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Offsetting - Lloyds and TSB
sar2004
Posts: 3 Newbie
Hi All
Looking to finish using my TSB account as the ever increasing overdraft is just getting me in more trouble! I have a lloyds cash account and wanted to move my payments into there and then make a regular monthly to TSB to clear the OD.
What I am not clear on is that since the LLoyds TSB Bank split some months ago are TSB and Lloyds now totally seperate entities. In other words could TSB take money from my Lloyds account to offset the debt?
Can't seem to find a clear answer anywhere x
Looking to finish using my TSB account as the ever increasing overdraft is just getting me in more trouble! I have a lloyds cash account and wanted to move my payments into there and then make a regular monthly to TSB to clear the OD.
What I am not clear on is that since the LLoyds TSB Bank split some months ago are TSB and Lloyds now totally seperate entities. In other words could TSB take money from my Lloyds account to offset the debt?
Can't seem to find a clear answer anywhere x
0
Comments
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Hi All
Looking to finish using my TSB account as the ever increasing overdraft is just getting me in more trouble! I have a lloyds cash account and wanted to move my payments into there and then make a regular monthly to TSB to clear the OD.
What I am not clear on is that since the LLoyds TSB Bank split some months ago are TSB and Lloyds now totally seperate entities. In other words could TSB take money from my Lloyds account to offset the debt?
Can't seem to find a clear answer anywhere x
Too be safe, open an account with a bank that's not part of the Lloyds banking group.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
argh what a pain. I was hoping it would be ok and I would not need to open another account.
I have moved everything to Lloyds for the moment and once the next weeks payments have gone out I will swap accounts again
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Hi All
Looking to finish using my TSB account as the ever increasing overdraft is just getting me in more trouble! I have a lloyds cash account and wanted to move my payments into there and then make a regular monthly to TSB to clear the OD.
What I am not clear on is that since the LLoyds TSB Bank split some months ago are TSB and Lloyds now totally seperate entities. In other words could TSB take money from my Lloyds account to offset the debt?
Can't seem to find a clear answer anywhere x
Hi sar2004,
As Lloyds Bank and TSB are separate legal entities, it's not possible for TSB to take money from your account with us. I hope this provides clarity on it for you.
Thanks,
Craig“Official Company Representative
I am the official company representative of Lloyds Bank. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE[FONT="].
[/FONT]The information I have provided in this post is correct as at the date of posting."0 -
There are other good reasons to switch. You should read the articles on this site
http://www.moneysavingexpert.com/banking/compare-best-bank-accounts?_ga=1.200543086.1929694834.14020415280 -
Lloyds_Bank wrote: »Hi sar2004,
As Lloyds Bank and TSB are separate legal entities, it's not possible for TSB to take money from your account with us. I hope this provides clarity on it for you.
Thanks,
Craig
Ah !!! there you go, question answered :TI’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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