Lloyds Bank Support for customers impacted by coronavirus (COVID-19) - £300 interest-free overdraft for overdraft customers and more
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Lloyds Bank Support for customers impacted by coronavirus (COVID-19) - £300 interest-free overdraft for overdraft customers and more

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Expires on 06/07/2020Posted 30th Mar
If your income has been affected by the disruption from the coronavirus, we have options to help you. These include:


£300 interest-free overdraft from 6th April until 6th July 2020 for overdraft customers.Spend up to £45 on your contactless card. We’ve increased contactless payment limits. No fees for missed payments on credit cards, loans and mortgages. Payment holidays on mortgages and payment holidays on loans with additional support provided when you need it.Emergency access to savings in fixed-term accounts without charge.Deposit limits of up to £500 for mobile banking, so you'll be able to scan and pay in cheques.





If you’re worried about your financial situation because of coronavirus, please contact us.
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Bet Lloyds will make a whole heap of money on this with people struggling to pay it back when the time comes.
28 Comments
How is this a deal? Sounds like it should be in discussions.
Should also be applied to all accounts automatically
MrAlbert30/03/2020 13:07

How is this a deal? Sounds like it should be in discussions.


Ah. It's a deal because of the time limited interest free overdraft.
I got £2350 overdraft, so £300 not make different to me, still have to pay more £100 per month interest
Edited by: "zibby9" 30th Mar
Barclays was better .
One month free on any arranged overdraft with no upper limit.
£300 is meager considering the situation we're in.
Bet Lloyds will make a whole heap of money on this with people struggling to pay it back when the time comes.
eatmorefish30/03/2020 13:27

Bet Lloyds will make a whole heap of money on this with people struggling …Bet Lloyds will make a whole heap of money on this with people struggling to pay it back when the time comes.



Of course, same with people who have frozen their mortgage payments for three months. But it hasn't frozen the interest, the banks will be more in profit.
zibby930/03/2020 13:13

I got £2350 overdraft, so £300 not make different to me, still have to pay …I got £2350 overdraft, so £300 not make different to me, still have to pay more £100 per month interest


You need to look at that, find a way if say moving it to a 0% card if you can via a bank transfer.
eslick30/03/2020 14:13

You need to look at that, find a way if say moving it to a 0% card if you …You need to look at that, find a way if say moving it to a 0% card if you can via a bank transfer.


They not give me any c card
Interestingly Lloyds have reduced the allowed overdraft limits, last month it said I could have up to £2700 OD if I wished, today I just checked and it said £900, luckily i dont need either, but they are sly in reducing what people can borrow.

Lloyd also previously reduced the platinum account benefit of a £300 fee free OD to £50 from April
Edited by: "MrMoonX" 30th Mar
Good.deal
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Maverick_york30/03/2020 16:11

Good.deal



Not everyone thinks the same unfortunatelly. Halifax basically offers the same and that is on the main page this one not even hot...
MrMoonX30/03/2020 15:24

Interestingly Lloyds have reduced the allowed overdraft limits, last month …Interestingly Lloyds have reduced the allowed overdraft limits, last month it said I could have up to £2700 OD if I wished, today I just checked and it said £900, luckily i dont need either, but they are sly in reducing what people can borrow.


Sly or protecting finances and people from borrowing too much in uncertain times?
Edited by: "Myriad" 31st Mar
deleted179353730/03/2020 16:25

Not everyone thinks the same unfortunatelly. Halifax basically offers the …Not everyone thinks the same unfortunatelly. Halifax basically offers the same and that is on the main page this one not even hot...


They are the same bank effectively, part of same group LBG.
zibby930/03/2020 13:13

I got £2350 overdraft, so £300 not make different to me, still have to pay …I got £2350 overdraft, so £300 not make different to me, still have to pay more £100 per month interest

Irresponsible lending if they give you this. An overdraft isn't meant to be a loan. It's for 'just incase'. A loan gets paid off. An overdraft this size will be with you longer than 5 years.
Youd be better off applying for a 2500 loan over 3 years. Youll pay less per month and be paid off.
Overdrafts should be a percentage of your income. Its disgusting how banks work
dribspak31/03/2020 07:28

Irresponsible lending if they give you this. An overdraft isn't meant to …Irresponsible lending if they give you this. An overdraft isn't meant to be a loan. It's for 'just incase'. A loan gets paid off. An overdraft this size will be with you longer than 5 years. Youd be better off applying for a 2500 loan over 3 years. Youll pay less per month and be paid off.Overdrafts should be a percentage of your income. Its disgusting how banks work



problem is people who live off their overdraft are in no position to get a loan. Also yes banks do make a lot of money but the UK is one of the very few countries in the world where personal accounts dont get hit with fees on top of fees - anywhere else - bank transfer - fee - pay a direct debit - fee - keeping the bank account open - monthly fee. You really dont know how lucky we have it without all these.
Shard31/03/2020 08:03

