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Livid. The bank and the teenager's overdraft
Comments
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JuicyJesus wrote: »I'm relatively young, don't live at home and have a fairly large amount of debt of about £5k (which I am going to be paying most off of over the next year with help from my partner). My family have helped me when times have been absolutely dire, but not to pay off any of the debt directly. It isn't the bank's fault for lending me that money, it's my fault for asking for it and spending it on useless crap and takeaways. One thing my parents did not do is ring up all and sundry complaining that I shouldn't have been lent the money blah blah blah blah blah.
The question here is not why the bank agreed the overdraft - they're within their rights to, if they think someone will pay it back then there must be some reasoning in there somewhere. It sounds like it's a student account. It's why the daughter applied for it and then spent it on crap. Hell, she may not even have spent it on crap - if she's a student, it may well have gone on university accommodation and such.
"Don't pry into the financial affairs of others" sounds like a good motto here.
One sided rubbish.
The bank should not lend the money in the first place.
Both parties are at fault. My 'motto'.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
YorkshireBoy wrote: »What should be dropped to make way for it?
Unless you're suggesting 3.30-4.30pm or Saturday mornings? In which case I'm all for it.
It should be taught as part of Personal, Social, Health and Citizenship Education (PSCHE). After all, 'Achieving economic well-being' is part of the Every Child Matters agenda.
Education should play a part in preparing children for the world we live in. I know we have a cramped curriculum - I am a teacher. But learning needs to be relevant to the real world.'The journey home, is never too far...'
'Wasting money is an insult to people who don't have any'
Reducing my spending, one month at a time...0 -
At 18 a person is considered an adult.
They can buy a house, vote, get married, have a family, drive a car, drink in a pub and do many other things
Why are the bank idiots because a silly teenager spent too much?
I was 18 once, and I didn't act like a kid in a sweetie shop. When I was 19 I got a bank loan for my first car, and paid it back every month as I was meant to.
The blame here lies squarely at the feet of the account holder, in my opinion.
Good for you for being so good with money. So was I at that age, but most teenagers aren't. To answer your question the bank are idiots for lending her so much money because she doesn't earn anywhere near enough to repay it easily if she spent hugely. Which is exactly what she did and where she is at now.0 -
opinions4u wrote: »A bit like they teach kids how to avoid pregnancy, yet we have the highest teenage pregnancy rate in Europe?
By the way, my school taught me Maths, Economics and Business Studies. I don't know any school or any pupil that doesn't have access to Maths lessons. It's not a major leap of logic to go from basic arithmetic, as taught from age 5, to working out how much you earn and how much you spend.
Businesses exist to make money. Are teachers greedy because they take a wage for educating our children?
They will be quite happy with her being in debt as long as that debt is managable. Equally, they would be delighted if she had savings, because they could lend those to somebody else at a higher rate.
If the daughter asks to borrow money, they will doubtless discuss with her the different options of meeting that request.
Generations of kids were not taught personal finance. The majority coped without being nannied. While you may be right about the "culture of entitlement" that doesn't automatically make everybody stupid. Just those who choose to be.
Pretty much in agreement with this. I wouldn't cut the rent though. I would make it absolutely clear that the first bill to pay every month is the one that keeps the roof over your head.
I don't think the OP has actually returned. I wonder if the daughter actually pays any rent? If not, that should change, even if it's only a nominal amount.
So should all students be decline overdradfts?
What an insult to the majority of 18 year olds.
Why? Do you really think the bank manager has the authority to approve or decline an overdraft these days?
Do you have nothing better to do than pick holes in other peoples posts. What a sad mare :rotfl::rotfl::rotfl::rotfl:0 -
If I had it my way I would revert to the old system. Tight leading.
Unemployed people can lie and still get a credit card with £3000.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
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opinions4u wrote: »A bit like they teach kids how to avoid pregnancy, yet we have the highest teenage pregnancy rate in Europe?
By the way, my school taught me Maths, Economics and Business Studies. I don't know any school or any pupil that doesn't have access to Maths lessons. It's not a major leap of logic to go from basic arithmetic, as taught from age 5, to working out how much you earn and how much you spend.
I learned about teenage pregnancy at school - I chose not to get anyone pregnant. My school presented me with information and allowed me to make the decisions. I wasn't presented with any information about about financial management - I had to learn about it myself or via my parents.
You were lucky to have studied Economics and Business Studies at your school. Although they are not compulsory so not every child will have access to the subjects. I agree it's not a leap of logic to go from basic arithmetic to not spending more than you earn but a lot of maths teaching can be devoid of any sort of real-world context. It is context that is important in education in my opinion.opinions4u wrote: »Businesses exist to make money. Are teachers greedy because they take a wage for educating our children?
My point was that the bank will do what is best for them and not the OP's daughter.opinions4u wrote: »Generations of kids were not taught personal finance. The majority coped without being nannied. While you may be right about the "culture of entitlement" that doesn't automatically make everybody stupid. Just those who choose to be.
I'm not suggesting people are stupid, just some are misinformed. Hence why I believe the school curriculum should include elements of economics and financial management for all children.'The journey home, is never too far...'
'Wasting money is an insult to people who don't have any'
Reducing my spending, one month at a time...0 -
Do you have nothing better to do than pick holes in other peoples posts. What a sad mare :rotfl::rotfl::rotfl::rotfl:
When you insult posters rather than picking apart there post it shows that you don't have much of an argument.
All I can say is at 18 I was given an overdraft by my bank as I was a first year university student. I didn't bother using it until summer and then had it paid off by the end of summer.
Now I have nephews and neices who are 18 and at university with access to overdrafts of £2K or more. If they are stupid enough not to budget and run up large overdrafts then they will find they will not get any extra help from their parents or even the family then was already agreed at the start.I'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0 -
When you insult posters rather than picking apart there post it shows that you don't have much of an argument.
All I can say is at 18 I was given an overdraft by my bank as I was a first year university student. I didn't bother using it until summer and then had it paid off by the end of summer.
Now I have nephews and neices who are 18 and at university with access to overdrafts of £2K or more. If they are stupid enough not to budget and run up large overdrafts then they will find they will not get any extra help from their parents or even the family then was already agreed at the start.
Chest beating and saints aside, the bank shouldn't offer such large overdrafts.
It is obvious banks love nothing more than to net a few people.
Like casting a huge net and hoping to bag a few.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
glider3560 wrote: »Please inform me who keeps this wonderful blacklist then?
Why would I waste my time doing that. You quite clearly just want an argument with someone.0
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