Why am I so poor!

tangyfog

Thought i throw in a quick one here. When I go my first job at 21. I was so poor I didnt have the money to buy my travel card to go to work for the first month. Basically I went to my bank and asked them for a loan to cover the cost of expenses for the first month of my new job.

I was quite surpise that the bank manager told me congratz you got a job but sorry I cant lend you any money at all. Not until maybe 1 year into your new job.

And then he said could i borrow the money from my family...

Doh I wont of gone to ask him I i could borrow the money from family! Anyway I did get the money eventually, I think I did eventually borrow from my sister. With my tail between my legs!

Anyway fast forward 20 years. I go to by bank the same one I am still banking with. different branch!

And ask for some money in terms of a larger over draft. I got the feeling the personal banker looked down on me for asking! anway she said in a unhelpful manner I could extend your overdraft by £100. I think thats was just to humor me. Anyway I left again with my tail between my legs.

Why! Do I have no money after all this time? And when I ask for money from my bank they are so horrible about giving me some of it when the have so - expletive -much. I just dont get it.

Oh we need to see if you are right sort of guy interms of how you manager your money etc then we can lend some? If I had £100k cash I wouldnt be asking!!

Anyone else have this kind of experience or is it just me.

Also I have no ISA saving and am overdrawn. Tell me what is the secret to my money problems. Am I the only one at my bank that has a red bank balance!

Sorry just my morning rant!

Nottoobadyet

Its funny, so many people come on to this board saying that the reason they are in debt is that banks kept throwing credit at them (giving them loans, upping their overdraft) when they didnt have the money to repay it, or were in unstable employment. I guess it can go both ways - in some peoples books, you've dodged a bullet.

You pose an interesting question though - why are you overdrawn and with no savings even if you have been working for years? Surely its not all down to the bank not giving you more credit. Maybe post an SOA on here and people can help you work out whats wonky with your spending.

quantic

To be honest with you, the bank is being pretty sensible. If you have no money and have said to them that you have no money, why on earth would they want to give you an overdraft that is probably unlikely to be paid back. Try and see it as a good things, if they had given you a loan at the start you might not have been able to pay it back.

stqueen

Do you have more going out that you have coming in, on a regular basis? Are you plunging further into debt to fill the gap between incomings and outgoings?

Or have you spent on big purchases that you have got into debt to pay for?

Marine_life

I remember when I started work (about 25 years ago) I was about £500 in debt (overdraft) as I had just graduated from university. I told my bank that I had a job and asked if they could extend me some more credit until I got paid. They said no. If fact they said no and asked me to close my account and repay the money I owed :eek:. I ended up borrowing off my brother. How incredibly short-sighted of them (I had a good job and potential to be a very good customer).

25 years later and my current bank (Deutsche Bank) absolutely fall over themselves to offer me money. I have a £10,000 overdraft limit (which I never use). This year I accidently went £14,000 OVER my overdraft limit (its a long story) which the bank honoured - I did not find out until a week later when I checked my bank statement. I phoned the bank and they said "well, you are a VERY good customer". How times have changed.

barbarawright

Marine_life wrote: »

I remember when I started work (about 25 years ago) I was about £500 in debt (overdraft) as I had just graduated from university. I told my bank that I had a job and asked if they could extend me some more credit until I got paid. They said no. If fact they said no and asked me to close my account and repay the money I owed :eek:. I ended up borrowing off my brother. How incredibly short-sighted of them (I had a good job and potential to be a very good customer).

My bank manager called me in soon after I left university to discuss my overdraft (IIRC a rent cheque bounced). I was terrifed and and first ignored his letters until he rang my work. Turned out to be brilliant - he looked at my payslips, asked me about my outgoings and explained how easy it would be to pay my student debts in a year or so (yes, I realise it's not quite the same for students now). Certainly no suggestion that I should have a credit card or an extra loan. It was a really good lesson. I won't say I've never been in debt since but the manager telling me to just pull my finger out and sort myself out was a useful pointer as to how to approach money management.

Culex

Marine_life wrote: »

25 years later and my current bank (Deutsche Bank) absolutely fall over themselves to offer me money. I have a £10,000 overdraft limit (which I never use). This year I accidently went £14,000 OVER my overdraft limit (its a long story) which the bank honoured - I did not find out until a week later when I checked my bank statement. I phoned the bank and they said "well, you are a VERY good customer". How times have changed.

Deutsche Bank evidently has a clearer understanding of "customer service".

For UK banks, they seem determined to service customers much as a bull services cows!