Lloyds TSB Credit Card debt?

Question

I have debt in UK lloyds tsb. I have to pay £ 500.00. If I do not pay, what will happen?

Will the interest rate will increase?
How long will it happen?
Help me.

Answer 1

The bank will take steps to recover the money either by using a debt collection agency or through the courts. You should contact them immediately and explain why you can't pay and ask for extra time or reduced payments. You could well be blacklisted for this and that could affect your credit rating in the future. Don't delay, it will won't go away if you hide your head in the sand.

Answer 2

Hello,

(ANS) YES! I think what you will find is that if you have debt on a credit card, then the card provider will apply the T&C's of the card you have, (you definitely need to read the small print related to you CC). Normally the interest rate will be changed and a much higher interest rate will kick in on the debt which doesn't help you unfortunately.

**The CC company may well contact you by phone or by letter asking you how your going to resolve the situation. You may depending upon the individual situation be able to re negotiate a new arrangement with them to clear the outstanding amount.

**If you definitely cannot clear the debt due to your situation, the CC company may ultimately pass the debt onto a debt collection company. The debt collection company will hassle you endlessly & put great pressure on you to pay back the debt and their fee too. So you would probably end up paying way way more than £500 of the original amount owing.

**If you need help I would advise you to contact the CCCS (the Consumer Credit Counseling Service) they are a national charity that exists to help people in serious financial difficulties. They do have a website & the contact phone number is on the site too. A quick web search via yahoo or google will find them. They are VERY experienced at helping people for free. Do contact them.

Hope thats useful?

Kind Regards Ivan

Answer 3

Go into the bank & see a personal advisor. Depending on the interest rates they will probably advise putting all of the debt together as 1 loan which should reduce your monthly payment quite a lot. If they can do this for you, keep your credit card for emergencies only, unless you have no willpower, in which case cancel & destroy it! Also run your account without an overdraft, or only £50-100, again to be used for emergencies only. Aim to run your account 99% of the time(100% if you have no o/d facility) in credit & only use a credit card when you know you can pay it all off when the bill comes. Last of all, once you have got sorted out do your best to save enough in a seperate account to cover 3-6 months outgoings. This will be your safety net in case of changes in the future. I wish you well & I'm pleased that you are tackling this before it becomes a serious problem. Good luck!

Answer 4

Lloyds shouldn't be demanding 500 quid you should be able to make a minimum payment on the card.

If you want to clear the lot ask Lloyds for a loan of 500 to clear the credit card debt the interest will be ALOT lower than the interest on the card.

Answer 5

can not help unless i know what you agreed to pay, your income,

but any way, if you do not pay YES interest will be added, you need to get the account froze,

explain to the bank you have problems and can not afford what they want make a offer you can afford , do everything in writing and keep copy's

if you make a reasonable offer and the bank refuses let them put you in court the judge will rule in your favour

i owed them a few grand and lost my income i was meant to pay 190 a month a could not make the payments so opend another account froze the lloyds account and proved my new income with all my incomings and out goings and offered 20 pounds a month, they refused, it went to court the judge said i made a fair offer and told the bank to except it also the intrest that was added in the 4 weeks before the account was froze he ordered it removed

regards x kitti x

Answer 6

get in touch with them , my hubby had a lloyds card and when he was made redundant he rung them and he had to prove his income , they froze the interest and he pays back £ 25 pm on a £2500 debt. they do help if they know you are struggling but if you stick your head in the sand it will just get worse.

Answer 7

contact them and tell them your having difficulty paying, ask them to stop the interest and agree what you can afford to pay back, look at www.consumeractiongroup.co.uk theres alot of infomation on there regarding this stuff and theres a lot of experianced poeple on there offer free advice

Answer 8

If you do not pay, they will keep on adding interest and charges, threaten and eventually default. Speak with them, pay what you can, and try to keep to the payment scheme. You MUST speak to them.

Answer 9

you will get interest charges, they will stop your card and keep charging you every month.

I t will also adversely affect your credit rating