The Student Room Group

Lloyds wants me to pay off debt - once?

Hey Everybody.

This question is only about a 100 GBP however huge fees may be collected once I paid of, and it couldn t come at a worse time.

5 months into debt at Lloyds.

I have gone into overdraught 5 months ago.

It was only 50 GBP.
Since, 44 GBP have been added. I am in Spain now coming back in Juli. Should I wait until Juli and leave the debt as is?
I am rdy to pay the 94 GBP debt now, but not if it will offset new debts.

My account doesnt have an overdraught limit.
(edited 5 years ago)
Reply 1
The rate at which debt occurs is exponential. The sooner you pay it off, the less it's going to cost you overall.
Thanks a lot for your answer.

It went from 50 GBP to 94 GBP i. two months and this covers fees other than the rate.

Do you know anything about the rate? I haven t agreed on an overdraught so there may be more fees than an interest.
(edited 5 years ago)
I agree I should pay off as soon as possible.
Original post by Miguelrecepo
Thanks a lot for your answer.

It went from 50 to 94 in just two months and this covers fees other than the rate.

I haven t agreed on an overdraught so there may be more fees than an interest.
Do you know anything about the rate? I gues that would be no more than 4 GBP as it s below 5 % p. year?
Original post by Miguelrecepo
Do you know anything about the rate? I gues that would be no more than 4 GBP as it s below 5 % p. year?


lloyds have their unarranged overdraft charges on the internet, you should fix it asap or they could default your account and then you're stuck with that record for 6 years.

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