Llyolds Bank causing financial Hardship

[Ola4]

Hi
My problem is complicated. Can anyone help me.

In the year 2000, I was a completely naive, gullible and inexperienced 21 year old student. However this does not give Lloyds Bank the right to exploit, coerce and put me under duress in order to keep me in thousands of pounds of debt!
In January 2000, I took out a first Loan of £5000 pounds from Lloyds bank. The Total amount I had to pay back was £5.721.80 because they added mis-sold PPI. The monthly repayment on this Loan agreement was £195.57. In October 2000, I took Out a second Loan of £3,500 from Lloyds bank. As I was in communication with the Lloyds bank staff at that time, he stated that they would consolidate the outstanding balance of the first loan with the second loan. I agreed to the loans being consolidated into one. They calculated the total loan by, £4,500 + £3,500 + £1,917.76 (miss-sold PPI)= £9,917.76. The monthly repayment for this loan was £235.31. As this figure £235.31 was clearly stated on the second Loan Agreement I signed, I had no reason to believe that Lloyds bank would take additional unauthorised monthly payments
However, I was unaware that from November 2000 to January 2002, they were taking monthly payments of £195.57 for a loan that did not exist, as well as, monthly payments of £235.31 for the second loan. I was very stupid for not thoroughly checking my current account statements. I only discovered these unauthorised payments as a result of receiving many unlawful overdraft charge letters. This fact forced me to study my account statements. I alerted Lloyds bank of their mistake. I was in financial difficulties and mentally distressed. I thought they would help me not knowing they would lead me into financial ruin. Despite taking over six thousand pounds from me, Lloyds coerced me into signing a third Loan Agreement which totalled £11,775.68. They still continued to apply unlawful overdraft charges as well. No matter how much overtime I worked, I did not put a dent into the debts. I had little to live on as my financial problems spiralled out of control and my mental health deteriorated to the point I had a mental breakdown in 2006. They even try to coerce me into signing a fourth Loan Agreement, which totalled £12,289.48.
To summarise the current state of things, in October 2014 after many years of mental health treatment, I finally had the strength to challenge Lloyds bank with my evidence. In December 2015, they offered to repay me £2,953.69. I did not accept this, because Lloyds caused me extreme mental distress and huge financial hardship by applying thousands of pounds of unlawful charges.
If I could take Lloyds to court, I would defiantly do it. I would appreciate any advice!


Hopefully yours.

[Amethyst]

Re: Llyolds Bank causing financial Hardship

Hi and Welcome to LB.

In December 2015, they offered to repay me £2,953.69. I did not accept this, because Lloyds caused me extreme mental distress and huge financial hardship by applying thousands of pounds of unlawful charges.

Well done for getting to that stage - was that by complaining directly to Lloyds yourself only, or have you been through the Financial Ombudsman ?

The first loan of £5000 plus £721.80 PPI - do you know how long you were originally going to be repaying the loan over ? ( 3 years ? ) (£195.57 a month would be 25 months before you add any interest)

Did you reclaim PPI as missold ? or just make the complaint about the consolidation/irresponsible lending/unfair charges etc ?

Also - have you sent a Subject access request for ALL the information that Lloyds hold about you - and requested copies of all the credit agreements ? If not I think that would be a wise move to help work out exactly what has happened and whether their offer is fair or not ( it sounds like they have offered about 14 months of the extra payment they shouldn't have taken?)

Sorry for a few questions there - just will help us work out where you stand and what you can do next.

Sharon
xx

[NWHC]

Re: Llyolds Bank causing financial Hardship

A quick calculation in my head suggests that all they are offering to repay is the 15 months where they took out the 195 extra , no interest added, no fees deducted , no compensation.

If that is the case you were right in my opinion to reject it

[leclerc]

Re: Llyolds Bank causing financial Hardship

I think that figure does sound a little low imho. For a loan that was consolidated and consolidated then I'd like to see the paperwork for these and the reasons given for the loan as well. I think the amount offered is for PPI which is what sounds a little low.

Am not sure that you can make a direct causation to financial issues and mental health ie that the financial problems directly lead to the breakdown. It would be almost impossible to prove. You can prove the mistake but I'd like to know the wording that Lloyds have used. Are they merely looking at an error or on PPI misselling.

[Ola4]

Re: Llyolds Bank causing financial Hardship

Thank you very much for looking at my post.
Please feel free to ask me any questions regarding my case.
A brief background story. I made a huge mistake in taking out the Loans for a family member that I trusted. I was a student working part time in Harrods and I received student Loans. The large amount of money I lost to Lloyds included roughly £3,500 of my student loan.

1) The repayment period for the first Loan is 5 years
2) I made a complaint for PPI as well and I received a payment I accepted
3) Lloyds bank originally offered me £2,703.69. I reported my case to the financial Ombudsman. The outcome of the investigation was Lloyds should pay £2,953.69, which I was not happy with.
4) I managed to keep all my Loan Agreements form and most important Bank statements. As a result of complaining about how I felt the third Loan Agreement repayment total should have been around £3,500 instead of £11,775.68 and evidence of unlawful charges, Lloyds bank did admit their were mistakes made.
My personal opinion is, these acts were deliberate to keep me in debt. What lead me to this conclusion is that when I recently studied my statements I discovered that, when I took out the first Loan In January 2000 , the first Loan repayment was taken out a month after the Loan withdrawal as stated on the Loan Agreement. However in October 2000, Lloyds bank took repayment of the second Loan a few days before I even withdrew the Loan. My question is, why did they do it, when the Loan Agreement they created, stated, first repayments is a month after withdrawal
Thank you once again
Ola4