Banks cancelling overdrafts

Lokolo

*MF* wrote: »

It's good that we all have our own opinions, but sometimes knowing when, or when not to express them is even better.

Mind you, maybe you are right and I am wrong - maybe offering judgements on someone you do not know is acceptable, to me it is not - but hey, my problem might just be I live in Scotland :A


*EDIT*

PS: Just for the record (although I subsequently deleted the post) it was me who asked via an e-mail for the posts to be moved, and MSE Andrea (I think) who carried it all out. So maybe I am not all bad, huh?

Haha never said you were bad. I agree that we all have our own opinions on things and if you want to blame anyone, blame my mother as its her who I got my 'expressing my opinions' gene from I know I can't shut my mouth sometimes, I don't mean to offend anyone. But thats the reason I never venture into DFW board as I think my brain would explode lol.

Justamum

Lokolo wrote: »

... well its a pretty well known expression. We've told you where you can cut back but its upto you to make it work. You obviously don't want to try and cut back. Your loss. Keep complaining. When it really comes to it you will regret not making the right decision. Just as many of those who are in debt choose not to.

Excuse me? How patronising. You're a student? The arrogance of youth never ceases to amaze me!!!

"We've told you where you can cut back". You obviously haven't read any of my posts.

Lokolo

Justamum wrote: »

Excuse me? How patronising. You're a student? The arrogance of youth never ceases to amaze me!!!

"We've told you where you can cut back". You obviously haven't read any of my posts.

Because I am a student I am wrong in what I say? I don't know how much you spend every week but a lot of the people on this board could cut back. The ignorance of people in debt amazes me to be honest.

Each to their own I guess...

OrkneyStar

Lokolo wrote: »

Yes and I also doubt a family of 5 would have both parents on minimum wage.

Why not ?
TBH they may even only have one parent on min wage and other caring for children, so even with tax credits, will potentially have a very low income.
I am not saying this is an excuse, as I said before, you can save even a small amount and it helps.

Justamum

Lokolo wrote: »

Because I am a student I am wrong in what I say? I don't know how much you spend every week but a lot of the people on this board could cut back. The ignorance of people in debt amazes me to be honest.

Each to their own I guess...

You have a lot to learn in life. I'm sure I also knew everything when I was young.

You are assuming that all the people on this board who are struggling are ignorant. You are assuming that people on this board who are struggling haven't already cut back as far as it is possible.

I'd love to be single again - it's far, far, cheaper to live. Having been single, and now being married with children I have experience of both situations. I assume that you haven't.

tiff

Justamum wrote: »

I had a quick look at this yesterday, but will have a better read later. However I did notice that someone had posted "£1 a day each for food"! Realistic (not!). Blah, blah, Aldi, blah, blah, Lidl, blah, blah, Netto, blah, blah, value range. I do the value range - unfortunately other than that we have only Tesco, a local supermarket whose prices are the same as Tesco, or the Co-op, and I'd have to be desperate to go in there as their prices as astronomical. I don't believe anybody can eat healthily on £1 a day - 'something on toast' is not what I'd class as a meal.

I agree with everything else you've said, but I have to disagree with this. I dont live on £1 a day but I do believe it is possible and in some cases needs must. If you have £x to spend on food, then you have to learn how to do it within your budget. It might not be ideal, but it is possible.

Justamum

tiff wrote: »

I agree with everything else you've said, but I have to disagree with this. I dont live on £1 a day but I do believe it is possible and in some cases needs must. If you have £x to spend on food, then you have to learn how to do it within your budget. It might not be ideal, but it is possible.

I do have a tight food budget, or as tight as it's possible to get. Maybe it's because we don't have the budget supermarkets, or decent 'whoopsies' - our supermarket seems to think they are doing you a favour if they chop 10p off something which is out of date - but I honestly don't see how anybody can eat healthily on £1 a day. We do without other stuff like clothes, outings, holidays etc because we have food down as low as I can get it.

olly300

Turkey_Machine wrote: »

Banks have a duty to lend responsibly, and those who have easily gained overdrafts and use them regularly (including myself and many others here) may well find themselves in trouble with them on the clause that the bank can remove it at any time. However, I believe (correct me by all means if I'm wrong) the banks cannot (by law?) then put their client in more trouble by completely removing a 3 or 4-figure overdraft and then adding charges because they can't repay it back. To add charges on a daily or weekly basis for those then over their new limit (often £0) claiming it is interest might be fair enough. Adding "administration" charges on top of those interest charges is highly immoral, and the banks are not only putting themselves at risk of a backlash from the client in question, they are also putting massive pressure on their client which is very immoral, and is basically bullying.

They can remove them.

However it's up to the customer to complain and threaten them with their various regulators. The main one to use in this instance is the FSA.

Banks T&Cs are very complicated and although they are trying to argue in the courts the Unfair Terms in Consumer Contracts Regulations 1999 don't apply to current account terms if you threaten to report the bank to the FSA this should be enough for the bank to "review" their actions against you.

olly300

OrkneyStar wrote: »

Why not ?
TBH they may even only have one parent on min wage and other caring for children, so even with tax credits, will potentially have a very low income.
I am not saying this is an excuse, as I said before, you can save even a small amount and it helps.

Justamum has put it very politely.

Lots of people who end up using their overdraft have ended up by no fault of their own in situations where money is suddenly short, and they can't afford even long term to save or get out of debt that quickly.

One person on this thread has already given an example which you clearly have not been able to understand.

Lokolo

olly300 wrote: »

Justamum has put it very politely.

Lots of people who end up using their overdraft have ended up by no fault of their own in situations where money is suddenly short, and they can't afford even long term to save or get out of debt that quickly.

One person on this thread has already given an example which you clearly have not been able to understand.

By the way I am not saying people never get into financial difficulties and shouldn't get out an overdraft and I am sure now out of all times there are a lot more people struggling but theres very very few people who have gone their whole lives not having the ability to save.

Yes I agree with JAM and that I am lucky that I am single (single in the fact I don't live with a partner or have kids), but I have learnt young, which a lot of people on this board haven't done and are now facing consequences for it.

My brother who is a year younger than me is completely opposite when it comes to money. His part time job brings him around £400 a month (woah!) but he spends every single penny. He owes our mum money for his car insurance and its like what the hell. People need to learn to save up for things like this. And yeh kids pop out at the worst of times but its not like this all the time.

I just find it unbearable people go through life when its good by spending all the money when things are good, then when things are bad they end up worse off and come moaning along when people take their borrowed money away.

I do think its a British thing though.

(btw I don't think everyone who is in debt is ignorant, but a lot of them are)