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  • FIRST POST
    • warrensean
    • By warrensean 9th Jul 18, 10:55 AM
    • 2Posts
    • 0Thanks
    warrensean
    Advice needed on Lloyds current account
    • #1
    • 9th Jul 18, 10:55 AM
    Advice needed on Lloyds current account 9th Jul 18 at 10:55 AM
    I have had a planned overdraft of 1500 set up for a few years now and i've not been able to get myself in the green since.

    Lloyds started charging daily overdraft fees when I was away travelling so I had no time to plan for it, when I arrived back I had no job but have recently found my way back into work now. The only issue is I start University in October for 3 years so will have limited funds again (not enough to pay an overdraft off).

    I spoke to Lloyds previously and had my account put on a 30 day hold to give me some breathing space and to find a way to pay the overdraft off but I couldn't get a 0% credit card or loans due to my recent bad credit score rating.
    I have spoken to Lloyds again and they can only offer me 1 last 30 day hold option, or to pay it off monthly within a year (which isn't possible as i'll be starting University in October) or it will go to the debt collectors if not paid in full by then.

    I have asked about changing my current account to a student one but the advisors didn't seem to be very clear or knowledgable in that department. She did mention that because my accounts in arrears that the branch would just send me through to customer support again? I'm at the end of my tether and really just need to good advice on what to do next. I feel my only option might be to let my account go to the debt collectors..

    Any advice would be great! Thank you
Page 1
    • martinlewisjunior
    • By martinlewisjunior 9th Jul 18, 11:00 AM
    • 88 Posts
    • 13 Thanks
    martinlewisjunior
    • #2
    • 9th Jul 18, 11:00 AM
    • #2
    • 9th Jul 18, 11:00 AM
    I'm not sure of your circumstances, but is there any way you can cut back on what you spend and try budget to pay off your overdraft? I believe the debt forums would also be best to help you with this.
    • Dobbibill
    • By Dobbibill 9th Jul 18, 11:43 AM
    • 3,398 Posts
    • 4,383 Thanks
    Dobbibill
    • #3
    • 9th Jul 18, 11:43 AM
    • #3
    • 9th Jul 18, 11:43 AM
    Have you completed a SOA?
    It is possible to pay the overdraft back bit by bit if you are working. You don't say that they have said they are removing the facility, just that you can't pay it all back in one go.

    With the new structure, you only pay the amount you use at the end of that day. If you use it as a bills account then while the bills money is in there the charges will be less. (arrange your bills to come out at the end of the month instead of the beginning).

    Do you plan on working PT while you are at Uni?
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
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    It's not about being the best -
    It's about being better than you were yesterday.
    • xylophone
    • By xylophone 9th Jul 18, 12:51 PM
    • 27,370 Posts
    • 16,371 Thanks
    xylophone
    • #4
    • 9th Jul 18, 12:51 PM
    • #4
    • 9th Jul 18, 12:51 PM
    Can you obtain extra work between now and October to enable you to repay the overdraft?
    • kidmugsy
    • By kidmugsy 9th Jul 18, 12:56 PM
    • 12,084 Posts
    • 8,531 Thanks
    kidmugsy
    • #5
    • 9th Jul 18, 12:56 PM
    • #5
    • 9th Jul 18, 12:56 PM
    Put off going to university for a year and then work two or three jobs until the blasted overdraft is knocked off and you have accumulated a decent emergency cash fund for the future.
    Free the dunston one next time too.
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