]).

Getting rid of available credit won't help. Indeed, it could make matters worse as it'll increase your utilisation ratio.Overdrafts offer more 'protection' for them, in that they are repayable on demand whereas credit card debt isn't.

Can you advise a little more about this [CII]

I have no idea.

to me, it seems bit silly, lets give him a £10,000 loan but no credit card.... one advisors already said i can have a £10,000 loan if i want it. i don't see why £3900 worth of "debt" is really that bad? its not that much!

YorkshireBoy

jon142 wrote: »

Can you advise a little more about this [CII]

I have no idea.

You will have when you've googled it.

i don't see why £3900 worth of "debt" is really that bad? its not that much!

The £3,900 is 'revolving credit', ie overdrafts and/or credit card debt.

A large O/D debt (I have one myself at Santander...£10K which costs me 2% but offsets my 3.75% mortgage) shows you can't manage your money month-to-month at the moment. And that's why they're not prepared to extend you further revolving credit...simply because (they think) you'll max it out just like you have with the overdrafts.

pjread

YorkshireBoy wrote: »

You will have when you've googled it.

I've just googled it, can see a lot of references with little actual meat on the details. Care to share with the group?

jon142

Would I be better to take out a £4k loan and pay off the overdrafts?

That way only 1 loan account with the monthly repayments.

Thanks

MoneySaverLog

Paying back the OD is going to help, but not sure taking out a loan to do so is in your interests given they are interest free. I'd have thought keeping your M&S card as your credit card and paying back the OD's would be a better option. Then when the OD's are paid off try applying to Lloyds TSB.

jon142

I've got £600 and another £250 off the ombudsman for winning my claim and another £550 disposable to throw at them this month.

I will get rid of this marker!!

So looking at £1400 so that's 1 gone

MoneySaverLog

In that case get that cancelled too so you don't dip into it again :j

jon142

MoneySaverLog wrote: »

In that case get that cancelled too so you don't dip into it again :j

Defo! Only used it when i was a student its been sitting there for 3 Years basically just always 0% never thought anything of it. Guess I should pay it back now tho

Its amazing how fast you can pay debt back when you get stuck in.

I've cleared about 6 cards off since sept 2011. Closed and settled on credit file all perfect history credit ratings gone up. As keep getting increases from m&s money! Plus there points are amazing... 1 point per £1. It's basically 1% cash back in m&s vouchers card.