Lloyds Overdraft

alamaya

Hi all,

Warning here!

3 weeks ago i got a letter asking me to renew my overdraft verbally or they would take it away. I called and got this renewed for another year.

Today i found my £1500 overdraft has gone, there is no record of my call and they wanted to only give me £700 back. I eventually got them to agree to £1400 but have had to borrow money off my mum and have been told i will incur charges as the overdraft was removed yesterday.


argggg. how can a big company like this looose a phone call transcript.

If even one charge goes onto my account their complaints division is getting a major bashing and i will be moving elsewhere.

ajaxgeezer

You'll have to pay the overdraft off before moving elsewhere, obviously. If your income stops being paid into the account they are likely to end the o/d facility there and then.

MABLE

alamaya wrote: »

Hi all,

Warning here!

3 weeks ago i got a letter asking me to renew my overdraft verbally or they would take it away. I called and got this renewed for another year.

Today i found my £1500 overdraft has gone, there is no record of my call and they wanted to only give me £700 back. I eventually got them to agree to £1400 but have had to borrow money off my mum and have been told i will incur charges as the overdraft was removed yesterday.


argggg. how can a big company like this looose a phone call transcript.

If even one charge goes onto my account their complaints division is getting a major bashing and i will be moving elsewhere.

Very, very strange indeed. I have an overdraft facility with Lloyds for £10,000 but they never contact me and just renew each year without any communication from them.

dunstonh

From my time in Lloyds, all OD facilities have an expiry date. Most get rolled over and you are none the wiser. Those accounts which are not run quite as you would like get flagged up in a certain way and the account manager will assess the risk and make a decision on whether to roll over, reduce or remove. Subject to notice given. Its been a long time since I have done that job and whilst I am sure there is more electronic assistance nowadays I am sure the principles behind the decisions are the same.

You also need to remember that the credit cruch will apply to overdrafts and credit cards as well as mortgages. Maybe they are tightening their criteria all round.