seriously feeling cornered by Lloyd's tsb

emka_2

Hi again,
I have just telephoned Lloyd's to tell them I am not jumping at their offer and want to think about it. The manager has warned me not to go down the route of dmp and iva's, the latter of which doesn't apply to my circumstance. However, when I last met her and she pushed for me to have a re-mortgage to the sum of £89 000, bumping my mortgage from £47700 and increasing years frrom 7year to 12years.
However, she also offered me a bridging loan from the bank that means she will pay off the 2 Lloyd's loans and the od worth 22000, but what she failed to tell me is the cost of it, basically they add on interest daily and in three months, even though we will not have to pay for it; the cost of this will be a whopping £650 in charges. She has also said if we did not sort this out this fri she could not do this for us, as the bank will regard us as bad debtors, not that they have had much problem getting money from us in the last 26 years of being with them.
She also said she would only take back the charges for the account and do this loan if we extended our mortgage, talk about blackmail.
I have contacted payplan, who will ring me tomorrow; but I am going to stick to my guns, has anyone got any ideas.

Jenna

Hey there emka,

Wow it sounds like she's a real b!tch. Sorry but that is really shocking for a bank manager to act like that!

Sounds like you already know this but don't listen to her ... do your own sums and don't let her bully you into agreeing to anything that you don't want to. I was a bit confused by your explanation of what's happened ... do you have a mortgage and a loan with them, or?? And why are they wanting you to extend your mortgage for another 5 yrs? Bit of background would really help for advice giving ...

Also one thing, do you have another bank account you could use as back up? Just might come in handy if things get nasty is all.

HTH xx

immoral_angeluk

Complain about her behaviour to their head office. That is utterly disgraceful!

Bestthingsinlifearefree

I would not rely on the bank one little bit for neutral advice.

Their job is to lend money. Hence don't be surprised if they suggest the solution for you is to borrow more money.;)

Stick to free advice from the debt charities or MSE.

Good luck !

Leixlip1

Yes ignore her - I had the same from my Lloyds bank manager - all they are interested in is selling you something you don't really need.
I have a repayment arrangement with them and a year on they are still leaving my payments in my account (standing order from my Nationwide a/c) and are not crediting them to my loan - they then write on a regular basis either threatening legal action or calling me a valued customer and offering me a loan! Inept to say the least.
Good luck.

RAS

Hi

Write everything out in detail now, so you have a contemporaneous record. Then write a formal complaint to LTSB head office, with a note that unless they deal with her, you will complain to the OFT etc.

emka_2

Hi,
i have accumulated debt of £40,318 on top of my mortgage. I have 3 loans to try to pay for my mistakes when the bank would not extend the od. Thought I should have learnt my lesson the first time this happened. Stupidly I allowed the same problem to occur 3 times, hence the need for the 3 loans, I have posted an soa a few days ago on here. Also, I owe to two credit card lenders. All of a sudden my bank has become more than stern, declining dd, charging me for returning them and this was only the day before my husbands wages were due in.
This manager is so nice and friendly, making out she is only thinking of us, stating what a good position we are in; when in reality all she wants to due is corner me and fleece me for every penny I have and have not got.
I am trying my best to get out of this problem and hopefully I can sort out a dmp, which I think I would rather do than add more onto my mortgage and add years. When my mortgage is paid in 7 years time i can concentrate on clearing the debt faster. I have already started to work overtime to increase my incomings, but wont benefit from this until next month.

kel123_2

Ras it is no good writing to head office they are the ones that dictate policy? I would agree a formal complaint but add in something like by offerring me (this debt) knowing that I am already struggling to pay now, would only increase my burben of debt further it may be benefical later down the line!

emka once you get over the humiliation of being on a dmp (I was the same) it actually works if you make it work but you have to work at it. Folk on here are good at showing you were to save money and how to cut back. It's taken me 18 months to get the shopping bill down to below £50 per week (for the last 2 weeks) and to be honest we are still eating well and smelling clean lol