I need advice with my loan

HelpJ

Hi, I’m new on here and would like some advice.
I had a loan out with Lloyd’s tsb, for a number of reasons I fell behind on my payments.

I had a letter through today from Lloyd’s saying that they have passed on my loan to there recoveries team.

The letter explains I need to pay the whole amount straight away which I can’t do just yet.

Should I wait for a letter from Lloyd’s recoveries team?

Should I expect someone knocking on my front door about this?

Ben8282

Nobody will knock on your front door. Another myth.
How long ago did you take out the loan? What was the term? When did you last make a payment?

HelpJ

I took the loan out in April. The term was for 15months I’ve missed 4 payments for a few reasons which have been sorted.

Would you advise to wait for a letter from the recoveries team? Or phone up and try and sort a payment plan out.

When you read recovery team on the letter you just assume they will come to the door ��!♂️

Ben8282

HelpJ wrote: »

I had a loan out with Lloyd’s tsb,

HelpJ wrote: »

I took the loan out in April. The term was for 15months

You took out a loan with Lloyds/TSB in April. Sure you did.

HelpJ wrote: »

When you read recovery team on the letter you just assume they will come to the door ��!♂️

No they won't.

Caz3121

Is your loan with Lloyd’s or TSB? LloydsTSB disappeared in 2013

HelpJ

It’s with Lloyd’s. Didn’t mean to put tsb.

BakingC

Took loan out in April, missed 4 payments out of a possible 7/8?

Have you caught up with payments or still behind? Will the reasons impact your ability to pay for the remainder of the term as missing half your payments seems like pretty big reasons.

I think contact them right away and discuss your options.

Banks always seem to say to contact them right away if you will have difficulty making payments

EssexHebridean

Another vote here for talking to them and working something out.

Also a vote for getting yourself a proper household budget worked out and in place that accounts for things like an emergency fund - this should mean you don't miss payments in the future.

foxy-stoat

Pay them as much as you can to clear the debt, hopefully they have frozen the interest by now.

Oh and expect not to be able to take out credit for 3 years after you have cleared the loan off.....what did you spend the month on, could you sell whatever you bought and clear the loan than way?