My bank is raping me....

[Seanpaul]

For reference, if you need to talk to Lloyds, it's better to know what your talking about cause then someone can't try and fob you off.

Agreed. The branch would be pretty unwilling to write off the charges unless you can CLEARLY state that they are in the wrong.

I thought lloyds student account has a £1500 interest free overdraft?

Thats if you can meet the criteria to have the OD in the first place. It probably wont come with the package.

 

[old.Tohtori]

As far as i know, banks can't charge your account over it's balance and especially not make you pay overdraft costs when THEY are the ones putting it there.

Some, customer protection law or some such...

Go ask a layer.

About spending money, can relate that sometimes you just need cash and it's no "i'll buy games!" thing, or because ou go boozing, but because basic living costs.

 

[Mey]

As far as i know, banks can't charge your account over it's balance and especially not make you pay overdraft costs when THEY are the ones putting it there.

Some, customer protection law or some such...

Go ask a layer.

About spending money, can relate that sometimes you just need cash and it's no "i'll buy games!" thing, or because ou go boozing, but because basic living costs.

Seels talking bollocks, the UK banking system works nothing like this.

 

[old.Tohtori]

Seels talking bollocks, the UK banking system works nothing like this.

Piss off with your bollocks, no need to be so f*cking a-hole about it.

But i'm guessing you're a consumer law layer and know if it is or isn't ok.

Was giving an option, not claiming how the bank system of UK works.

Seems fishy, most likely is, people just don't complain and/or find out.

 

[Chronictank]

Mey is right
You agree'd to an overdraft when you signed up to the account, it is your fault if you cut into it not the banks

 

[old.Tohtori]

Mey is right
You agree'd to an overdraft when you signed up to the account, it is your fault if you cut into it not the banks

I think that's the point.

ou overdraft, fine, you get a charge.

The charge overdrafts you AGAIN and you get charged again, which in turn, overdrafts you.

See the problem?

Basically the bank keeping you in overdraft, while you try to pay the overdraft+charge for the overdraft.

 

[Chronictank]

I think that's the point.

ou overdraft, fine, you get a charge.

The charge overdrafts you AGAIN and you get charged again, which in turn, overdrafts you.

See the problem?

Basically the bank keeping you in overdraft, while you try to pay the overdraft+charge for the overdraft.

no i dont see the problem at all, you were suppose to pay it BEFORE the next charge
It isn't a loan but simply a stop gap in case you didnt have the money in the account at the time, you were expected to have the money to pay it back quickly

 

[old.Tohtori]

no i dont see the problem at all, you were suppose to pay it BEFORE the next charge
It isn't a loan but simply a stop gap in case you didnt have the money in the account at the time, you were expected to have the money to pay it back quickly

But....you pay the overdraft, manage to do so atleast, and then they hit you with the overdraft charge, which put you in overdraft again, which creates another charge.

The charge for overdraft should be separate, not taken from your account so you get yourself in this kind of "money for nothing" loop.

It's deviant, underhanded and downright criminal.

It's the same kind of bullsh*t that social services use: They count a bankloan as income, and a merit to give no social support. BUT, they don't count paying for that loan as an expense.

I get the "this is how it is in the UK", sure, but it's still f*cked up and wrong.

 

[kirennia]

Without getting into too much detail, when I was much younger a similar thing happened to my parents who had budgetted pretty tightly and then all of a sudden got a weeks worth of charges because of going less then a pound overdrawn (they were given no notice, being told its their responsibility to check their own account). They had no money to pay it back at the time so had to further budget, slowly reducing the repayments on daily charges. After visiting the bank on a number of occasions, documents which they signed allowed the bank to continue charging them daily. Some £3000 worth of charges later we were finally able to pay off those charges and change banks. The moral of the story? Have a buffer of at LEAST a few pounds and as soon as you get any charges, don't hesitate before doing something about it.

That was the halifax by the way...

I get the "this is how it is in the UK", sure, but it's still f*cked up and wrong.

It's very wrong but with banks getting into problems with the 'current financial climate', they'll be doing more of this as time goes on. The more I think about these things, the sadder it all seems...

