money... lack of!!!

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money... lack of!!!

Postby amanda11 » Wed Mar 08, 2006 7:59 pm

has anyone ever not checked their bank account for ages cos they're so worried there'll be nothing left?

i eventually checked mine today and i'm over my overdraft limit.... i'm so poor i have NOTHING and my student loan doesn't come in for another 8 weeks.

to make things worse, my bank are charging me ridiculous amounts because i'm overdrawn past my limit, to "cover costs" they say, greedy swines!! that makes me so angry!!!!!!!

i can't get a job because i have so much uni work to do, i'm totally snookered, its not like my parents can even afford to help me out. i'm so stressed out.
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Postby umistgirl » Wed Mar 08, 2006 8:26 pm

Can your bank up your overdraft limit?

Maybe you could try getting a job during the easter vacation? I know the feeling of having loads of uni work to do (I'm in my final year), but with a little restructuring of my time and a few late nights I manage to do around 20 hours a week in my job.
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Postby sovs » Wed Mar 08, 2006 8:43 pm

i know what you mean the bank take the pee!
its obvious we go overdrawn because we havent got the money so the charge us even more!!!!!!!
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Postby wordsofwisdom » Thu Mar 09, 2006 3:50 pm

sovs wrote:its obvious we go overdrawn because we havent got the money so the charge us even more!!!!!!!


how about when your bank account gets to zero you stop spending???, rather than spending the banks own money and then whinging at them when they charge you interest!

they have no obligation to bank-roll you when you run out of cash
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Postby LICKLELEA » Thu Mar 09, 2006 4:23 pm

wordsofwisdom wrote:
sovs wrote:its obvious we go overdrawn because we havent got the money so the charge us even more!!!!!!!


how about when your bank account gets to zero you stop spending???, rather than spending the banks own money and then whinging at them when they charge you interest!

they have no obligation to bank-roll you when you run out of cash


You're meant to be cheering amanda11 up not making her even more depressed!!

The first and only time the bank has ever got me for being my overdraft limit was the day before my wages went in - £30 was taken and I have NEVER given them the chance to take anymore off of me!! :lol:

I know what you mean though, they really do keep stacking up the charges until you are completely skint, go to the bank and explain your situation, I'm sure they will be willing to help you out by upping your overdraft limit.

Good Luck x
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Postby wordsofwisdom » Thu Mar 09, 2006 4:30 pm

Trust me, my advice is excellent advice! - If you aint got it, dont spend it - and you cant get into any troubles.....

I'm all for cheering people up and making them feel better, but there is a fundamnetal problem with amanda's situation - more going out than is coming in - and that has got to be addressed.

i do agree that bank charges for exceeding over draft limits are high etc, but they get no notice that a person is about to exceed their limit, and have to cover the hole somehow- banks dont have stacks of cash lying around!

my only bit of advice to amanda would be to avoid the "head in the sand" scenario -if you are having financial problems you need to be firmly on top of your finances, understanding where every penny was spent, whats coming round the corner so that you can plan better.

amanda, what course are you doing? - ive seen lots of people do 30 hour uni weeks and still find the time to study and do a part time job
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Postby LICKLELEA » Thu Mar 09, 2006 4:42 pm

I completely agree with you wordsofwisdom maybe I took what you said to be a bit blunt. 'If you haven't got it don't spend it' is an extremely good bit of advice and it is the way I've lived my life so far!
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Postby LME79 » Thu Mar 09, 2006 4:47 pm

I have to agree with wordsofwisdom. I have been very tempted to ignore my bank balance before, but it is vital that you do check it regularly just so you know how much you do have to spend. A lot of my friends have the attitude of "as long as it's giving me money then it's ok", but it's not.
The banks have to charge you for going over the overdraft for administration charges (someone please correct me if I'm wrong). Please don't take the above the wrong way, it's just the way it is...we really can't afford to muck banks around.

