How to help someone who just can't see...

AndyR_3

Hi,

Ever feel like you're banging your head against a wall?

A few days ago at work I served a customer who's taken to using one of those payday advance companies. The thing is, she's not on a bad wage, doesn't have a very bad credit rating but a few months ago was short of cash so she borrowed £400 on the basis that she'd pay back £500 after her next pay day. But she didn't pay it back, just paid the £100 interest, and then did the same thing the next month. So she's now paid £200 interest and still owes £500 - £100 more than she borrowed.

Now, this woman's actually eligable for an overdraft with the bank, so I suggested that might be better, to take out a £500 overdraft, pay the company off, and then make an effort over the next couple of months to reduce the overdraft. I can't see the problem with this, she'd save a fortune in interest and in a few months the debt would be repaid (at the worse, it would take her 5 months because she's paying £100 a month to the company for nothing anyway).

She declined, saying "I don't want an overdraft because I don't want to get into debt." I pointed out that she was already in debt, and the way she was going would be paying out £100 a month for ever and always be in debt. She repeated that she didn't want an overdraft as she didn't want debt. I explained that, as soon as it was repaid she could cancel the overdraft. She still declined.

Now she's complained that I was trying to "hard sell" an overdraft!!

Does anyone here think I was wrong to suggest this? Or is she just plain stupid?

lyric_grace

I can see your point exactly if she's paying some loan company £100 amonth intrest surely it would cost less for an overdraft!!!! Can't beleive she didn't take you up on the offer!

jellyang

Well you just can't help some people can you.
I know that some people do tend to think that owing the bank is worse than owing others.
It's a bit like the Alcoholic , you can't help him until he admits that he has a problem.

Nowt as strange as folk!!

Toomuchdebt

LOL-some people just don't get it do they?

AndyR_3

It was just the way she kept saying "I don't want to get into debt"... If I see her again I'm gonna tell her to come on here so you guys can sort her out!!

AndyR_3

lyric_grace wrote:

I can see your point exactly if she's paying some loan company £100 amonth intrest surely it would cost less for an overdraft!!!! Can't beleive she didn't take you up on the offer!

It would cost a lot, lot less for the overdraft. In fact, even a cash advance on a credit card would cost less than that! I did point out that if she really didn't want to be in debt, then by using an overdraft, after 5 months she'll have a spar £100 each month which she could save, to avoid having to ever borrow money like that again. In one ear and out the other, as my mum used to say...

pms

I feel a bit like that!

A friend at work has been coming to work in either trainers with huge holes in them or flimsy shoes which are not water proof (I work in a Nursery so outdoors quite a lot each day) Last week I said to her she needed to get a decent pair of shoes for the winter, her reply I would if I had any money!
I no she has had a few financial problems ( she is very unwilling to talk about them) and I said have a look on a website called moneysavingexpert.com, her reply - I dont need to save money I just need some! Well I tried to expalin that it could help her to sort out her money and it wasn't about putting loads of money away in a savings account but she just wouldn't listen.

I am really worried as she has not really been herself for a few weeks and is now off for a few days by order of my boss. I do feel helpless as I don't know if its a money thing thats got her down or if its something else as she won't talk about it.

Pobby

pms wrote:

I feel a bit like that!

A friend at work has been coming to work in either trainers with huge holes in them or flimsy shoes which are not water proof (I work in a Nursery so outdoors quite a lot each day) Last week I said to her she needed to get a decent pair of shoes for the winter, her reply I would if I had any money!
I no she has had a few financial problems ( she is very unwilling to talk about them) and I said have a look on a website called moneysavingexpert.com, her reply - I dont need to save money I just need some! Well I tried to expalin that it could help her to sort out her money and it wasn't about putting loads of money away in a savings account but she just wouldn't listen.

I am really worried as she has not really been herself for a few weeks and is now off for a few days by order of my boss. I do feel helpless as I don't know if its a money thing thats got her down or if its something else as she won't talk about it.

Well ain`t it just great living in the Uk under the stewardship of Blair and Brown!!!!!!!!!!!!!!!!!!

immoral_angeluk

AndyR wrote:

Hi,

Ever feel like you're banging your head against a wall?

A few days ago at work I served a customer who's taken to using one of those payday advance companies. The thing is, she's not on a bad wage, doesn't have a very bad credit rating but a few months ago was short of cash so she borrowed £400 on the basis that she'd pay back £500 after her next pay day. But she didn't pay it back, just paid the £100 interest, and then did the same thing the next month. So she's now paid £200 interest and still owes £500 - £100 more than she borrowed.

Now, this woman's actually eligable for an overdraft with the bank, so I suggested that might be better, to take out a £500 overdraft, pay the company off, and then make an effort over the next couple of months to reduce the overdraft. I can't see the problem with this, she'd save a fortune in interest and in a few months the debt would be repaid (at the worse, it would take her 5 months because she's paying £100 a month to the company for nothing anyway).

She declined, saying "I don't want an overdraft because I don't want to get into debt." I pointed out that she was already in debt, and the way she was going would be paying out £100 a month for ever and always be in debt. She repeated that she didn't want an overdraft as she didn't want debt. I explained that, as soon as it was repaid she could cancel the overdraft. She still declined.

Now she's complained that I was trying to "hard sell" an overdraft!!

Does anyone here think I was wrong to suggest this? Or is she just plain stupid?

I hope to god she doesn't work for a credit card company/bank/mortgage lender!!

Seaxwyn

AndyR, I can sympathise a little with that woman. Obviously in this case your advice was good, but I do get really sick of bank staff trying to sell me something I don't want every time I set foot in the bank. If I'm trying to pay in a cheque or whatever, the staff always offer me loans, ask if I've had my mortgage reviewed recently, etc etc. It's extra annoying as it was the bank who set me on the path of taking out ever larger loans, which are now a thorn in my side. And whenever I have looked into loans, remortgaging etc, theirs are never the cheapest or best products on offer. so your customer may have just blocked your helpful advice seeing it as yet another unwanted sales pitch.

Sorry I hope I haven't caused offence, as I think your advice was good and I'm glad to know there are caring bank workers out there.

SEaxwyn

SunderlandBlackCat

Seaxwyn wrote:

AndyR, I can sympathise a little with that woman. Obviously in this case your advice was good, but I do get really sick of bank staff trying to sell me something I don't want every time I set foot in the bank. If I'm trying to pay in a cheque or whatever, the staff always offer me loans, ask if I've had my mortgage reviewed recently, etc etc. It's extra annoying as it was the bank who set me on the path of taking out ever larger loans, which are now a thorn in my side. And whenever I have looked into loans, remortgaging etc, theirs are never the cheapest or best products on offer. so your customer may have just blocked your helpful advice seeing it as yet another unwanted sales pitch.

Sorry I hope I haven't caused offence, as I think your advice was good and I'm glad to know there are caring bank workers out there.

SEaxwyn

I agree - I seem to be chanting "I don't want any of your products" almost like a mantra when I'm forced to visit my branch.