Livid. The bank and the teenager's overdraft

glider3560

pupsicola wrote: »

Why would I waste my time doing that.

Because there isn't a blacklist of addresses?

olly300

McCreary wrote: »

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.

That's what parents are there for. I appreciate some people don't have parents but most people do.

If parents can't be bothered to:
1. Give basic lessons on budgeting
2. Explain to you the costs involved in running a house rather than either give their child everything on a plate or say "I can't afford it" with no explanation,
then they aren't doing a very good job.

They also should actually state openly with their teenage children the problems they have with banks. Over the years have heard so many people lying about why they can't write cheques out for people in exchange for immediate cash.

olly300

pupsicola wrote: »

Why would I waste my time doing that. You quite clearly just want an argument with someone.

There isn't a blacklist of addresses.

There is a blacklist of names or more correctly the credit reference agents information on those names say don't lend to them.

If people are financially linked which can happen if they live at an address such as husband and wife, or share the same name which happens in families, then all parties can be blacklisted.

You are advised not to give your children the same names as yourself, or names starting with the same initials to avoid your children's details be confused and linked to yours on credit records and worse.

opinions4u

pupsicola wrote: »

Do you have nothing better to do than pick holes in other peoples posts. What a sad mare

I was addressing the points made by McCreary and hopefully opening them up for debate. I was also addressing the points you made. If you think that's "sad" then so be it. Why do you post then?

Some of the points (by McCreary) are well made, although I don't necessarily agree with them. The response about involving personal finance as an integral part of maths lessons, rather than as an extra subject for teachers and pupils to cope with is excellent.

I don't trust the state to educate people well when it comes to money. Let's face it, the biggest debt in the nation is held by HM Government, and there don't seem to be any steps in place to reduce the debt itself, merely slowing up the rate of increase seems to be the "solution" taken by those in charge.

Good for you for being so good with money. So was I at that age, but most teenagers aren't.

Actually, in a previous life where I spent close to 20 years seeing how bank customers run their finances, I think it's fair to say that (excluding students) most teenagers do not maintain an overdraft.

I have two children who were teenagers very recently. One does have an overdraft and needs a mix of support and yelling to stop him using it - without my input he would probably have a debt in five figures and the local pubs would be more profitable. The other doesn't have an overdraft but spends every penny earned. They are both good kids though and I don't doubt they could cause more damage to their finances if they chose to.

They know and understand how to add up, how to budget and how to save. They have both shown that they can do it. They have both chosen not to. No amount of school lessons in personal finance would have influenced their current choices.

iceicebaby

I work as a business analyst for a financial institution and I can confirm there is definately not a blacklist of addresses.

People have a credit file with 3 main agencies and lending decisions are then made by individual finance providers based on whatever agency they use and also information they gather about a person in the credit checking process.

If your parents have been declined credit it would have been for another reason then their address. It might be worth them writing to the 3 agencies with the stautory £2 fee and getting a copy of their files.

ETA- And what Olly said!

McCreary

opinions4u wrote: »

Some of the points (by McCreary) are well made, although I don't necessarily agree with them. The response about involving personal finance as an integral part of maths lessons, rather than as an extra subject for teachers and pupils to cope with is excellent.

Thanks for the comments - I appreciate the feedback from a non-teacher. As I am a primary school teacher a large proportion of my teaching is integrated around themes/context rather than seperate subjects. So if I was teaching financial management or economics it would indeed be taught within other subjects as opposed to a separate 'add-on' and be linked to the real world.

opinions4u wrote: »

I don't trust the state to educate people well when it comes to money. Let's face it, the biggest debt in the nation is held by HM Government, and there don't seem to be any steps in place to reduce the debt itself, merely slowing up the rate of increase seems to be the "solution" taken by those in charge.

What I say is a very ideologically driven concept. The problem of course comes when the teacher talking about financial management is poor at managing finances themselves. It is just a thought, open for interpretation/discussion, and will probably never happen!

Alpine_Star

iceicebaby wrote: »

People have a credit file with 3 main agencies and lending decisions are then made by individual finance providers based on whatever agency they use and also information they gather about a person in the credit checking process.

You may be interested to know that in giving evidence before the Treasury Select Committee last week, the Chief Executive of Tesco Bank disclosed the existence of ''a closed user group'' that consisted of established banks that ''routinely share their current account data on income and expenditure''.

iceicebaby

Alpine_Star wrote: »

You may be interested to know that in giving evidence before the Treasury Select Committee last week, the Chief Executive of Tesco Bank disclosed the existence of ''a closed user group'' that consisted of established banks that ''routinely share their current account data on income and expenditure''.

Yes I had heard this too.

Andystriker

pupsicola wrote: »

Do you have nothing better to do than pick holes in other peoples posts. What a sad mare :rotfl::rotfl::rotfl::rotfl:

This has to be the most pathetic stupid post ever written on this message board.

pupsicola

Andystriker wrote: »

This has to be the most pathetic stupid post ever written on this message board.

Is that really all you can come up with?