 

[Golena]

About spending money, can relate that sometimes you just need cash and it's no "i'll buy games!" thing, or because ou go boozing, but because basic living costs.

I agree. I think you'll be hard pushed to find anyone in financial trouble that hasn't spent at least some of it that they didn't need to in the last 4 months tho.

It's because the loop you mentioned exists that having a financial buffer is 100% neccessary, yet people seem to keep spending their last pennies and assume that as long as their balance is positive today, that's enough.

 

[Succi]

its all part of life skills in the end, good xp yo!

 

[tris-]

i have an ISA account and im a fucking full time student, and my current account is currently positive.

its not that hard you crack heads.

my ISA has so far earned me £10 in 2 months and i didnt need to do jack shit!

my money sits there
i dont spend it
the bank GIVES ME money for not spending my money

its just genius man.

just going on my current balance, this time next year my money will of earned me £60!

btw, just one tip. the best thing i ever did was cut my mother fucking credit cards up. sure now i own a lot of nice shit but if i didnt get rid of them when i did id just keep buying stuff. if youre anything like me you have a tendancy just to buy something on the spot. if i want something i just buy it without thinking, though latley i am getting better.

 

[old.Tohtori]

Have to say though, sometimes you can't plan for everything. So it's possible to get into a sh*tstorm, no matter how financial genius you think you are.

Those who accept that, don't get into a panic when it does happen.

 

[tris-]

yeh but if youre just a typical run of the mill scum bag student, what problems are there to run into?

emergency pint?
unaccounted for spliff?
late night unbudgeted pizza delivery?

 

[old.Tohtori]

yeh but if youre just a typical run of the mill scum bag student, what problems are there to run into?

emergency pint?
unaccounted for spliff?
late night unbudgeted pizza delivery?

Well yeah if you're a student, you're financially f*cked already :lol:

My advice to any person is always, no credit cards, no loans, if you can.

If you must, loan from family as family don't take 10% interest rates.

 

[tris-]

even as a student youre not totally fucked.
most will live at home over the summer (personally i live at home all year).

but to use me as an example, ive been off uni since may 15th. i worked full time june 8th untill today and the only thing i didnt (and never have paid for) is food. i paid diesel, phone bills, gym membership and all my own shit. still ive ended up with an ISA account with a decent wad in there and a positive current account.. so im confused as to why another fellow student cannot do the same thing. what is it thats so crazy that you cant work for a few months and watch what you spend?

btw though, out of it i also got a 22" widescreen monitor, car sound system, new clothes, trainers i designed my self and a lot of booze etc. paid off credit cards.

ill stop rubbing your face in it now dave

 

[old.Tohtori]

Food is a big expense though, i'd suggest you take a week and buy all your own food, EVERYTHING, just as a "well look at that".

Don't go into it as a "i'll buy really really cheap and show 'em", but as a "let's see how much it costs for me to eat".

When you take all the things that are granted, bread, butter, flower, bacons, eggs, whatnots, it adds up realyl quick.

I'd say 40% atleast from my monthly expense(not counting rent) goes to food and other "basic living" stuff like lamps etc.

 

[tris-]

i can tell you that my food costs average to £100 a month.

my parents put the money into my account and i buy my own shopping and spend it all on food. i started this about a year ago and im getting pretty good at it now with finding cheaper alternatives, ive taken my food cost from £35 to £25!

 

[old.Tohtori]

i can tell you that my food costs average to £100 a month.

my parents put the money into my account and i buy my own shopping and spend it all on food. i started this about a year ago and im getting pretty good at it now with finding cheaper alternatives, ive taken my food cost from £35 to £25!

There ya go. If your parents give the cash for it, it's not "your problem" now is it?

That's why many students are in trouble, when you pay for everything yourself, the food cost takes a high slice from your cash.

Also, like said, washing materials, lamps, ovenpapers, etc etc etc. It all accumulates rather fast if you don't rely on family at all.

