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Nightmare situation - a mate of mine

La_Tristesse_Durera
Posts: 290 Forumite
Popped to see my sister today as it's my neice's 1st birthday! Aaah! Anyway to cut a long story short, I was told a truly shocking thing about her mate (who I've known for 15+ years).
Basically this girl has been kicked out of home (she's just turned 20, a year and a half younger than me). Her Mum likes a drink more often than not and they had a massive row last week where her Mum has chucked her out for good.
The girl had nowhere to go, she works full time but takes home just £600pm, she has a car on finance which is a further £200, so then has £400 for food, petrol, insurance, rent etc. Grim situation.
She's also always overdrawn (she sounds daft yknow, but she's a lovely girl, just not too bright), so she went to the bank today to get yet another extended overdraft.
No probs they said - Ooh, how about we go one better and give you a £7,500 loan!!! Stupidly she accepted it with repayments at £200pm. How long is £7,500 going to last these days with rent and an income of £600pm. She lives in Guildford in Surrey which is massively expensive (which is why I moved 10 miles down the road!!)... rent on an average gaff there is going to be £750pm, so 10 months and that's the money gone. She still has to buy furnature, food, pay for the car. It's disasterous!!!
Silly girl, silly silly girl, don't get me wrong. But for the bank to say that she 'manages her account well' when she's constantly having her overdraft increased and then to give her £7,500 on the spot with an income of £600 a month is truely disgraceful.
Sorry, not relevant, I just can't believe it.
:huh: :shocked: :sad:
Basically this girl has been kicked out of home (she's just turned 20, a year and a half younger than me). Her Mum likes a drink more often than not and they had a massive row last week where her Mum has chucked her out for good.
The girl had nowhere to go, she works full time but takes home just £600pm, she has a car on finance which is a further £200, so then has £400 for food, petrol, insurance, rent etc. Grim situation.
She's also always overdrawn (she sounds daft yknow, but she's a lovely girl, just not too bright), so she went to the bank today to get yet another extended overdraft.
No probs they said - Ooh, how about we go one better and give you a £7,500 loan!!! Stupidly she accepted it with repayments at £200pm. How long is £7,500 going to last these days with rent and an income of £600pm. She lives in Guildford in Surrey which is massively expensive (which is why I moved 10 miles down the road!!)... rent on an average gaff there is going to be £750pm, so 10 months and that's the money gone. She still has to buy furnature, food, pay for the car. It's disasterous!!!
Silly girl, silly silly girl, don't get me wrong. But for the bank to say that she 'manages her account well' when she's constantly having her overdraft increased and then to give her £7,500 on the spot with an income of £600 a month is truely disgraceful.
Sorry, not relevant, I just can't believe it.

£2 Coin Savings = £0.23

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Comments
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I'm shocked!
Where is she staying at the moment? How on earth is she only taking home £600 at the age of 20? That's about £8k a year - surely she must be entitled to some kind of benefits?
Silly girl or not, she needs to seriously review the situation - can you help her at all - with advice, not cash?:eek: What if the hokey cokey is what it's all about? :eek:Official "Bring back Mark and Lard NOW! or else (please)" Member 160 -
MinnieSpender wrote:I'm shocked!
Where is she staying at the moment? How on earth is she only taking home £600 at the age of 20? That's about £8k a year - surely she must be entitled to some kind of benefits?
Silly girl or not, she needs to seriously review the situation - can you help her at all - with advice, not cash?
She's at my sisters at the moment, who's putting her up (although it's a struggle as she has a child & rent to pay). Basically she didn't do too well at school, and now helps kids with special needs, like I said she's a nice girl, but not streetwise.
I want to help her but not too sure what to say - especially as I don't tell anyone about my debts!! - but if I can help her I certainly would. What a crazy situation, she must have panicked, and saw it as 'free money', and worry about the concequences later. I'm not sure if there's anything she can do now she's got the money?!?£2 Coin Savings = £0.230 -
Do you think you could persuade her to cancel the loan? If she only arranged it today, surely she's in the cooling off period (under the Consumer Credit Act) where she can cancel it?Debt at highest: £6,290.72 (14.2.1999)
Debt free success date: 14.8.2006 :j0 -
msmicawber wrote:Do you think you could persuade her to cancel the loan? If she only arranged it today, surely she's in the cooling off period (under the Consumer Credit Act) where she can cancel it?
I'm not sure - I will see if I can find out, I do know that she has the money in her account... I'll call me sister and see what she knows. Thanks£2 Coin Savings = £0.230 -
With such a low income it's suprising she was accepted for a loan. What interest rate did she get?0
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bambi1980 wrote:With such a low income it's suprising she was accepted for a loan. What interest rate did she get?£2 Coin Savings = £0.230
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Tell her to take advantage of the cooling off period - it's going to cost her so much more in the long run.:eek: What if the hokey cokey is what it's all about? :eek:Official "Bring back Mark and Lard NOW! or else (please)" Member 160
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La_Tristesse_Durera wrote:I want to help her but not too sure what to say - especially as I don't tell anyone about my debts!! - but if I can help her I certainly would.
I'm not keen on letting the whole world know about my debts, so if I pass on any tips and hints from this site, I say I saw it on a money saving website. That sure raises some eyebrows from my more clued up friends:o
I hope you manage to help your friend out, it's really upsetting and frustrating to see others getting into trouble, especially with money, but you're doing the right thing by not standing back and just watching it happen. Good for you.:T0 -
moriarty888 wrote:I'm not keen on letting the whole world know about my debts, so if I pass on any tips and hints from this site, I say I saw it on a money saving website. That sure raises some eyebrows from my more clued up friends:o
I hope you manage to help your friend out, it's really upsetting and frustrating to see others getting into trouble, especially with money, but you're doing the right thing by not standing back and just watching it happen. Good for you.:T
Ah cheers! My mates all think I'm on top of money etc because although I have a lot of debt, I still have more spare cash than them remarkably!!! Plus they know I surt sites like this, but it makes me more knowledgable, it makes me a better person, and if I can help just one person with my (small!) knowledge then that's something. Mum knows my situation as she is completely cool beans (paid £5k off debts off). Hopefully I can sort this girl out somehow, I dont have her number, but perhaps I can relay some info to my sister or Mum.£2 Coin Savings = £0.230 -
can she sell the car? why does she need it? is the 750 for rent in guildford for a flat. why can't she rent a room in house to keep costs down? can she stay at yours or sisters long term? can she pay your sister rent which will also help her out? has she put her name down on council/housing association list? if you live 10 miles down road and cheaper why can't she move out of area etc?0
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