MSE virgin, complex question please help! (reLloyds TSB mainly)

Molly99

I took out a £10K loan (unsecured) with LloydsTSB in September 2000 to pay for a Masters course. Got the money, all was fine. Lloyds then 'forgot' to start taking arranged direct debit payments, and I had no job and was looking to start a PhD course, so didn't remind them. When they realised what had happened (about March 2003) I renegotiated as had started my PhD. Was then meant to start payments in September 2005 (ie after 3 years of PhD, like I was ever gonnna finish by then but anyway ). They promptly once again 'forgot' to start taking payments in Sept 05. I didn't feel like being much help to them so again I didn't tell them (ok, so it seemed a good idea at the time...) This month they had miraculously 'remembered' and I am now paying £303.96 per month on this loan, plus about £100 on Student Loan Co loans...

I am basically screwed. what can I do? I also have £1200 on a Lloyds TSB credit card and £1800 overdraft. I work a number of part-time admin / academic jobs which bring in about £18K. I am a warden in a student hall of residence, which is great! but slightly problematic when it comes to a permanent address

I am also sick of Lloyds (though this farce is quite possibly my fault, at least partially) and want to move my current account.

I haven't got a flippin clue about money - never used to open bank statements etc...

jonesMUFCforever

On £18k salary you should be able to make repayments surely?

You borrowed the money now they expect repayments - sounds fair to me.

Xbigman

You are going to have to pay I'm afraid. With your income it will sting but unfortunately thats the way it is.

Reading between the lines of your post it seems you have run up additional debts on an overdraft and credit card. You should post on the debt free wannabe board and work through setting up a statement of affairs with help from those on that board. If you ran those debts up before starting to pay that £300 a month then you have a big overspending problem.

One thing you should do is open a basic bank account somewhere. Having multiple debts and your current account with the same bank can create serious problems.

As to your being in halls of residence. If it can be used as a postal address and you are on the electoral register then it should be ok. If it can't be used as a postal address then you should try to get a relative to let you use that address for post.
Regards


X

Molly99

Much appreciated, thanks.

Yes I have additional debts with credit card and overdraft. Will do research into a basic bank account too.

John_in_the_city

Hi Molly, well I am going to suggest something which you may well dislike but I think might be a useful approach. All your eggs seem to be in the Lloyds basket (loan, cc, overdraft). So why not visit your branch and ask them to re-structure the loan and overdraft so that it is something that falls within your cashflow ability to repay. Give them something to go on, so identify your living needs and suggest a level of repayment that sits well with you. What have you got to loose?

Good luck