CAB - Lloyds help.

tinky_2

Hi, hubby and I are trying to tackle our debt situation. We currently have an overdraft with Lloyds TSB which is running at £1,000, (half of which is made up of charges) as well as a consolidated loan (which was taken out on Lloyds advice). We have completed a statement of account with the CAB and they have advised us to write to Lloyds,making an offer of a payment of £1.00 per month towards the overdraft. I am just in the process of writing the letter confirming that we intend to continue to pay the full monthly amount of the Loan repayment plus £10 towards the overdraft.

What are the chances they will accept this and what is the worst that they can do?

SarahNeedle1872

Can't answer ur question, but have u considered opening a non-Lloyds (or any other bannk u may owe money to) acc, even just a basic one, and moving ur DDs and getting ur wages paid into there..... that way ur wages don't get eaten up by the charges each month!

HTH

Sarah

tinky_2

Hi, thanks. we have already done that and are now just trying to work out the best way to get things straight. lloyds have refused to up our overdraft limit and so we are being charged loads.

rayday2

I successfully converted a lloyds overdraft into my DMP.

It took the longest out of all my creditors. My big tip would be never ring them only write as they make so many mistakes.

In the end I wrote a letter of formal complaint, I listed the letters I had sent, the payments I had sent (send the £1 even if they don't accept it!), and against all that I listed the charges they had put on the account.

In the end they refunded the charges, sent me a case of wine and accepted my payments for a 12 month period. My overdraft was just over the £1000 and it was £1.65 they accepted and sent a payment book out for.

Not sure if this helps any.