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Loan with lloyds tsb-need help

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Hi i have a loan with lloyds tsb and having a little trouble finding the money every month for the repayments,im going towrite them a letter to see if i can reduce the payments each month, i know it w… Read More
strobez1977 Avatar
8y, 2m agoPosted 8 years, 2 months ago
Hi i have a loan with lloyds tsb and having a little trouble finding the money every month for the repayments,im going towrite them a letter to see if i can reduce the payments each month, i know it will be over a longer period of time and understand that.

has anyone on the forum done this?

also what address would i send a letter like this too?


thanks
strobez1977 Avatar
8y, 2m agoPosted 8 years, 2 months ago
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#1
just go into the branch,they will be able to rearrange in there
#2
no do NOT go to the branch. they will be able to do almost zero there.

do as you suggest. say what you can afford in a letter, the unit will figure out how much that extends the term of the loan. As long as it turns out to be sensible, they are 95% likely to agree & reschedule yr payments.
#3
gerrygedder
no do NOT go to the branch. they will be able to do almost zero there.

do as you suggest. say what you can afford in a letter, the unit will figure out how much that extends the term of the loan. As long as it turns out to be sensible, they are 95% likely to agree & reschedule yr payments.


perfect advice to screw your credit rating for 6 years.

Go to the branch first,it can do no harm,they may arrange a new loan over a longer period that pays the old one off.

Letters take weeks to be processed,bad move,IMO
#4
More than likely the first thing they will offer to do , is to reduce your monthly payments for only the next 6 months, so stress in your letter that you dont see your present cicrcumstances changing in the near future and you want something more long term..
banned#5
easiest way is to re-finance your loan

get a settlement figure from Lloyds, then search for a loan for that amount over a term that suits what you can afford.
#6
boothy
perfect advice to screw your credit rating for 6 years.

Go to the branch first,it can do no harm,they may arrange a new loan over a longer period that pays the old one off.

Letters take weeks to be processed,bad move,IMO


I worked for a bank, the best thing to do is resturcture your loan into a new one.If your having financial difficulty at the moment you could even see if they will give u a little extra to get you through ... but dont take extra if you dont want it.

If u have a good credit rating and thinkn u would be accepted for a loan elsewhere you could even look outside of tsb to find a cheaper rate for a loan - apply for it - and if accepted youd clear off the tsb loan and youd be starting a fresh loan paying what youve aggreed to pay back.
You may find interest rates have went down since u took out ur tsb loan so youd be saving money right away
#7
Also something to think abot if u do have any other outstanding debts ie credit/store cards the interest rates may be higher than what ud be paying on a loan so you could restructure those also into your 'NEW' loan so that your making ONE mayment every month rather than serveral which u may find easier to manage
#8
thanks for the help,dont want to apply for a new loan as ive not long had this loan,think i will type out a letter sayng can i reduce payments untill im in a better position money wise
#9
Id contact them directly at the branch or phone them direct as mentioned above it might take time to process and deal with ur letter - the only person who'd suffer form that would be yourself since u want to the the payments reduced for your benefit. If u dont fancy talking to someone them try email it as you may get a quicker response.
#10
strobez1977
thanks for the help,dont want to apply for a new loan as ive not long had this loan,think i will type out a letter sayng can i reduce payments untill im in a better position money wise


ok,good luck,everyone has advised you differently however
#11
i cant find a address to write my letter too,anyone know of there address which handles personal loans

thanks
#12
I agree give them a call tell them your situation and see what they say i would think paying off your loan and getting another over a longer period would be best bet. However you should not be getting a loan in the first place if you cant afford it thats the trouble with people today nobody sves every:oops:body wants credit thats how their is a credit crunch!!
#13
tinkerbell28
That's actually very sensible, as re-financing, and more re-financing after all is how we as a country are all in this mess, borrowing more debt to shovel us out of even more.
Bank workers will try and flog you a loan it's their job and that's what they are paid for.
Lloyds won't refinance that easily if it's a new loan and you are already struggling, if you have too much debt you won't stand a chance with another lender and your own bank is usually the most reliable as they know your income etc and habits.
All the best it will affect your credit rating, but if you have so much that your struggling, what's a bad CF for a few years, as I presume you won't be taking anymore!!!!


