Lloyds banking group closing accounts - cifas?

[Deleted User]

Have they told you that you need to clear the balance in 60 days? 

Lauren01342

Yes otherwise it goes to collections and I can set up an arrangement with them?

kaMelo

Lauren01342 said:

Yes otherwise it goes to collections and I can set up an arrangement with them?

They can't do that. The terms of your credit card are not the same as a current account and laid out are very specific reasons they can close the account, usually because you've breached something.
Whilst there will be something along the lines of a business decision allowing them to close the account, unless you've breached their terms that allow them to do so, if you're carrying a balance they can only close the account to new spending. What they cannot do is change the terms to disadvantage you in paying back a balance you have run up under previous terms. 

Absent of a clear breach of the terms by you, you can just carry on paying off the 0% balance as normal until it's cleared, only at that point can close the account entirely.

Daliah

The Lloyds credit card terms are a bit ambiguous about the repayment but if they have suggested an arrangement with their collection department, and this arrangement is no less favourable than your existing credit card repayment terms, that should be fine.

LaHostessAvecLaMostess

Daliah said:

The Lloyds credit card terms are a bit ambiguous about the repayment but if they have suggested an arrangement with their collection department, and this arrangement is no less favourable than your existing credit card repayment terms, that should be fine.

It's not ambiguous at all.  All they're saying with point 2 is that you have to repay the full balance, giving notice to close by either party doesn't mean the debt is wiped.

However collections need to abide by the original T&C's, that's right. So if the OP has 0% until whatever date they do need to keep to this, and collections can't demand more than the minimum contractual repayment so that's a bit of a red-herring too.

Daliah

Of course the debt won’t be wiped . Nobody suggested that it would be. The question is over when the repayment is due. 

LaHostessAvecLaMostess

Daliah said:

Of course the debt won’t be wiped . Nobody suggested that it would be. The question is over when the repayment is due. 

But you highlighted the part where it says "1. you will not be able to make any transactions and must destroy the cards, cancel any recurring or future-dated transaction instructions and repay your full balance 2. the agreement will continue until you have repaid all amounts you owe us."

And then you say the repayment terms are "a bit ambiguous."  So, since I'm an idiot, please point out where the ambiguity is in any of that.

Ergates

LaHostessAvecLaMostess said:

Daliah said:

Of course the debt won’t be wiped . Nobody suggested that it would be. The question is over when the repayment is due. 

But you highlighted the part where it says "1. you will not be able to make any transactions and must destroy the cards, cancel any recurring or future-dated transaction instructions and repay your full balance 2. the agreement will continue until you have repaid all amounts you owe us."

And then you say the repayment terms are "a bit ambiguous."  So, since I'm an idiot, please point out where the ambiguity is in any of that.

"repay your full balance" could be interpreted as meaning "repay your full balance immediately" given that is it stated in the same sentence as actions you *do* have to do right away ("destroy the cards, cancel any recurring or future-dated transaction instructions").  It is poorly worded.

pokora

If your work environment allow you to carry it, I would suggest you get this:



as a complement of the new bank you need to find.

[Deleted User]

Lauren01342 said:

Hi everyone,

first post here and I know similar has been posted before but could not find the final outcome.

long sorry cut it short, I received a text message saying my accounts will be closed in 60 days. When I rang up they said for ordering too many replacement cards (I have but nothing too extreme). Anyway, I wondered would like be reported to cifas? The lady on the phone said she would highlight concerns to other banks.
I have requested a SAR for CIFAS and is currently blank.

my questions are:
1. if a Cifas marker was added when will it show?
2. How would banks highlight concerns to other banks?

Thank you 

CIFAS markers are just not put on there for nothing and it's quite rare that a financial provider these days would just decide to "put one on there" out of the blue because something looked dodgy, there has to be a burden of proof. 

Previously it was the opposite and financial providers where applying them willy nilly without following correct procedures, that practice has now ended and CIFAS members are now only allowed to load information on there when A a provable criminal offence has been committed and B where it can be deemed reasonably certain the first party has been involved. 

For example Barclay's had loaded information about me onto N Hunter a few years ago suggesting that I attempted to open a bank account with a false identity document with a false address simply because I used a driving license with a previous address that I lived at to show as ID in the branch, this was obviously wrong as the document itself was not false, and nor was the address itself, the marker was eventually removed by N Hunter as Barclays themselves refused to do so, however it did not result in a cifas marker as Barclays clearly did not have any evidence to suggest that identity document I provided was in fact "false" and therefore the evidential standard for applying a CIFAS marker was not met.