 

[tris-]

aye i see what you mean, but students not living at home get money in loan form and in some cases totally free for those very things. living at home i get less loan money as my parents cover the basic shit for me but the money they give me i spend on what its intended for.
though most will see it more beneficial to burn it on booze and drugs

 

[old.Tohtori]

aye i see what you mean, but students not living at home get money in loan form and in some cases totally free for those very things. living at home i get less loan money as my parents cover the basic shit for me but the money they give me i spend on what its intended for.
though most will see it more beneficial to burn it on booze and drugs

Yeah there's no real reason to complain about tight living if you go out pubbing every week :lol:

 

[Helme]

Am I just really cheap or living on like €400(-bills etc)a month is just fine as a student imho

Seriously, ravioli everyday of the week for a month, then change to like making large portions of lasagna and freezing it, keeping food prices pisslow, and just not eating out/buying stupid shit.

 

[old.Tohtori]

Am I just really cheap or living on like €400(-bills etc)a month is just fine as a student imho

Seriously, ravioli everyday of the week for a month, then change to like making large portions of lasagna and freezing it, keeping food prices pisslow, and just not eating out/buying stupid shit.

Depends. Rent, bills, what are the costs, etc?

Where do you live, what does food cost there, and so forth?

it's doable, but it ain't really fun living.

Also, your brain power, even if you think, doesn't stay in shape with pasta alone. As a student, i'd suggest variable foods to boot.

 

[Overdriven]

Heh, I have an advantage it seems. Starting uni in September, and I'm use to spending week alone at a time (Parent going away) and leaving me with a budget. Since I eat normally, it'd cost me maybe £100 a month on food anyway. Considering I'll have £83 a week to live on (Constantly, for the next year, after fees have been taken away) I shoud be quite fine.

I agree though, people really need to learn how to shop. I mean, it does actually add up. A WEEK worth of food for me (depending on if I feel like cooking) can range between £18 and £25, +10 if I decide I want to grab summit from a take-away on a day where I cba. Pleanty of shops where (in the UK, atleast) where you can get stuff like milk/coffee/bread (all the basic living stuff, including cleaning shite) for dead cheap anyway. Just need to know where to look.

Meat: Superstores (ASDA etc)
Sweets: 99p shop \o/ (Epic, 5 packs of burbons is coooool)
Milk/Bread/Coffee/Drinks/Crisps/Junk/Juice: Farmfoods (Fucking epic there, good amount of drinks)
Stuff like cleaning stuff (Axe/Lynx/Washing soap): Whereever tbh. I stick to branded stuff for this, so it's more costly

 

[Uara]

When I was at Uni in Leeds I went to the big market building thingy and there was a section that was just butchers and they had like £5 deals which included->Sausages,Burgers,Chicken Legs,Liver,bit of beef,mince. Really good value!

 

[Aada]

i can tell you that my food costs average to £100 a month.

my parents put the money into my account and i buy my own shopping and spend it all on food. i started this about a year ago and im getting pretty good at it now with finding cheaper alternatives, ive taken my food cost from £35 to £25!

Mummy and Daddy bail you out?

;/

 

[leviathane]

As a new uni student the first couple of weeks is always what cripples the bank balance. Loads of nights out meeting new ppl quickly adds up.
And tbh tris- living at home means you'll save a fck load on not having to pay for rent and all the bills associated with renting.

 

[pikeh]

I was always fucked at the end of term for money, even though I had a job covering my rent.
Never went over my overdraft limit though, and always made sure I had a contingency if we were suddenly hit with an inflated fucking electric bill!
Yeah, I made some mistakes, buying shit I didn't need, but I had a good time and was, for the majority of the time, careful with what I spent. The thing that surprised me was all the little things adding up.

 

[tris-]

Mummy and Daddy bail you out?

;/

did you not read the post where i typed "i worked full time from june 8th untill today?"

work = you get paid.

now were all clear on that.

and so what if parents pay for my food? im not entitled to the extra income support that students who move from their homes can get. id be in the same boat if i got all the extra cash, as it is i dont. i get less for living at home, so who else will help?

 

[Ingafgrinn Macabre]

did you not read the post where i typed "i worked full time from june 8th untill today?"

work = you get paid.

now were all clear on that.

and so what if parents pay for my food? im not entitled to the extra income support that students who move from their homes can get. id be in the same boat if i got all the extra cash, as it is i dont. i get less for living at home, so who else will help?

You really have no idea... do ya.. :/