deep trouble with lloyds tsb, any advice welcome

toadsRmylife

where to start with this..... i took out (my third) personal loan with lloyds tsb to cover some outrageous debts and pay for my fathers funeral, at the time, the total amount that i owed was 10,000 pounds (that was the loan).after about two years of making (but struggling) with the payments, i 'popped'... i left the country and have spent the last 3 years working for an organisation that helps to reintegrate street children back into their society in Cambodia. when i left i had every intention of continuing with the payments, and in fact i did for 2 months. But the organistaion i was working for was paying an allowance of 500 DOLLARS per month. I defaulted and have had no further contact with lloyds tsb since a couple of faxes and phone calls in feb/march 2005, at that time, they made it very obvious to me that no frozen payments or any kind of breathing space would occur (by their complete lack of response to my enquiries) i have managed to finally save enough money to come home. i will not return to live under the boot heels of lloyds tsb, and i have no assets or savings. if i contact them and make a settlement offer of far less than the loan, are they likely to accept it? the alternative is bancruptcy where of course, nobody wins.

rog2

You can, of course, make a 'Full and Final' settlement offer (there are some good 'Template' letters on the National Debtline Website - http://www.nationaldebtline.co.uk ).
Have LTSB obtained a CCJ against you, or passed the debt to a dca?
Just bear in mind that any CCJ, or even Bankruptcy, issued by a UK County Court, has absolutely no jurisdiction outside of the UK.
If it is definitely, your intention to return to the UK, then it would be worth your while talking to one of the debt counselling charities, such as CAB, CCCS or National Debtline, who may suggest how best to negociate with LTSB and what the appropriate solution is for you.
If you have no assetts, then you may find that bankruptcy is not such an inapropriate alternative after all. Your Credit Rating is, already, likely to be shot and bankruptcy is unlikely to make it any worse - but, ultimately, the decision is yours and should only be taken after talking with one of the above charities, whose advice is not only professional and impartial, but completely free.
You might, also, like to have a look at the 'Debt-Free Wannabe' forum, to see how others are tackling their debts - you would be most welcome.
Good luck.

toadsRmylife

Rog2, thank you so much for your rapid and non-judgemental reply. i don't know if LTSB has obtained a CCJ against me or not, would that affect my ability to petition for bancruptcy? i'm fairly sure that the debt has been passed to a dca, but i'm not sure who. i am definately coming back, i don't owe money anywhere outside the uk, the bancruptcy thing is for this particular problem, thanks again, really,
toads

rog2

toadsRmylife wrote: »

Rog2, thank you so much for your rapid and non-judgemental reply. i don't know if LTSB has obtained a CCJ against me or not, would that affect my ability to petition for bancruptcy? i'm fairly sure that the debt has been passed to a dca, but i'm not sure who. i am definately coming back, i don't owe money anywhere outside the uk, the bancruptcy thing is for this particular problem, thanks again, really,
toads

Hi toads - a CCJ would NOT affect your ability to file for bankruptcy in the slightest, but, if one were issued in your absence, you would have the chance, when you return, of either 'getting the judgement set aside' or requesting the courts for a review of the order and to ask them to accept monthly payments that you can afford. If the Courts review the order and make a payment order, then this would be just as binding on LTSB as it is on you, and niether they, nor any dca, could, legally, harrass you to pay any more.
Again have a chat with one of the Debt Counselling Charities.

toadsRmylife

thank you i will definitely call one of the agencies you mention. had a quick look at the debt free wannabe posts too, yay! i am not alone! this is quite a community.. is there some way that i can find out (discretely) whether or not there are CCj's against me? thanks,
toads

rog2

toadsRmylife wrote: »

thank you i will definitely call one of the agencies you mention. had a quick look at the debt free wannabe posts too, yay! i am not alone! this is quite a community.. is there some way that i can find out (discretely) whether or not there are CCj's against me? thanks,
toads

Easiest way would be to check your credit reference file.

toadsRmylife

hmmm... thought about that but it costs money, and when i looked at the sites that do it, you need a UK address. its ok, when i am back i'll ask the CAB to help me with it. thanks again, i'll post updates as my situation develops just in case it helps anyone in the same boat,
cheers,
toads