Lloyds Overdraft Help Please

chelsealaura16

Hi All,


Not a happy bunny today I desperately need somebody's advice. I have been with Lloyds for over 9 years and I have had 3 overdrafts in the past and cancelled them as I have used them, paid them back and not wanted to keep it on my account. I have also recently paid off my £5000 car loan with Lloyds and paid off within 18 months of having it even though I was meant to have it for 3 years so paid it off early. I have a great credit score no issues at all and have a full time job contract with a well know organisation so my circumstances are in a better position than in the past when I have applied for loans/overdrafts etc.


I go on holiday 21st April and unfortunately get paid on the 22nd April and unable to get paid earlier, so rather than messing around with sorting holiday spends out when I get there, I thought get overdraft back and it will go back in the next day literally. After a visit to the bank today I am absolutely disgusted that I have been declined for an overdraft but they have offered me a credit card and another loan.. Obviously for one day a credit card and loan is just unsuitable.


Please help has anybody had the same situation? I find this customer service appalling! Help and advice would be much appreciated.


Thank you all.

BMN

Just to clarify, when you went to the branch did you actually sit down with somebody and go through an overdraft application or did you just speak to somebody at the counter/enquiry desk who told you that you're not currently eligible for an overdraft?

Also, why do you think a credit card is unsuitable? You could do some of your spending on the card (which would free up some money in your current account) and then after pay day you can pay off the balance.

grumbler

chelsealaura16 wrote: »

...I find this customer service appalling!....

Staff in branches are powerless as now computers rule everything.

Cancelling overdraft was easy, but made no sense whatsoever. It's a safety buffer for situations like you have now of for a small accidental overspending without incurring hefty charges. Nobody forces you to use it if you have it.

chelsealaura16

Yes i sat down with customer advisor and they helped the actual staff in the branch were friendly but i find it disgusting when i have a huge loan from them and now i am unable to get an overdraft. Feel asif they just want me to get another loan or credit card because they get more interest etc. Credit card is not a suitable option due to only needing money for one day before my holiday so i dont want one. I know i did not think it would be an issue for me to get overdraft back and because i did not want it to be on my balance so i took it off, but still dont understand the issue. Why can i get a loan and credit card but not overdraft its daft ? Thanks

grumbler

chelsealaura16 wrote: »

...they just want me to get another loan or credit card because they get more interest etc. Credit card is not a suitable option due to only needing money for one day before my holiday so i dont want one.

All credit cards give you up to ~55 days interest free period on purchases, so are much cheaper than overdrafts for short-term borrowing.

BMN

chelsealaura16 wrote: »

Yes i sat down with customer advisor and they helped the actual staff in the branch were friendly but i find it disgusting when i have a huge loan from them and now i am unable to get an overdraft. Feel asif they just want me to get another loan or credit card because they get more interest etc. Credit card is not a suitable option due to only needing money for one day before my holiday so i dont want one. I know i did not think it would be an issue for me to get overdraft back and because i did not want it to be on my balance so i took it off, but still dont understand the issue. Why can i get a loan and credit card but not overdraft its daft ? Thanks

Overdrafts, credit cards and loans are each different forms of borrowing and they will have different eligibility criteria. The decisions will be made by an electronic system which uses a number of factors. And quite simply, the system has concluded that an overdraft wouldn't be suitable according to the banks appetite for risk - there is no ploy to get you to pay more interest in the form of a loan or credit card.

Did the advisor mention anything about appealing the decision?

grumbler wrote: »

All credit cards give you up to ~55 interest free period on purchases, so are much cheaper than overdrafts for short-term borrowing.

!!!

colsten

BMN wrote: »

!!!

What do the exclamation marks mean?

cheexy

colsten wrote: »

What do the exclamation marks mean?

It generally means that the person agrees with the post in quote

chelsealaura16

BMN wrote: »

Overdrafts, credit cards and loans are each different forms of borrowing and they will have different eligibility criteria. The decisions will be made by an electronic system which uses a number of factors. And quite simply, the system has concluded that an overdraft wouldn't be suitable according to the banks appetite for risk - there is no ploy to get you to pay more interest in the form of a loan or credit card.

Did the advisor mention anything about appealing the decision?



!!!

No they did not mention anything about appealing.. Am i able to do this? Thanks

Thrugelmir

chelsealaura16 wrote: »

Credit card is not a suitable option due to only needing money for one day before my holiday so i dont want one.

Lenders don't want to go to great expense to set you up with an overdraft for one day only either.

I have also recently paid off my £5000 car loan with Lloyds and paid off within 18 months of having it even though I was meant to have it for 3 years so paid it off early.

I've bought my shopping in Tesco's for years. They still won't offer me a discount at the tills.

It's called running a business. There's no right to anything.

jonesMUFCforever

chelsealaura16 wrote: »

No they did not mention anything about appealing.. Am i able to do this? Thanks

In reality no unless you can prove that the imformation inputted about you was incorrect in any way.