TSB not accepting repayment plan?

madeinlondon82288

Hi,

I have a loan with TSB and due to a few personal reasons, I’ve been swimming in debt and have started a self managed DMP with all of my creditors individually. 

However, TSB are the ones causing me grief. I’ve phoned twice with my income and expenditure and they said there’s nothing they can do to help me and to contact Stepchange (which I have done over and over, and have decided to self manage). They haven’t offered a repayment plan and I’ve filled out their I&E form maybe a grand total of 12 times and no response. 

I have now missed a payment for the first time in years and I’m wondering whether I should wait till it goes to the collections department or debt collection agency to arrange a repayment plan? TSB are not helping me in the slightest and I have never missed a payment for nearly 2 years until now and I’m at loss on what to do. 

I’m in Scotland so it’s not as if someone will be knocking at the door but I’m just worried about this debt and want to get this dealt with ASAP. All my creditors have been incredibly understanding and I can’t believe TSB has been the difficult one when I have a loan the same value with another bank and they offered for me to pay less than I expected - no questions asked. 

Any advice would be great as I feel like giving up. 

[Deleted User]

You can't pay what don't have, so the sooner you default the better. You can then agree a repayment plan.

pearl123

You could speak to the CAB. They can sometimes negotiate on your behalf. 

madeinlondon82288

Deleted_User said:

You can't pay what don't have, so the sooner you default the better. You can then agree a repayment plan.

How do I default? Is it after one missed payment or 3? Sorry I’ve never had one before so I’m not sure. 

madeinlondon82288

pearl123 said:

You could speak to the CAB. They can sometimes negotiate on your behalf. 

Thank you! I’ll give them a call

[Deleted User]

madeinlondon82288 said:

Deleted_User said:

You can't pay what don't have, so the sooner you default the better. You can then agree a repayment plan.

How do I default? Is it after one missed payment or 3? 

Generally between 3 and 6. The sooner the better.

madeinlondon82288

Deleted_User said:

madeinlondon82288 said:

Deleted_User said:

You can't pay what don't have, so the sooner you default the better. You can then agree a repayment plan.

How do I default? Is it after one missed payment or 3? 

Generally between 3 and 6. The sooner the better.

So do I just not pay for 3-6 months? Scary to think about, I just assumed if I did that I’d have big burly men at the door lol!

gizmo111

madeinlondon82288 said:

Hi,

I have a loan with TSB and due to a few personal reasons, I’ve been swimming in debt and have started a self managed DMP with all of my creditors individually. 

However, TSB are the ones causing me grief. I’ve phoned twice with my income and expenditure and they said there’s nothing they can do to help me and to contact Stepchange (which I have done over and over, and have decided to self manage). They haven’t offered a repayment plan and I’ve filled out their I&E form maybe a grand total of 12 times and no response. 

I have now missed a payment for the first time in years and I’m wondering whether I should wait till it goes to the collections department or debt collection agency to arrange a repayment plan? TSB are not helping me in the slightest and I have never missed a payment for nearly 2 years until now and I’m at loss on what to do. 

I’m in Scotland so it’s not as if someone will be knocking at the door but I’m just worried about this debt and want to get this dealt with ASAP. All my creditors have been incredibly understanding and I can’t believe TSB has been the difficult one when I have a loan the same value with another bank and they offered for me to pay less than I expected - no questions asked. 

Any advice would be great as I feel like giving up. 

They wouldn't accept a lower payment until you were in arrears.  The general advice on a DMP is let all your debts default by non payments and use your payments to build an emergency fund before you start paying - pleanty of support and advice on the Debt free Wannabee boards.

[Deleted User]

madeinlondon82288 said:

Deleted_User said:

madeinlondon82288 said:

Deleted_User said:

You can't pay what don't have, so the sooner you default the better. You can then agree a repayment plan.

How do I default? Is it after one missed payment or 3? 

Generally between 3 and 6. The sooner the better.

So do I just not pay for 3-6 months? Scary to think about, I just assumed if I did that I’d have big burly men at the door lol!

Court is really far off. Even the enforcement officers know it has to go through the court system and they generally don’t want bothering unless all correct steps have been taken.
I was reading this morning that the TSB mob are largely working from home (so may be why they are not responding well)
Anyhow, for what it’s worth when I approached a card company for help very recently, unable to maintain payments, they urged to fill in income form but do call us at same time but I appreciate I’m pretty strong/unafraid on the phone so that was better for me.
Sorted in 40mins as opposed to waiting for postal service.