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Coop lloyds buyout of branches
moohound
Posts: 1,209 Forumite
Will the Lloyds sale of branches to cooperative bank make any difference to people with 'safe' bank accounts with Co-op and debts with Lloyds?
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Comments
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That is an absolutely top question and well spotted. Being a cynic, I would not be surprised if Lloyd's are offloading some of the branches with more than their fair share of defaulted accounts ....
Having said that, I do not know the answer. And I suspect a court case would be needed to resolve it. But on the whole, I think that the Coop would be on very dodgy ground to use the right of set off to recover debt arising before the date of the takeover.
However, as part of the process, Lloyd's account holders who are moved to the Coop will have a right to opt out of the transfer and I think that this would be the wisest thing to do. I am not sure that the opt out will be well advertised - you may need to write in and reject the transfer of your account when you receive notification that your account is being moved.
In the case of defaulted accounts it may not be possible to object - in the same way that you cannot object to your debt being sold to a debt collector.
Lots to think about on this one.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Good question, I now understand the response, so much for asking questions before I read it fully :-/0
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Sorry aasj don't agree.
If you owe Lloyds money & bank with the Co-op, and your Lloyds account then turns into a Co-op account & you already have a "safe" Co-op account, then what's to stop them taking money from the good account to cover the bad one .... unless there's some agreement as Rev mentions (which I hope would be the case).Grocery Challenge £211/£455 (01/01-31/03)
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rising_from_the_ashes wrote: »Sorry aasj don't agree.
If you owe Lloyds money & bank with the Co-op, and your Lloyds account then turns into a Co-op account & you already have a "safe" Co-op account, then what's to stop them taking money from the good account to cover the bad one .... unless there's some agreement as Rev mentions (which I hope would be the case).
No sorry!, I misread the initial question, hence my rubbish reply, sorry 0
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