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Advice needed regarding Lloyds reapplying interest
SeaThreePeeO
Posts: 137 Forumite
We're currently on a DMP. It's been a struggle at times, but we've managed to scrape by. So much so that in 10 months we will have completely paid off our Lloyds credit card debit. When we entered into the DMP Lloyds suspended the interest on the credit card debt, but only after lots and lots of wrangling with them.
Today they have written a letter that states that despite our telling them we're in financial difficulties we've managed to meet our monthly payment every month and as such they've decided not to default us or pass us onto their recoveries department, but instead take the account off DMP and start applying interest again.
This seems rather unfair, considering in 10 months we will have paid off the entire debt and the fact we've really struggled sometimes to make sure they got their payment every month.
Is there anything I can do? Applying the interest will mean it will take me longer to pay the debt and the minimum payment could end up being more than I am currently paying them.
I have been given 60 days to respond.
Today they have written a letter that states that despite our telling them we're in financial difficulties we've managed to meet our monthly payment every month and as such they've decided not to default us or pass us onto their recoveries department, but instead take the account off DMP and start applying interest again.
This seems rather unfair, considering in 10 months we will have paid off the entire debt and the fact we've really struggled sometimes to make sure they got their payment every month.
Is there anything I can do? Applying the interest will mean it will take me longer to pay the debt and the minimum payment could end up being more than I am currently paying them.
I have been given 60 days to respond.
0
Comments
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60 days to respond to what? The letter?
You on self managed DMP?
What does the account show on your credit report?:beer:0
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