Is lloyds tsb telling me the truth

carlos700

I have a loan with lloyds tsb i also bank with them ,i have had the loan for 2 years it is over 5 years .I have got a letter this morning saying they need to speke with me urgently so i have rang them and they said they need to review my loan to make sure i am on the best deal.

I know TSB very well they get you in to a branch and you come out with them selling you morgages,insurance ,credits cards more loans etc etc etc.It is quite difficult for me to get to branch but the lady said by law they have to do this review i have no choice in the matter i have to go in .Is this lady right what she is saying ??

Just want to add i have never missed any payments or anything like that with my loan .

mad_bad_spender

Couldnt say for sure but it sounds like rubbish to me, once the offer of loan is made as long as payments are kept up they cant force you to review it. imo

petermb_2

I am always very suspicious when lenders are keen to offload existing agreements. They may be acting in a legitimate manner, however I would like to see a copy of the agreement in a case such as this to ensure that what you have is above board.

regards

Peter

mrmajika

carlos700 wrote: »

I have a loan with lloyds tsb i also bank with them ,i have had the loan for 2 years it is over 5 years .I have got a letter this morning saying they need to speke with me urgently so i have rang them and they said they need to review my loan to make sure i am on the best deal.

I know TSB very well they get you in to a branch and you come out with them selling you morgages,insurance ,credits cards more loans etc etc etc.It is quite difficult for me to get to branch but the lady said by law they have to do this review i have no choice in the matter i have to go in .Is this lady right what she is saying ??

Just want to add i have never missed any payments or anything like that with my loan .

Nope. They are lying. You do not have to have the review.

Your situation will be that you are eligible for further lending. You may have a credit card or overdraft balance with them and they will be looking to get you in to refinance the lot.

You are "encouraged" to have a periodic review, but this is NOT a requirement.

It's very poor that they are insisting that you must visit. Ask "Where in my loan terms and conditions does it state a review is required?" This should get their knickers in a twist !

jonesMUFCforever

A review is just another way for them to sell you another loan.
What APR are you on now - do you have any other outstanding debts at a higher rate?
If the answer is no then don't do it.

kizzykizzywizzy

I had Lloyds Tsb ring me when I was in the bath, my husband told them this, they said they were a an account manager & it was urgent, so I spoke to them, whilst in the bath! They said I had to come in for an urgent review, well this scared the hell out of me, as although I wasn't behind with any payments, I do have an overdraft with them, which I was worried they'd take away, as i couldn't have cleared it at the time. I worried all night couldn't sleep, went to the bank & they tried to sell me contents insurance!!! I will take any calls like this with a pinch of salt in future.

emmalt

Soundslike porkie pies to me.

Ask them under which bill this law was passed.

leekenny

Someone I know got one of these phone calls from Lloyds TSB. They told him they wanted to speak to him for a 'review'. So he went and they managed to actually save him some money. They gave him a loan to pay off his credit card (the loan had a lower APR) and reduced his home insurance premium by £50 a month. So, it might be worth listening to what the bank has got to offer first, then you can always still say no afterwards.

tallyhoh

They may be able to save you some money perhaps but the way they set it up is appalling.

I went into my branch to get some money the day my Dad died and they kept telling me at the desk someone needed to speak to me "urgently". I explained to them what had just happened and I had a shed load to do (sort funeral etc) but they kept insisting there was a note on my account that needed to be sorted immediately.

I told them to call me to arrange an appointment in the end but gave them a mickey mouse number. The next day I called back in to and asked the cashier about the "urgent" note on my account and she said there was no such thing.

Lloyds TSB account now closed.

debtfreelondon

Lloyds TSB are always doing this. It's just an easy way for them to get people into branch and claim they can save you money. I was paying money into my account the other day and the cashier claimed they were checking my loan rate to see if I could save money.

I remember an offer they had a few years ago where they said they'd give you £50 if they couldn't save you money. Guess what? They couldn't. Did I get my money? Not a chance. There were so many hurdles to cross including providing originals of every document I had in relation to what had been discussed that I gave up in the end.

Unless you have problems with your account there would be no reason to review your finances. This site is a much better place to undertake a review of what's available than the small number of products that one bank can provide.