Do you have money worries and a loan or credit card with your bank?
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hsbc did it to me last month but i managed to get the money back after a hour and a half shouting and repeating myself to the same person on the end of the phone! i kept asking things like "so when i go into labour and i cant afford to pay for my hospital taxi what do i do? when i need to buy nappies and formula what do i do?" they couldnt answer me so they put it back. i've moved accounts now so they wont be doing it again. i'm on a dmp with the cccs and they did it the day they had a reduced payment offer through. they knew my situation (heavily pregnant with no maternity pay except MA which wasnt coming through for another 3-4 weeks) as i'd also written to them explaining my situation repeating the cccs offer and they got my letter before the cccs's.Mummy to
DS (born March 2009)
DD (born January 2012)
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One of the worst case here is a couple who did not close a joint account before hubbie stated an IVA. The bank are using the off-set rule to draw the full payments for his sole loan from the jopint bank account (effectively taking it outside the IVA) for which she is now fully liable.The person who has not made a mistake, has made nothing0
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I am with Lloyds tsb and they have taken money out on numerous Occasions since August 2008, i had a reduced payment scheme with them on my credit cards but as soon as i was put redundant they stopped the scheme and started dipping in without first consulting me
Yours Thankfully
bodiddley0 -
I used to have a Lloyds TSB credit card, and I bank with them too. When, a couple of years ago, they published some new Terms & Conditions, I actually read them for once. When I saw in the small print their 'setting-off' ability, I immediately cancelled that card. Not that I currently have any current debt problems, thankfully, but that I should potentially be penalised for loyally banking and having credit cards with the same bank was abhorrent to me. Like the rest of you guys, I reserve the right to control where my money goes, and what priorities I will allocate my debt payments to.
There are two points I'd like to make here.
Firstly, I feel that everyone who has been hit by their bank in this way should name and shame them here.
Secondly, the practice of setting-off is actually eroding the reasons why banks do 'free' banking in the first place. They're hoping that customers who have banked satisfactorily with them for years would turn to them first when they want a loan. Now, however, this practice of setting-off [why isn't it called 'stealing'?] will stop these people from borrowing from them.
I think that this is one of the most important principles ever to come from Martin's Money Saving site. Never, ever, borrow from the bank that your current account is with.0 -
They can call in overdrafts at any time too, another reason to have your money paid into another bank if you cant repay your overdraft quickly.“A budget is telling your money where to go instead of wondering where it went.” - Dave Ramsey0
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Now you have me a little worried. I've just changed to Lloyds TSB "Duo" for my credit card, I have been offered what I consider to be quite a high credit limit (over £4k), I have no balance transfer and when this month's payment has been made on my previous card, I will ask for it to be cancelled. (The reason for change is a little odd - my bank sent me a new debit card which was visually exactly identical to my credit card and my eyesight is poor, I didn't want to accidentally use my c/c to withdraw cash at an ATM.)
My question is: I have a joint account with my husband at Lloyds TSB, where we also have loans, which are being paid regularly and our current account is in credit. Would Lloyds TSB be able to "offset backwards" if we were to hit difficulties with our joint current account or loans and take what could hypothetically be an unlimited amount of credit from my credit card to offset against any default or overdraft? (My c/c has a direct debit from an account at a different bank in my name to pay the full amount each month.)
I'd be grateful for comments, for safety I may have to change my c/c again!“And all shall be well. And all shall be well. And all manner of things shall be exceeding well.”
― Julian of Norwich
In other words, Don't Panic!0 -
I had my current account, business account and savings account all with HSBC. Wheneven my business account reached its overdrawn limit HSBC regularly transferred money into it from my other accounts and on one occasion they took the whole of my salary from my current account on the day that it was paid in -this meant that I had no money in that current account and therefore it was subject to bank charges! I have won back those charges :T but the charges levied on my busiiness account meant that I had to cease trading and close the business in 1997.0
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Hi
We entered a dmp with cccs just over a year ago - all running well. We have debts with several banks and so opted for an account with Lloyds TSB to have wages etc paid in.
We do have debts with Halifax though and with their merger I have been trying to find out whether Lloyds could offset our debts against what we owe Halifax.
I had been told that because they have seperate licences from FSA and are keeping their own identities this isn't a possibility, but I must admit that I am worried that one day we will find our LloydsTSB account cleared out.
Can anyone clarify this - as I phoned FSA the other day and they confirmed that they have seperate licenses but wonder, in view of Martins comments, does this also apply to debts or only savings?? Help.0 -
I have ben wondering the same I have a debt with llyods and have a halifax account though will close account soon as i am going bankrupt and just openned a CO OP account to proceed to next step0
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Does this include overdrafts or is just loans, mortgages and credit cards? I've got a student account but also about 3 grand in savings. My student account is about 800 overdrawn at the moment. Thanks for your help!0
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