Received a phonecall from LLoyds

Nina.thomas

Lloydstsb have just phoned. Apparantly my account manager has noticed that there is a way that we could save money on the interest on our Credit Card!!! I've made an appointment for Thursday. Has this happened to anyone else???

Nina

wearside_2

Never happened to me or anyone I know Seems strange for them to phone. I guess you have checked the call was genuine and not something to get you away from your house?:eek:

YorkshireBoy

They'll be wanting to sell you a loan, that's all.

tinkerbell84

My immediate reaction was 'swap the CC for a loan, madam' too!

benf90

As you say 'account manager' I presume you're a private banking customer and not just a regular personal banking customer?

If you're just a regular customer like the many millions of us then it could just be marketing talk, using the term 'account manager' to give the impression that its something important/worthwhile to consider.

Is your existing credit card with Lloyds TSB? Credit card companies do lower interest rates for 'good' customers but this type of thing is usually just done automatically and they send out a letter.

If they've got you to go to a meeting just be careful they're not trying to meet a monthly target of some sort like signing up X amount of customers to a new/different credit card. Or it could be them trying to cross sell or up sell new products, giving you a lower interest rate if you take out some other product etc, perhaps a loan?

Whatever it is, makes sure it is definately beneficial to you before you agree/sign anything.

Nina.thomas

Thank you for all the quick responses to what was my first post!! If I could swap it to a loan would that be bad? The debt is about £7000 (mostly my hubbies gambling debts - now getting help) and we only make minimum payments. We've tried applying to swap to other cards but get refused, so therefore would a loan be better or worse?

Nina

tinkerbell84

A loan MIGHT be better, but only if you destroy the credit card.

Nina.thomas

No problem did that ages ago!!!

YorkshireBoy

Are hubby's 'problems' behind him now?

Are you still using the card?

What's the APR on the card?

Nina.thomas

Gambling came to light when we moved in October. Suddenly we had a lot less money left than we should've. We used what we could to get rid of the Capital One Card and it's astronomical APR, :eek: . We don't have the Lloyds card any more it got chopped into little pieces. And bar the Grand National which the whole family had a bet on, hubby has been 'clean' since Jan.:j :T so the Lloyds card has just been rumbling on with the min monthly payment. Needless to say at this rate (15.9) it's probably going to take 40years to pay it off. So would a loan be bad? We can afford the minimum just, (£137) would a loan be slightly cheaper? and obviously it would be paid off a hell of a lot quicker.

Nina

p1an0player

Have you considered transferring the balance to a different credit card with a promotion
eg 0% on a limited period or a 6.9% for the lifetime of the balance