When you applied for your Lloyds TSB loan, you had to specify a loan repayment date. If for whatever reason you now find yourself in a position where you cannot repay your loan on time, you have a couple of options to consider.
Firstly you should contact Lloyds TSB and clearly explain why you are not able to pay back your loan on time. Lloyds TSB will expect you to tell them when you will be able to pay back your loan.
You will need to reassure Lloyds TSB that you are going to do everything you can to pay back your loan as quickly as possible. Lloyds TSB may offer you the option to repay your loan in a number of smaller payment instalments that are more in line with your current affordability and circumstances. Lloyds TSB will likely ask you to provide income and expenditure information to ascertain what payment instalment you can afford to commit to.
If you are unable to repay your Lloyds TSB loan on time because of a serious change in your financial circumstances, for example losing your job, you will probably need to get assistance from a specialist Debt Help Organisation. Remember, lenders will try to accommodate you up to a point, but they will only accept a relatively small variation from your initial credit agreement.
A good Debt Help Organisation may be able to have a significant amount of your debt written off, freeze interest payments and stop the lender from harassing you.
Have you suffered a serious change in your financial circumstances?
If you have been unfortunate enough to have suffered a serious change in your financial circumstances, it is highly unlikely that you will be able to afford a payment plan, that is in any way close to the terms of your initial credit agreement and therefore you will probably not be able to come to an arrangement with Lloyds TSB.
To make things even worse, in this type of situation, your payday loan is probably not the only financial commitment (debt) that you are unable to pay on time. This is when things become very stressful and it is not an enjoyable position to be in. However, you are not alone, many people have found themselves in this position and managed to get things sorted out by getting the correct help and advice.
Do not be tempted to apply for more loans
Do not be tempted to get another payday loan. This is definitely not the time to obtain another short term loan. You need to focus on getting back on your feet which in most cases requires some financial breathing space.
As already mentioned, lenders will try to accommodate you up to a point, but ultimately they want their money to be paid back, so they will apply pressure on you to repay your loan quickly.
If your debts and other financial obligations are mounting up you should urgently get assistance from a specialist Debt Help Organisation. They help people like you every day. They will contact your creditors (the companies you owe money to) on your behalf and they will negotiate a payment plan that is in line with your current affordability. They are often able to negotiate a reduction in the amount that you owe. In some cases people have had up to 80% of their debt written off.
iDebtPlan is one of the most popular Debt Help Organisations in the UK. They will help you combine your debts into one affordable payment at a frequency to suit you. They also have good success with having debt written off.
If you have missed your payment date Lloyds TSB will try to contact you. Many people choose to ignore the attempts by their lender to contact them once they have defaulted. This is not a good idea. If Lloyds TSB feels you are trying to avoid repaying your loan, they will most likely proceed with legal action much faster than if you were open, honest and communicated with them.
Remember that your debt will not disappear just because you ignore your lender’s attempts to communicate with you. The amount you owe will increase due to interest, service fees and late payment penalties.
In summary, you have two options. (1) Communicate with Lloyds TSB, explain your problem and how you are plan to deal with it. (2) If you are really struggling, then get in contact with a specialist Debt Help Organisation like iDebtPlan and let them help you manage your debts.
Ultimately the action you decide to take will depend on your specific circumstances. If in doubt, get professional debt help, but don’t delay, act now!
Reach out to us
Phone: 0845 508 8846
Monday to Friday: 8am to 5pm
Saturday to Sunday: Closed
2 Queen Caroline Street,
W6 9DX, England
We do not provide financial advice. Each persons situation is unique and you should obtain professional advice before taking action