Lloyds have frozen interest and refunded charges

Pink-Angel

I know that a lot of people have had problems with Lloyds not freezing interest and just wanted to say keep up with the complaining!

I've been on a DMP with CCCS since Jan 2011. Although my other creditors have been kind and froze interest early on, Lloyds have continued to add interest and charges. The reality of course is that creditors do not have freeze interest. In my situation, with the loan I have with them, the interest and charges have increased my debt so it's been pointless paying them really and I was getting very down about it.

I have been writing to them and this has been ignored. My most recent (strongly worded) letter got no response, so I contacted the FOS who were going to contact Lloyds. I don't know at the moment whether it was a delayed rection to my letter or contacting the FOS that has worked. Lloyds are freezing the interest and have refunded over £1500 in interest/charges. :T I can't tell you how pleased I am with this - and the refund is a bonus that will help reduce the debt, which is what I obviously what I'm wanting to do.

This does mean my account is being passed on to their debt recovery department and I'll be defaulted, but if it means no more interest that is fine. I knew it would happen at some point anyway, and the sooner the default goes on, the time will slowly start ticking down to it being able to come off.

So if you're on a DMP do keep writing to Lloyds, don't rely on your DMP company to do it for you. Also consider calling the FOS if you're not getting anywhere.

I now have to continue the fight with Lloyds and my CC debt. I am also considering switching to an IVA if it means I'll get out of debt quicker, but can't anything about this at the moment as it's possible my hours at work might be reduced in the summer and I need to know what's happening salary wise before I get locked into an IVA.

Good luck everyone

determined_new_ms

brilliant news Pink-Angel! good for u, keep trucking! x