Help with dormant Lloyds account

mistahbenn

Im not pulling any legs... I paid off the 5000 and then decreased the limit to 3000 hoping i wouldnt get back into the same boat... Basic question is if the account is in collections what does that mean to me?

Thanks

mistahbenn

No credit card, debit card... my error.

jonesMUFCforever

mistahbenn wrote: »

Im not pulling any legs... I paid off the 5000 and then decreased the limit to 3000 hoping i wouldnt get back into the same boat... Basic question is if the account is in collections what does that mean to me?

Thanks

They have closed the account off - the debt will now collected by their debt collectors.

Terry_Towelling

mistahbenn wrote: »

I have used the account on and off but not for a while...They told me the account is in collections and is dormant. Its 2000 in the red...

Hang on. You haven't used the account for a while, so how did you manage to pay off a £5K overdraft last year and then get £2K back in the red within 12 months? That means you have been using the account and it is not dormant. You also just tried to use your debit card, so that also doesn't tie in with your assertion of inactivity. The very fact you have an 'in date' debit card is indicative of use - Lloyds would not reissue your card after expiry if the account were dormant.

Perhaps you could give us some idea of the extent of your spending on it over the past 12 months and the extent of the overdraft charges that have been added to bring it up to £2K.

To answer your direct question about what it means for you to have your account in 'collections' you will have to talk to Lloyds about that - it's their account and their money that you have taken.

DCFC79

mistahbenn wrote: »

Im not pulling any legs... I paid off the 5000 and then decreased the limit to 3000 hoping i wouldnt get back into the same boat... Basic question is if the account is in collections what does that mean to me?

Thanks

So how did you end up in the red ?

Did you not keep an eye on the account ?

colsten

mistahbenn wrote: »

I paid that all off a year ago... now its back to 2k because of the overdraft fees

Lloyds overdraft fees would never amount to £2K for an overdraft that you paid all off a year ago........

Your story doesn't add up, I'm afraid. Go on, tell the truth.

born_again

mistahbenn wrote: »

Im not pulling any legs... I paid off the 5000 and then decreased the limit to 3000 hoping i wouldnt get back into the same boat... Basic question is if the account is in collections what does that mean to me?

Thanks

So you did not FULLY clear the debt then.

But come on, get the story correct. Your posts contradict themselves.

Collections will be a team that either get the money back from you or close your account. Either take you to court or pass it to a debt collection agency to chase you for the debt.
Add in it will totally wreck your credit history for 6 years.

Missus_Hyde

mistahbenn wrote: »

.......I hate Lloyds bank, they overdraft fees are ridiculous!

Goodness knows, like most banks Lloyds are certainly not saints (I've had a few spats with them over the years) but in fairness to them, you can't expect them to subsidise your lifestyle by means of an overdraft and then not expect to pay it back in full.

It does seem to be rather a problem for some people to differentiate between their own money and the banks' overdraft.