lloyds Set-Off Question

bootneckshuffle

Thanks man, this of course makes much more sense to me and seems a lot fairer and understandably legal.

I do not have any joint debts, all debts are in my name only, none of the debts in question are linked in anyway shape or form to our joint account.

I've scoured the Lloyds terms and the MBNA terms and I can't see anything in either that says the bank would transfer monies from anything in my name.

I've opened another account already at another high street bank.

sourcrates

bootneckshuffle said:

I've opened another account already at another high street bank.

That is probably your best course of action, as although the guidance says they can`t do it, it doesn't mean they won`t do it and argue about it later.

You would then have to go though a long complaints process to get the money back, which if it involved the FOS can take up to a year, it make`s so much more sense to just open an new account and remove the threat entirely.

bootneckshuffle

Agreed.

Just read Section L of the terms posted earlier on this thread.

It does say that they can dip into accounts where "reasonable."

I wonder if that would only be done if the debtor wasn't entered into the likes of a DMP?

Anyway, regardless of the fact, you're absolutely right about not taking the chance when it could be easily avoided, saves a lot of potential stress and heartache.

EssexHebridean

Yes - the path of least resistance is usually the one that removes any possibility of something that could subsequently cause you hassle! 

bootneckshuffle

Agreed and thanks for everything, its a great help.