Need help understanding Lloyds TSB overdraft

kmufc77

Hi all

Due to being out of work and having my JSA Contribution stopped soon due to claiming for more than 26 weeks, i think me and GF will have to start using our arranged overdraft.

We have an arranged £1000 overdraft with Lloyds TSB, only i dont understand how it works as ive never used it in 7 years?

Can someone with overdraft knowledge even better, someone that currently uses a Lloyds TSB overdraft explain the fees and the cost each month.

For example, i think we would maybe use a maximum of £500 per month out of the £1000 agreed overdraft.

So basically i just want to know roughly how much money we would have to pay back each month for going £500 overdrawn on a agreed overdraft with Lloyds?

Hope someone can help me as im clueless with figures

Many thanks in advance.



I have a classic account which i believe is 19.94% interest for an agreed overdraft.

MME_2

What type of current account do you have?

kmufc77

MME wrote: »

What type of current account do you have?

Hi

I have a classic account which i believe is 19.94% interest for an agreed overdraft.

Its right at the bottom of my OP, ive now highlighted it in green

Gromitt

Don't forget the monthly overdraft usage fee of £5.

MME_2

Until October this year, there is no interest free overdraft on the Classic overdraft. There is a £10 buffer however. So, as soon as you go £10.01 or more overdrawn you will accrue the £5 monthly overdraft fee plus the 19.28% EAR overdraft interest for however much/how long you use the overdraft.

opinions4u

And what will you do when you reach the £1,000 limit?

Think about it.

jonesMUFCforever

Surely if your JSA is stopping you are entitled to another benefit?

davethorp

jonesMUFCforever wrote: »

Surely if your JSA is stopping you are entitled to another benefit?

The OP was getting JSA(C) which is paid at a fixed rate as long as you have paid enough national insurance contributions. You can only claim JSA(C) for so long and then will need to claim JSA(I) which is income related and means tested so the OP isn't guaranteed to be entitled to it once their JSA(C) ends

The OP's girlfriend's income will be taken into consideration when making a claim for JSA(I) if the OP is living with them which may take their income over the threshold and make them not entitled to JSA(I)

MoneySaverLog

davethorp wrote: »

The OP was getting JSA(C) which is paid at a fixed rate as long as you have paid enough national insurance contributions. You can only claim JSA(C) for so long and then will need to claim JSA(I) which is income related and means tested so the OP isn't guaranteed to be entitled to it once their JSA(C) ends

The OP's girlfriend's income will be taken into consideration when making a claim for JSA(I) if the OP is living with them which may take their income over the threshold and make them not entitled to JSA(I)

Gosh it's all changed since the 80's when I last claimed.