lloyds loan

littlelucinda · 21 November 2018 at 1:03PM

I'm trying to do the same thing!! Original loan was £24k, £16k remains. I asked for £16k to cover the remainder on the loan plus £2k to settle a credit card, consolidating my debts and saving me over £400pcm. When I last applied, I got the "affordability" conclusion, so I sat in there and argued the issue. Bearing in mind current payments are a crippling £550 every month, and new payment would be circa £250, it would be a huge saving and I wanted to make the most of the option to overpay and get rid of the loan. After a lot of phone calls and finally a manager being called in, I was eventually told the issue was because they couldn't loan me a LESSER amount than my last loan!! They said I'd have to borrow MORE than the original loan, which I didn't want or need, and "affordability" was their general answer. I have gone through a lot of dramas with Lloyds, I ended up with the £24k loan because I had been bullied into having two loans with them and was getting absolutely robbed every month. That was fine, and they did consolidate for me by paying one off and increasing the other, so they can cancel one loan and pay the other. But they wanted me to be roped into more money which I definitely cannot afford, so I'm written off for affordability. I definitely can't apply for a loan elsewhere and then pay Lloyds off, as that really would be an affordability issue - as another poster said there's nothing to say you'd pay one loan off with the other. But, internally, Lloyds should be able to help. So much for their adverts stating "you're not alone", because they certainly don't want to help. Absolutely devastating. Well and truly caught up in the debt spiral and its so humiliating asking for help and being refused for such ridiculous reasons.

Gaz83 · 21 November 2018 at 1:12PM

littlelucinda wrote: »

I'm trying to do the same thing!! Original loan was £24k, £16k remains. I asked for £16k to cover the remainder on the loan plus £2k to settle a credit card, consolidating my debts and saving me over £400pcm. When I last applied, I got the "affordability" conclusion, so I sat in there and argued the issue. Bearing in mind current payments are a crippling £550 every month, and new payment would be circa £250, it would be a huge saving and I wanted to make the most of the option to overpay and get rid of the loan. After a lot of phone calls and finally a manager being called in, I was eventually told the issue was because they couldn't loan me a LESSER amount than my last loan!! They said I'd have to borrow MORE than the original loan, which I didn't want or need, and "affordability" was their general answer. I have gone through a lot of dramas with Lloyds, I ended up with the £24k loan because I had been bullied into having two loans with them and was getting absolutely robbed every month. That was fine, and they did consolidate for me by paying one off and increasing the other, so they can cancel one loan and pay the other. But they wanted me to be roped into more money which I definitely cannot afford, so I'm written off for affordability. I definitely can't apply for a loan elsewhere and then pay Lloyds off, as that really would be an affordability issue - as another poster said there's nothing to say you'd pay one loan off with the other. But, internally, Lloyds should be able to help. So much for their adverts stating "you're not alone", because they certainly don't want to help. Absolutely devastating. Well and truly caught up in the debt spiral and its so humiliating asking for help and being refused for such ridiculous reasons.

Are you currently making the payments each and every month?

littlelucinda · 21 November 2018 at 3:05PM

Gaz83 yes, never missed one! Model customer. With every loan I've ever had with them.

foxy-stoat · 21 November 2018 at 3:13PM

Assuming you repaid the £8000 straightaway and asked to reduce the monthly repayments instead of shortening the term. Happy days.

Gaz83 · 21 November 2018 at 3:36PM

littlelucinda wrote: »

Gaz83 yes, never missed one! Model customer. With every loan I've ever had with them.

So why would they want to refinance?

Banks aren't there to help you. They're there to make money for their stakeholders.

If you're repaying £550 a month, with no issues, it's not in their interest to refinance your loan so that they receive less.

jonesMUFCforever · 21 November 2018 at 6:52PM

Gaz83 wrote: »

So why would they want to refinance?

Banks aren't there to help you. They're there to make money for their stakeholders.

If you're repaying £550 a month, with no issues, it's not in their interest to refinance your loan so that they receive less.

Doesn't quite work that way in the bank world.
A new loan is a new 'sale' even if it crunches old money - go figure!

-taff · 21 November 2018 at 8:34PM

littlelucinda wrote: »

I'm trying to do the same thing!! Original loan was £24k, £16k remains. I asked for £16k to cover the remainder on the loan plus £2k to settle a credit card, consolidating my debts and saving me over £400pcm. When I last applied, I got the "affordability" conclusion, so I sat in there and argued the issue. Bearing in mind current payments are a crippling £550 every month, and new payment would be circa £250, it would be a huge saving and I wanted to make the most of the option to overpay and get rid of the loan. After a lot of phone calls and finally a manager being called in, I was eventually told the issue was because they couldn't loan me a LESSER amount than my last loan!! They said I'd have to borrow MORE than the original loan, which I didn't want or need, and "affordability" was their general answer. I have gone through a lot of dramas with Lloyds, I ended up with the £24k loan because I had been bullied into having two loans with them and was getting absolutely robbed every month. That was fine, and they did consolidate for me by paying one off and increasing the other, so they can cancel one loan and pay the other. But they wanted me to be roped into more money which I definitely cannot afford, so I'm written off for affordability. I definitely can't apply for a loan elsewhere and then pay Lloyds off, as that really would be an affordability issue - as another poster said there's nothing to say you'd pay one loan off with the other. But, internally, Lloyds should be able to help. So much for their adverts stating "you're not alone", because they certainly don't want to help. Absolutely devastating. Well and truly caught up in the debt spiral and its so humiliating asking for help and being refused for such ridiculous reasons.

You truly are caught up in teh debt spiral because you haven't yet learned that consolidating does not work.
You want to borrow your way out of your exisiting loan, and add your credit cards to it, so a consolidation, yes? to aoid paying a 'crippling' 550 a month. Your new idea is that consolidating will 'save you money'.
It won't because if you can't afford to pay what you owe now, all you are doing is borrowing to pay off over a longer period.
And you can forget about getting their headline rate, so your potential loan would be much more interest than you were probably banking on. If you are in debt you are not going to meet the banks criteria for the best rate.
Go to the debt free wannabe board and post your SOA.

Shakin_Steve · 21 November 2018 at 8:35PM

jonesMUFCforever wrote: »

Doesn't quite work that way in the bank world.
A new loan is a new 'sale' even if it crunches old money - go figure!

Yep. The same way some dealerships lose a few bob on new cars by pre registering, only to make more back in bonuses for "selling" the cars.

Edi81 · 22 November 2018 at 9:25AM

Consolidation loans rarely work. But you could try going into the branch and talking to someone.

lloyds loan

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