Student's suicide after overdraft

tyllwyd

Ames wrote:

I'm not sure I understand where people are coming from with the comments about depression. Are you saying it's his fault that he had an illness which meant that he couldn't think straight or see a way through? Or that there should be more support for people with depression?

No, I don't think anyone was saying that it was his fault that he had depression, just that the debt and the behaviour of the bank was only one factor in what happened. The criticism is of the over-simplistic way in which it has been reported.

Hello wrote:

Spot on about the DPA. The bank made a statement about not being allowed to go publicy into details but that didn't stop them hounding the poor boys parents did it?

I think it is fair enough that the bank won't comment on a individual case. We don't know the situation - maybe he wouldn't answer the phone to them or answer letters, which is why they tried to contact him at a previous address. Assuming that they could defend their actions, maybe they can't do it without criticising him, which in the circumstances wouldn't be appropriate.

rog2

tyllwyd wrote:

No, I don't think anyone was saying that it was his fault that he had depression, just that the debt and the behaviour of the bank was only one factor in what happened. The criticism is of the over-simplistic way in which it has been reported.

I just wonder how much the 'debt', and the Bank's handling of that debt, contributed to the depression.

domestic_goddess

lynzpower wrote:

Also, is it legal that HSBC phoned his parents about his debt, surely that breaks the DPA?

I think a lot of students keep their accounts registered to their home address rather than my term time address. I know I did and my bank called that telephone number as the only one they had on record. They didn't discuss my debt with my parents but did make it clear who was calling.

In a situation like this I think the banks have to treat all customers equally, If they had increased/kept his overdraft when he was clearly having difficulties with it then that would have been seen as irresponsible. To take it away from him also seems irresponsible.:mad:
I had my overdraft reduced a while ago as my bank didn't want to over extend me!! I found this very annoying but I did understand why. The government are putting pressure on banks and lenders to make sure they do not allow too much credit to their customers so the banks ar reviewing their lending policies (or so my bank told me).

I cant imagine what his family are going through at them moment and I hope that the press us this as an opportunity to promote some of the help available to people. We know better than anyone that debts are not the end of the world.... We can beat them and the more people that know how to do it the better.............

Ames

If his student loan did pay off the overdraft though then it was only the basic student overdraft, I know people who's student overdraft hit £3000 easily, which is two and a half times what his was. As I said before, how are students supposed to live without an overdraft when the student loan doesn't even cover rent?

I think the whole student finance system needs to be looked at tbh. Students are coming out so far in debt to the slc, especially now there's the top up fees as well, they might as well add another few thousand and make sure that the loans at least cover basic living expenses.

Kevicho

2 things really strike me about the article

The first was the constant hassling by the bank, of course they had no idea about the history of this poor chap, but surely its about time the whole ethics of this industry is seriously investigated, and then something is done about it.

HSBC clearly knew they would leave this guy in a horrible situation by withdrawing his overdraft after his loan was paid in, although im not 100% sure a student loan payment has to have gone in before, you just need to confirm with the bank the loan payments will go into the account to open an account.

I understand banks are a business and they have a right to recover there money however the level of evilness in retrieving money is disgusting.

Big business today has no heart.

My second thought was the mother said she had worked in a bank, yet she was unable to help much, now to me if someone works in the money industry, whether a manager or cashier, eventually knowledge should sink in.

But it goes deeper than that, todays society has no idea how to manage money.
Credit card debt and IVAs at highs, people on the borderline of losing homes if they lose there job (within a matter of weeks), basically the slave race we have become.

Where is the teaching of money management in schools?
Why cant parents help there children with education.

It is simply down to the fact that financial ignorance makes us dependant on government.
And with jobs going abroad and america on the brink of oblivion there are going to be testing times for us all.

madduck

This story really breaks my heart. My sister took her own life a couple of years ago. As in this case, one of the factors - not the only one - was money.

Whilst I appreciate that banks are businesses not charities, surely they have to operate with a sense of conscience. What did this bank think that the poor guy was going to do in order to pay rent, basic living expenses if they removed his overdraft facility in one fell swoop? Surely if they had concerns the common sense approach would have been to reduce the limit in stages?

I seem to remember some recent statistics say that 1 in 3 of the population have/will suffer from mental illness at one point in their life. Whilst banks/building societies can't always be held responsible for the mental health of their customers, surely they must bear possible consequencies in mind when they take action?

kickingkay

i owe the HSBC and they did nothing to help me i have 3 young children they offered me more money knowing i was gambling (they only had to check my account for that!) they knew how desperate i was and used this to gain for themselves i am absolutly appauled by this story, it beggers to belief this family have lost their child due to the banks bullyboy tactics, although i cant hold the bank responsible for his plight, i do feel the bank needs to do something in order to get this right,
yes they hound daily, yes they ring family members and yes they intimidate and scare you into thinking they will personnally put you onto the street for the price of a stamp!
im still being hounded by them and everytime they ring i remind them of my situation etc i am lucky to have such a supportive husband who helps me get through this however it still scares me and fills me with dread and yes ive come very close to wanting to end it all but after reading that no money is ever worth losing someone anyone pleae lets give this as much exsposure as we can, remind everyone, shout about it! people need to be aware there is no price on a life ever!

Gal

lynzpower wrote:

Also, is it legal that HSBC phoned his parents about his debt, surely that breaks the DPA?

Depends if they 'Discussed' the debt or whether they called there home to speak to the lad.

Its not breaking DPA to ring the home number to see if he is there. We get it with my sister and barclays (Even though she no longer lives here) - In the end we told them to f*** off or we would report them to the FSA and not heard from then since. :rotfl:

undersecter

banks charge people, and take OUR money, its daylight robbery, not just that they take i money when they know we cant afford to pay them,

Also they pretend there intrested in our welfare, they dont care, tehre just after profit.

I am gona get all my charges back, and i hope everyone else does the same.

we would not let other people, overcharge us, money doesnt grow on trees.

I think the people that regulate banks should make the banks pay back alll the cahrages to all there custmoers with intrest.