Lloyds TSB Finally Accept My Financial Situation And Agree To Freeze Interest And Charges
I received a letter from Lloyds TSB today acknowledging my difficult financial situation – I’m not earning enough money to pay my debts at the minimum payment level – and accepting that it might be useful if they could freeze interest and charges.
It’s only been 18 months of me not paying the full amount. I did have a six month spell where I paid just 1% of the balance each month, but even this is a full 1.5% less than the minimum payment should have been, and even then they didn’t freeze interest and charges, they simply charged a reduced figure for interest.
So all this time, they have been pilling on the interest and charges until now, when they have finally taken their heads out of the sand and realised that I can’t afford my debts.
The letter states that they will pass the debt over to their Consumer Debt Recovery service, who will deal with it from now on. I’m guessing that within three months or so the consumer debt recovery dept will accept a full and final settlement on the debt, so I will keep this updated with what level of discount I get on the FFS.