Tsb

alpharomeo

The new TSB that is set up... is it totally independent of Lloyd s Banking Group. The reason is I have a debt currently outstanding with Halifax (which is part of Lloyds Banking Group) if it was a Lloyds or Halifax banking account they could offset the debt from Halifax Credit Card from a Halifax or Lloyds Bank Account. But does this rule remain with TSB that any debt owned at Halifax can be now taken still from a TSB account or is it not possible.....I know TSB is still 50% owned by LLoyds

PeacefulWaters

alpharomeo wrote: »

The new TSB that is set up... is it totally independent of Lloyd s Banking Group. The reason is I have a debt currently outstanding with Halifax (which is part of Lloyds Banking Group) if it was a Lloyds or Halifax banking account they could offset the debt from Halifax Credit Card from a Halifax or Lloyds Bank Account. But does this rule remain with TSB that any debt owned at Halifax can be now taken still from a TSB account or is it not possible.....I know TSB is still 50% owned by LLoyds

You rather answered your own question, however, despite being reliant on the same computer systems it is to all intents and purposes an independent operation.

LBG don't apply right of set off across brands or across banking licences, although their T&Cs allow for it.

So what you want to do should be fine. Although why risk it?

System

They do apply it across brands - between both BOS and other brands using it's license (e.g Halifax)

I am not aware of them attempting to apply it between different banking licences (e.g. Lloyds Bank plc and Bank of Scotland plc)

PeacefulWaters wrote: »

You rather answered your own question, however, despite being reliant on the same computer systems it is to all intents and purposes an independent operation.

LBG don't apply right of set off across brands or across banking licences, although their T&Cs allow for it.

So what you want to do should be fine. Although why risk it?

spingoblin

TSB is no longer inside LBG, yes Lloyds still holds 50% of the shares of the new TSB banking group but TSB is its own boss now and has its own chairman, ceo, board of directors and seperate share listing.

When TSB was set up Lloyds revised T&C ended the right of set-off between the new TSB and LBG - and TSB was still within Lloyds banking group at that stage so even less chance (zero in fact) now that TSB is outside of LBG.

PeacefulWaters

Heng_Leng wrote: »

They do apply it across brands - between both BOS and other brands using it's license (e.g Halifax)

That would certainly breach their own internal policy that was in place in 2011.

MARTYM8`

Yes - technically TSB is separate but they still share systems. I recently applied for a TSB account - it crashed midway and defaulted me back to the Lloyds homepage.:D

I believe Bank of Scotland/Halifax are one wing - hence you cannot get £125 for switching to the Halifax from a BoS account but Lloyds is separate systems wise although part of the same group for FSCS/other purposes.

Not sure of course if they share detailed personal records though e.g. if you apply for a Lloyds product but already have an HBOS one?

System

FSCS goes by banking license - which is normally aligned to legal entity i.e. the plc part

MARTYM8` wrote: »

I believe Bank of Scotland/Halifax are one wing - hence you cannot get £125 for switching to the Halifax from a BoS account but Lloyds is separate systems wise although part of the same group for FSCS/other purposes.

Not sure of course if they share detailed personal records though e.g. if you apply for a Lloyds product but already have an HBOS one?

System

Obviously can't really comment to what you've seen.

The right of set off is a basic principle of contract law, internal policy wouldn't protect someone legally or be even much help in a FOS complaint.

PeacefulWaters wrote: »

That would certainly breach their own internal policy that was in place in 2011.

ceredigion

alpharomeo wrote: »

The new TSB that is set up... is it totally independent of Lloyd s Banking Group. The reason is I have a debt currently outstanding with Halifax (which is part of Lloyds Banking Group) if it was a Lloyds or Halifax banking account they could offset the debt from Halifax Credit Card from a Halifax or Lloyds Bank Account. But does this rule remain with TSB that any debt owned at Halifax can be now taken still from a TSB account or is it not possible.....I know TSB is still 50% owned by LLoyds

You could always endeavour to settle the debt as apposed to trying to hide money from your creditors .