Not even the bad credit, credit …Not even the bad credit, credit cards?https://www.money.co.uk/credit-cards/bad-credit-credit-cards.htm


This cards are low credit limit, for start, I apply few years ago, and give me £300 credit limit, with 29.9%
dribspak31/03/2020 07:28

Irresponsible lending if they give you this. An overdraft isn't meant to …Irresponsible lending if they give you this. An overdraft isn't meant to be a loan. It's for 'just incase'. A loan gets paid off. An overdraft this size will be with you longer than 5 years. Youd be better off applying for a 2500 loan over 3 years. Youll pay less per month and be paid off.Overdrafts should be a percentage of your income. Its disgusting how banks work


Will try this, but if they not give me any C card, don’t think so I will get loan, thanks for idea
deleted179353730/03/2020 16:25

Not everyone thinks the same unfortunatelly. Halifax basically offers the …Not everyone thinks the same unfortunatelly. Halifax basically offers the same and that is on the main page this one not even hot...


Halifax is literally the same offer. I work at Lloyds and it’s all the same group. The Halifax offer mirrors the Lloyds offer.
To those suggesting we will make money as a bank from this, I doubt it.
Lloyds have promised all staff full pay with no caveats. Also theyve cancelled scheduled redundancies to keep staff. They’ve dropped open hours and moved all branch staff to a position where there sole focus is to help financially in need customers. The offer they put out is a generic approach but if people are struggling give the customer support team a call (wait times are horrible right now I understand) but they are given freedom to help customers in many more ways.
dribspak31/03/2020 07:28

Irresponsible lending if they give you this. An overdraft isn't meant to …Irresponsible lending if they give you this. An overdraft isn't meant to be a loan. It's for 'just incase'. A loan gets paid off. An overdraft this size will be with you longer than 5 years. Youd be better off applying for a 2500 loan over 3 years. Youll pay less per month and be paid off.Overdrafts should be a percentage of your income. Its disgusting how banks work


Depends on the scenario in which the overdraft was given. If it’s self certified applied for online it isn’t irresponsible lending. People have to take a certain accountability. If a bank has proactively spoken to a customer and offered them a bigger overdraft, that’s unaffordable, without a need, then it’s irresponsible.
Starling has also pulled an overdraft on an account I have with them but don’t use often, seems banks are pulling overdrafts to stop borrowing
Edited by: "MrMoonX" 31st Mar
zibby931/03/2020 08:11

This cards are low credit limit, for start, I apply few years ago, and …This cards are low credit limit, for start, I apply few years ago, and give me £300 credit limit, with 29.9%


I'd be tempted to phone one and discuss your circumstances
Or, get one anyway and transfer over part of the overdraft. After a year of regular payments (don't miss payments) they'll up your credit limit
Thanks
Shard31/03/2020 09:46

I'd be tempted to phone one and discuss your circumstancesOr, get one …I'd be tempted to phone one and discuss your circumstancesOr, get one anyway and transfer over part of the overdraft. After a year of regular payments (don't miss payments) they'll up your credit limit


Thanks for advice, have to do something, coz don’t want pay them that much money for nothing, stay safe
Myriad31/03/2020 01:55

Sly or protecting finances and people from borrowing too much in uncertain …Sly or protecting finances and people from borrowing too much in uncertain times?


Well I could easily afford to pay back an OD of £2700 with one months pay so it’s defo not affordability
ireallyambob31/03/2020 08:22

Depends on the scenario in which the overdraft was given. If it’s self c …Depends on the scenario in which the overdraft was given. If it’s self certified applied for online it isn’t irresponsible lending. People have to take a certain accountability. If a bank has proactively spoken to a customer and offered them a bigger overdraft, that’s unaffordable, without a need, then it’s irresponsible.

I understand your point and I do think its suits a large percentage of people who use online banking. Lloyd's will allow you to increase your overdraft from your phone app when you're in a bookies and losing your rent, then when you come to pay it back and to clear the overdraft, you're forced to make an appointment and to watch a video about sensible lending. It's purely a tick box exercise and not aimed at its customers.
Some people really struggle with money and some struggle with understanding long term implications of actions and 'live for the now'. I totally agree that there needs to be a level of accountability but to allow individuals to increase an overdraft into the thousands without the money moving through the bank account then its irresponsible of the bank.
Secondly, they should be looking to offer a solution to an amount which generates interest and fees whereby a person cant reduce the balance.
This is now £500 overdraft and up to £2000 cheque deposit
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