You can re finance in a way that ur saving you money though.,.as in re structuring your debts... if u take a new loan you dont need to take extra money. This guy didnt say he had other debts anyway it might just be the one loan but he wants to reduce the payments.... either way restructuring your loan can help as you may resturcture onto a better interest rate. Another company would be happy to take you on board to move your debts over to them even if your not taking extra money.... as it means the interest gets paid into their pocket rather than another company so it can benefit yourself and the new lender.
#14
tinkerbell28
Hmmmmmmm I would not refinance it as it's a longer commitment, it's a loan only a few months old and op cannot pay it, maybe having looked at it a few months ago the loan should not of been taken.
I am actually quite shocked at the responses on this thread and it's a good indicator of how attitudes need to change in this country, save not borrow, everyone on this thread has said re-finance when op ALREADY can't manage.
Credit, refinancing maxing yourself out with debt is not the answer and people need to learn that after the boom credit years and the current crisis now.
I think the op has made a brave but sensible decision.


No ones saying he should take more money.... he cuold if he wanted to but he doesnt... advice given is to move it or take a new loan for the same amount over a longer period to make it more manageable... when he gets onto his feet he can maybe start to pay voulantary payments to it and pay it off before the end of its term.
Of course save - dont borrow - but not everyone has free cash to save, so if uve no spare cash to save then you simply cant. Budget, dont borrow would be better - dont buy what u cant afford.... sometimes things happen though and a loan is needed to overcome financial difficulty... you dont knnow what the reason for taking this loan was.... not everyone takes loans to buy luxuries or new cars etc -
If op cannot manage payments, the letter that he is about to send will highlight this to the bank and they may advise him to restructure a new loan anyway, it depends on previous credit histry etc as to wether they will allow him to make smaller payments without charge....depending on his credit also he may not be allowed to resturcture a new loan, everyones personal circumstance is dif.
#15
Yes your totally right this country is in this state due to banks wreckless and selfish lending, its Capitalisim at its worst.... the op hasnt come to me directly btw to ask for my advice lol i just offered it and its up to him who he decides to take advice from.... Im not getting commision by offering advice that he can restructure his debts lol - I actually worked with people who have debts and worked with them to arrange more comfortable payments and and terms and work out a solution out of debt. Sometimes people sit surrounded by debt which is all over the place paying interest rates through the roof they get out of control, u loose track of what u pay, when promotional rates run out etc etc etc.... banks should NOT lend to people who are struggling and cannot pay back what they currently owe however u can restucture debts and actually help the individulal which may or may not benefit the bank but believe it or not - not all banks work like RBS or Halifax... I worked for First Direct who are very strict on whom they lend to, what they lend out and ensure any money they do lend out can be affordably paid back and is not putting the individual in further financial crisis.
#16
Banks are supposidly meant to be not giving money out to anyone who requests it since the credit crunch but they still are... my little brother who is 19 applied for a normal current account, he was unemployed and went into the branch to open this account and wanted nothing else.... he walked out with an ISA savings account (he had no job therefore no money to save) a credit card application and a switch card,,,,,,,,,,,,,,,,,,,,,,to me thats just setting him up for debt, its terrible

I personally cannot stand it when I walk into my local bank for a simple transaction such as paying in money into an account and they ask me if i have a credit card out of the blue or when they try to 'fish' for information to try see if im in debt and can offer me a loan... thats not the way it should be done... they can see from my accounts what transactions go in and out, if i had debts theyd see payments to them etc... if i wanted a loan i would approach them for one .... its rediculous - however for people in debt and struggling dont be scared of taking or changing an existing loan - it can benefit you, its not always a negative thing if it means theres light at the end of the tunnel but only take it if the terms suit u and u know ur getting the best rates etc
#17
Just to proove im not a bias selfish ex bank worker lol - ive found these contact details for you:

Address - Lloyds TSB Bank plc, BX1 1LT
Telephone - 0845 3 000 000, open 24/7.

And for advice from Lloyds Tsb have a read through their back on track advice:

http://www.lloydstsb.com/media/lloydstsb2004/pdfs/m52459_0307_back_on_track.pdf

Carol x
#18
carol123
Just to proove im not a bias selfish ex bank worker lol - ive found these contact details for you:

Address - Lloyds TSB Bank plc, BX1 1LT
Telephone - 0845 3 000 000, open 24/7.

And for advice from Lloyds Tsb have a read through their back on track advice:

http://www.lloydstsb.com/media/lloydstsb2004/pdfs/m52459_0307_back_on_track.pdf

Carol x


thanks carol been a great help!!
#19
When u apply for a loan online with lloyds tsb do u they send documents to your adress or to your email

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