Lloyds TSB Loan with protector & daft rate!

Deleerious

I took out a 6k loan with Lloyds tsb to clear my vast overdraft and some other debts. I stupidly took out the loan protector and accepted a whacking 14.9% rate (due to my circumstances). In retrospect this was a bit naive but here i am anyway!

It's now coming up for a year. I've comfortably repaid my 12 installments. I'm in my 9th year with my employer I need to re - negotiate this rate.

Any tips / advice anyone can offer me when i go see them next month?

Deleerious D

mrmajika

If you go into the branch, there's not that much they can do for you.

If you phone for a settlement figure on the loan, the first thing they will do is ask you why you want the settlement. Explain to them that the APR is too high. The department that give out settlement figures are the retentions department. They have the most flexibility on interest rates and can lower them to 'save the business'. That is, to stop you from settling early and going with a competitor.

What they are able to do will very much be determined by your percieved risk to the bank and so recent excesses on the current account / bounced direct debits etc will impact on what rate you are offered.

Hope This Helps.

jonesMUFCforever

Disagree with above poster.

If your LTSB internal credit score shows you as A1 credit rating they will phone the Best customer retention unit for you.

If your score is not good they will not.

mrmajika

ejones999 wrote: »

Disagree with above poster.

If your LTSB internal credit score shows you as A1 credit rating they will phone the Best customer retention unit for you.

If your score is not good they will not.

The branch will take you into a room then phone the retentions unit on your behalf.

If you phone for a settlement figure directly yourself then you will get to speak to a retentions agent directly yourself, thus cutting out the middle man.

This next bit is opinion and not fact - but here goes! (and based on my own expreiences as a LTSB telephony lending employee )

Retentions are more likely to offer a deal to a direct customer than to a branch staff member, as the branch staff are more easily 'fobbed off' than an assertive customer.


:beer:

jonesMUFCforever

This is for you robbing b******s in telephony from a branch staff member

''This next bit is opinion and not fact - but here goes! (and based on my own expreiences as a LTSB telephony lending employee )

Retentions are more likely to offer a deal to a direct customer than to a branch staff member, as the branch staff are more easily 'fobbed off' than an assertive customer.''

This is codswallops.

Please bear in mind there is a war on at the momemt between branches and telephony.
If you want a direct line to a branch always suggest that you are interested in a loan and you will get the number no problem - then you can speak to someone who knows what they are talking about.
The mistakes that telephony have done with Personal loans will be subject to a Whistleblower programme - mark my words.

mrmajika

ejones999 wrote: »

This is for you robbing b******s in telephony from a branch staff member

Looks like I hit a nerve!

I was just giving an honest opinion. I have no axe to grind.

jonesMUFCforever

Just as well that branches now have their own telephone number then a lot more difficult for telephony to nick our loans.

regularsaver1

Jeez it sounds like my bank (different bank)- call centres and branches don't like each other for some reason

I've had business nicked

mrmajika

regularsaver1 wrote: »

Jeez it sounds like my bank (different bank)- call centres and branches don't like each other for some reason

I've had business nicked

It's true there's not much love lost between the two. To the customer it is all the same company, but internally it's very much an 'us and them' mentality. I blame it on the internal targets. Everyone is out to close the deal and not give the 'business' to the branch or contact centre.

If only the branch staff would realise that the telephony staff are soooooo much better at everything and anything.

regularsaver1

Nah I'm all for the branch staff I'm afraid - that personal touch ;o)

jamesd

So should a consumer try the phone or the branch first? Competition is good.