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no wonder people get into debt

jasmin49 Avatar
suspended9y, 2w agoPosted 9 years, 2 weeks ago
my number 3 son has had his job just 2 months and went to the bank this morning to arrange an overdraft and the women was pushing him to get a £5000 loan!!! She was saying "you can buy yourself a little car to go to work in, you only have to pay back £200 month etc etc " luckily hes sensible and said "I cant drive and I live at home I dont need a loan" but if theyd have offered it to my number 4 son he would have took it and hed have spent it on clothes and games. It just made me so angry that they see he gets money going in and offer him a loan he doesnt need. No wonder people get into debt when the banks are practically begging you to take money you dont need its disgraceful. Has anyone else experienced this as it seems a bit out of line to me?
jasmin49 Avatar
suspended9y, 2w agoPosted 9 years, 2 weeks ago
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#1
All my post this morning, was offering me loans and or credit cards. Just shreaded the lot.

everytime i go into the branch they are trying to sell me everything. It's doing my head in
banned#2
jasmin49
my number 3 son has had his job just 2 months and went to the bank this morning to arrange an overdraft and the women was pushing him to get a £5000 loan!!! She was saying "you can buy yourself a little car to go to work in, you only have to pay back £200 month etc etc " luckily hes sensible and said "I cant drive and I live at home I dont need a loan" but if theyd have offered it to my number 4 son he would have took it and hed have spent it on clothes and games. It just made me so angry that they see he gets money going in and offer him a loan he doesnt need. No wonder people get into debt when the banks are practically begging you to take money you dont need its disgraceful. Has anyone else experienced this as it seems a bit out of line to me?



ive got a fair bit of savings- but cant get a credit card- guessing because they know i can afford to pay it off and likely not to incur rip off fees!
#3
Yep, back when I was a student I had (just) enough each month for food and bills, and made a bit on ebay buying and selling. My account still hovered around the £0.00 mark every month- didn't stop them offering me 'up to £8000 guaranteed- with no credit check' most times I went to pay in ebay cheques. Every time i'd tell them I was a student (I had a student account, they could see that from the screen!) and had no money to repay it each month- they still kept on asking.
banned#4
Banks who target young people that dont necessarily know much about finances are just as bad as the salesmen that you see on Rogue Traders that target elderly people to sell mobility scooters to. I think its terrible.
#5
I keep getting phone calls from foreign people asking me to pay off all my unsecured debts (to which i reply "i haven't got any":roll: :whistling: ") and then they ask why i haven't. They always say i am not selling anything to you. (no course not).
banned#6
I got refused a mobile phone recently as I don't have anything on credit, dont borrow (except the mortgage, which if I could get rid of that I would), dont have any loan/overdrafts etc, thus I have a poor credit score. When the woman in the shop found this out she had a go at me for not borrowing to pay my way.

Needless to say her manager was called and she was apologising for the **** approach
#7
UltimoScorpion
I got refused a mobile phone recently as I don't have anything on credit, dont borrow (except the mortgage, which if I could get rid of that I would), dont have any loan/overdrafts etc, thus I have a poor credit score. When the woman in the shop found this out she had a go at me for not borrowing to pay my way.

Needless to say her manager was called and she was apologising for the **** approach


I bought one item from a catalogue on credit, and got an overdraft so that I could increase my credit rateing, as i had no credit at all, lol.
#8
When i turned 18 im sure the day of my birthday i just got credit card applications through and ever since that i get them all the time. Students have it bad, all my friends are students and have around £500 overdrafts or more just to survive and end up paying back even more after loans etc.
#9
I am 20 and my over draft keeps being increased, even though I have no regular income and they know this! Have been offered a loan numerous times and even get leaflets about them in my statements
#10
homer_213
When i turned 18 im sure the day of my birthday i just got credit card applications through and ever since that i get them all the time. Students have it bad, all my friends are students and have around £500 overdrafts or more just to survive and end up paying back even more after loans etc.



tell them to get a student bank account! The last time i had a student bank account i got a 2000 overdraft limit with 0% interest over 3 years. well it was supposed to be 3 but mine seemed to last about 8 years! They must have thought I was doing a doctrine!
#11
the banks are practically begging you to take money you dont need

Each branch has set targets that have to be met e.g. so many new accounts opened per month, so many new loans per month, so many new credit cards per month.

It's no wonder the staff keep pushing the products, even if they are totally unsuitable.
#12
I went to look into remotgaging recently and applied to a well known bank ( they had best offer on at the time) which apparently they are quite hard to get morgages with..?
They did credit score on my fiance and myself.. To the estate agents shock we both came back with the top/max credit score which he said hes rarley seen. Dont know how we had this as were both not ones to have debt. Infact we only have a mortgage, car is paid for, I have no credit cards,No store cards. I pay cash for everything.How strange.
#13
Same thing happened to my Brother when he first started earning. He's now almost £10,000 in debt :roll:
#14
I agree,however its upto people if they going take up,those who desperate will,then you get some who think they got it under control and it spiral out of control instead.
#15
Best rule of thumb for finance:-

Only spend what you got.
#16
my eldest has got himself a good job and decided to get his own place, he went to the bank to notify of a change of address and they offered him a £2000 overdraft!!:x
he wisely said no and settled for a £100 one instead.
I was so angry as he has only just turned 18:x but what can I do, he has left home and has to make his own mistakes in life....I know I did!!:whistling:
#17
I worked for a debt collection agency for a year. And what really gets me, is these young people in debt.
I mean, there was this girl, who was 19 and she had a debt of over £6000 with JD sports. Yes, JD Sports. Now, I'm 19 and I would never dream of spending that much in JD!

These store cards and bank exploit young people who don't think about their future. They rape you with all kinds of charges and you can't do anything as most people don't read the small print. Schools don't provide enough financial guidance imo. I learnt so much in my 1 year there.
#18
pakichan
I worked for a debt collection agency for a year. And what really gets me, is these young people in debt.
I mean, there was this girl, who was 19 and she had a debt of over £6000 with JD sports. Yes, JD Sports. Now, I'm 19 and I would never dream of spending that much in JD!

These store cards and bank exploit young people who don't think about their future. They rape you with all kinds of charges and you can't do anything as most people don't read the small print. Schools don't provide enough financial guidance imo. I learnt so much in my 1 year there.



In my eyes - it's not down to the schools to teach this, but the parents. I believe that schools have to teach there pupils the bits they need to start to build a good career - the maths, English etc etc and it is the parents responsibility to teach there child the value of a pound and if you aint got it not to spend it.
#19
Becksdawe
In my eyes - it's not down to the schools to teach this, but the parents. I believe that schools have to teach there pupils the bits they need to start to build a good career - the maths, English etc etc and it is the parents responsibility to teach there child the value of a pound and if you aint got it not to spend it.


Yeah I get what you're saying, it is the parents that responsibility to advise too. My dad taught me alot, but working in a part of the financial industry really opened my eyes.

Regarding the school thing. If in high I school I can be taught about STDs and the effects of drugs and alcohol in PSHE, then they should warn me of the dangers of credit! Granted that it wont happen for 2 years.

I mean if you have a father at home claiming benefits not doing any work, what is he gonna teach his kids?

Unfortunately not all parents pass on good values and guidance.
#20
Well it would make alot more sense to teach financial guidance or similar alongside maths, as it would show that the maths being taught does have a practical use.
As it stands a maths course will teach you lots of stuff that is irrelevant to almost everyone(not basic maths obv).
#21
What kind of parents allow their children to shop in JD Sports, omg the times we live in!

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