Lloyds overdraft

Jimmy333

Hello everyone

I am looking for some advice if possible
i am in a DMP (owe roughly £20k) for about 6-7 months and all my creditors except LLoyds(for an overdraft) accepted to freeze my interest charges.
The Lloyds overdraft is for £4k and originally LLoyds accepted to charge no daily interest but a few weeks ago I received a letter saying that my finances are better now(as I had been paying monthly for the DMP) and I will be charged £5 per day. I have called them a few times but every time they didn't knew why the interest was freezed or that I am in a DMP.
My questions are:
-do you think I have any chance in convincing them to stop charging again?-I know they don't have to stop charging me the interest but to be honest that interest was one of the reason why my finances went downhill
-do you think they will eventually sell my debt to a debt recovery company?and if yes will they charge any interest?
I pay roughly £500 towards my DMP for all my creditors

thank you so much for the help

NowInspired

Hi Jimmy
We are in the same scenario and are fighting the interest charges, they stopped them for a short while and then did the same as they did to you, started adding them again saying our finances were better. At the moment they interest is still being added each day, it's never ending.

Jimmy333

They are really bad,is there anything we can do as when I took the overdraft the charges weren't as high.

Thanks

-taff

Stop paying them till they default you. Your credit is already shot, so no reason not to.
Someone more savvy will be along soon....

anfieldred

Sorry, I doubt you'll get the charges frozen. I've been on to them begging them not to take £150 a motnh off me when my finances were a mess, and they just said its tough sh*t basically. I think once I got £25 added to my account to 'cover' the fees off them.

They offered me a 'financial review' on the phone, and told me to put £10 a week less in my car , and I'd "save" £40 a month that way. I explained that if I don't put fuel in I can't get to work, but they couldn't grasp it.

Over the last year since they brought out the charges, I've offered to set up a repayment plan to clear the overdraft and they've refused saying I can't afford it, yet they're willing to take the £5+ a day out the account without lowering the balance at all.

I must have had 20 phone calls with them over it, and depending on who you speak to you can get a real know it all pri*ck (pardon the language, but no other word for it), or someone who will 'try' and help, but at the end of the day they're making £150 a month for 12 months out of you, so its in their interest to keep the fees.

fatbelly

Jimmy333 wrote: »

Hello everyone

I am looking for some advice if possible
i am in a DMP (owe roughly £20k) for about 6-7 months and all my creditors except LLoyds(for an overdraft) accepted to freeze my interest charges.
The Lloyds overdraft is for £4k and originally LLoyds accepted to charge no daily interest but a few weeks ago I received a letter saying that my finances are better now(as I had been paying monthly for the DMP) and I will be charged £5 per day. I have called them a few times but every time they didn't knew why the interest was freezed or that I am in a DMP.
My questions are:
-do you think I have any chance in convincing them to stop charging again?-I know they don't have to stop charging me the interest but to be honest that interest was one of the reason why my finances went downhill
-do you think they will eventually sell my debt to a debt recovery company?and if yes will they charge any interest?
I pay roughly £500 towards my DMP for all my creditors

thank you so much for the help

Jimmy - if you have a dmp manager get them on to Lloyds.

If not, and you are on a diy plan, stop paying them and send a letter to make it clear that there will be no further payment until interest and charges are frozen.

marybakers

its a disgrace that they are still charging ,i am the same for an overdraft of £1500,they charge me £6 every month for the use of it and interest on top too which roughly is about £25 ,that is every month for the past say 10 year. maybe longer. Now i am struggling to pay for this as dont work now.Any help would be much appreciated.

Jimmy333

thank you all, I will call them tomorrow and see if I can convince them.

Jimmy333

Hi there,just an update maybe it will help someone in my position as well
I have spoken with Lloyds and they've been very helpful : they've refunded part of the charges(£200) and agreed to freeze any further charges until the account will be sent to a debt recovery company.

Thank you all for your help