Have you worked out a budget? A part time job (if you haven't already got one) would obviously prove extremely helpful, especially as your loan doesn't come for another 8 weeks. When I was at university I worked in a bookmakers three times a week. The job itself wasn't bad and the pay wasn't bad either...way more than bar work or basic waitress wages. Plus I got double money on a Sunday or at night.

Please work out a budget! I know it sounds very boring and non-studenty but it is so so so important! Work out how your outgoings to the maximum (food, rent, phone bills, utilities, fees etc) and then subtract it from your incoming; the amount left will be your disposable income- do not spend over this as that's when the trouble will start! If you need any help with that, please feel free to PM me.

Hope the above helped.
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Postby Liquidius » Thu Mar 09, 2006 4:55 pm

I live permanently in my overdraft...

You just need to watch how much you spend. I know it's a bit pointless saying that now, but there's not much you can do. As suggested, a part time job might be a good idea.
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Postby kitten » Thu Mar 09, 2006 5:04 pm

I live permanently in my overdraft...


Me too and I have a full time job and a mortgage!

A budget is a very good idea, try not to spend more than you have, and trying to find a part time job that will provide you with that little extra will really help.

I used to work as an Ann Summers rep and you could chose your hours etc and I made good money from it.
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Postby pinkangel » Thu Mar 09, 2006 6:00 pm

im with halifax, i banked online cos it was so easy! but in january someone hacked into my account and took 1050.00 outta my account! have rang halifax up so many times but they still havent got my money back!!! so for 3 months ive had to borrow money off my mum!!! while they take there time to get it back!!!!!!
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Postby brfc » Thu Mar 09, 2006 6:26 pm

tell em too pull there finger out or you will move banks
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Postby sovs » Thu Mar 09, 2006 8:15 pm

wordsofwisdom wrote:
sovs wrote:its obvious we go overdrawn because we havent got the money so the charge us even more!!!!!!!


how about when your bank account gets to zero you stop spending???, rather than spending the banks own money and then whinging at them when they charge you interest!

they have no obligation to bank-roll you when you run out of cash


Well dont you make life sound simple....though if it is that simple why are thousands of people in the uk in debt!!!!!!!!
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Postby LME79 » Thu Mar 09, 2006 8:23 pm

amanda11, how are you feeling now? Has our advice helped?
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Postby wordsofwisdom » Fri Mar 10, 2006 2:42 pm

sovs wrote:
wordsofwisdom wrote:
sovs wrote:its obvious we go overdrawn because we havent got the money so the charge us even more!!!!!!!


how about when your bank account gets to zero you stop spending???, rather than spending the banks own money and then whinging at them when they charge you interest!

they have no obligation to bank-roll you when you run out of cash


Well dont you make life sound simple....though if it is that simple why are thousands of people in the uk in debt!!!!!!!!


the reason why so many people are in debt in the uk is because credit companies are to all intense purposes unregulated, and there is no co-ordination between them , this leads consumers (you and me) to be able to hold 5 credit cards at one time etc etc....

whilst we're saying its unfair for the banks to charge us interest, do we say the same about consumers who transfer their balances every 6 months to avoid interest!? - NO, because thats clever actions by the consumer, and i hate to say this, but trapping people into credit debt is VERY CLEVER actions by large multinational finance companies.

And to the inevitable question "why dont the government do something to regulate companies so people cant get into such debt" i would argue that its not the role of the state to direct consumers on what they should and should not be doing - that is the nanny state philosophy....

Also, its fundemantelly down to the consumer to be sensible about how and where they spend their money, dont expect the government to be doing anything to help consumers out, fundamentally the core issue in the economy at the moment is a lack of demand, which is impacting upon high street sales and to a lesser extent the housing market - so any action by the government to regulate credit companies is only going to accentuate the demand problems (as people with no money then wont be able to get credit) and lead to an even worse scenario for the economy!

People get into debt in this country for a number of reasons, stupidity, tragedy, lack of foresight - so its not possible to pin it all on credit card companies or anyone group - we all have the power what to spend and what not to spend any money we do (or dont) have.
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