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This is a question Debt pron

Watching TV the other day we caught one of these "Bank of Mummy or the Wife" type shows and we thought, "This is Debt Pron." I.e. peoples financial problems exploited for the voyeuristic pleasure of others. Then we thought, "We bet lots of people on B3ta have massive financial problems. Let's exploit them." So, confess them all. Dodgy credit cards, lending money to some bloke in the pub, visits from the bailiffs, using one card to pay off another. We want to wallow in your fiscal pain. So, what is your biggest money fuck up?

(, Thu 23 Nov 2006, 19:50)
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Lloyds f***ing TSB
Whilst at Uni, I moved house several times, and instead of keeping my same home address, and expecting my parents to forward all my mail to me, I used my current address as my correspondence address. When I moved, I'd tell my bank, and they'd then send my statements etc to the new place.

Or so I thought....

Lloyds, being so super efficient, didn't quite grasp the concept of sending all of my post to this address. They also had this ridiculous scheme of requiring you to renew your overdraft every year, which was a bit of a PITA, but not too much of a hardship for their interest free cash.

By the time I was in the 3rd year, this O/D had crept up to £1500, and I thought that all was fine and dandy, statements were arriving, I wasn't going over my limit etc, was managing my finances reasonably well.

What I wasn't aware of, was that Lloyds were sending increasingly nasty letters to an old address asking me to renew my overdraft, until they phoned me up one day asking me to repay it all immediately.

When I suggested that it might have been useful to send these letters to the same address as the one they used for my statements, this was dismissed as a crazy notion. I also foolishly thought that they might be able to reinstate this overdraft for me. Yes, not a problem, as soon as you pay it all off.

So, let me get this correct, if I give you £1500, you will let me borrow it again.

Yes sir, that's correct.

What if I don't have £1500 right this very moment.

Not a problem, you can arrange to pay it off over a period of time, and for every month we will shaft your credit rating.

So, I paid it off to the tune of £100/month, and promptly shut the account, never to deal with Lloyds f***ing TSB ever again.

That was of course until a couple of years later, when I was in a bit of a hole, and stupidly took out a loan, and due to them shafting my credit rating previously, were the only ones who would touch me, and I agreed to the tune of around 30% APR on £2k.

Fortunately I then got a decent job, with a nice overseas bonus, and could afford to pay it off early, and not be raped quite so badly.

Since then, things haven't been so bad, but looking back, it could have got a lot worse

Apologies for length, it’s my first time
(, Mon 27 Nov 2006, 14:18, Reply)

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