TSB not giving any type of 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. 

sourcrates

Quite simple, sooner or later the account will either go to collections, or they will sell the debt on, either way you can then make arrangements to pay.

Sometimes you just have to follow there procedures.

Just concentrate on your other debt for now.

MaryLongstaff

It might be worth sending them letters instead of calling them? This way you can make everything more clear and include your income and expenditure (there are lots of letter templates online. Try searching 'token payment').
Personally, I would avoid having to deal with debt collectors if possible, I'm not sure if TBS have their own in house or outsource/sell the debt to an external company. Either way, they'd rather deal with you personally especially if you're commutating clearly and often with them.
But yes, make sure you keep in contact explaining your situation and keep a record of all contacts which may be needed if you complain to the FOS as TBS are legally required to cooperate with you when possible under the fair lending act.

JCS1

MaryLongstaff said:

It might be worth sending them letters instead of calling them? This way you can make everything more clear and include your income and expenditure (there are lots of letter templates online. Try searching 'token payment').
Personally, I would avoid having to deal with debt collectors if possible, I'm not sure if TBS have their own in house or outsource/sell the debt to an external company. Either way, they'd rather deal with you personally especially if you're commutating clearly and often with them.
But yes, make sure you keep in contact explaining your situation and keep a record of all contacts which may be needed if you complain to the FOS as TBS are legally required to cooperate with you when possible under the fair lending act.

The fair lending act appears to be US federal law.  It may be that google is letting me down though, do you have a link to the UK act?

sourcrates

Fair debt collection practice, CONC 7, FCA handbook, fair lending act is for US citizens only.

JCS1

sourcrates said:

Fair debt collection practice, CONC 7, FCA handbook, fair lending act is for US citizens only.

Thank you, explains why I was confused (though it doesn't take much!)

lemondrops69

Is it better to make a token payment of £1 a month till its defaulted or doesnt really matter?

sourcrates

lemondrops69 said:

Is it better to make a token payment of £1 a month till its defaulted or doesnt really matter?

Token payments are pointless, they mean nothing, cost more to process than they are worth, and stop the debt from becoming statute barred.