Debt pronWatching 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?
(
rob, Thu 23 Nov 2006, 19:50)
« Go Back
Debt without SpendingI managed to get almost £4,000 in debt without ever spending a quid. I (stupidly) opened an 'emergency' (read: second, illegal) student account with a 1280 overdraft. 'Perfect for emergencies!' I thought, squirreling the debit card away in my room and drinking my real student loan away.
When the time came to spend the 'emergency' cash on a gas bill, I wrote a friend a cheque. It bounced. I rang the bank and was rather alarmed to find I was 1280 in debt and counting (added charges from unauthorised overdraft etc). Turns out that my charming (bitch) housemate had called the bank, changed my address on the phone, then ordered a new card and book to that address!
The bank wouldn't believe me (even though I had never lived at the other address and the signatures on the cheques didn't match). I was told repeatedly to 'stop spending money you don't have' and the Police did sod all as it was over 6 months after her spending that I found out (and the shops she was spending in had recorded over their CCTV at this point.) She bought a new PC, digital camera (back when they were pricy!), clothes, beer, you name it.
Four years later and I have graduated, I have a good job, lovely home, even a decent credit rating. Every few months I get a letter saying 'reply within 28 days or the baliffs WILL come' (they must get lost on the way every time..)
So, getting fed up of the hassle I write to the bank who respond with 'set up a payment plan etc etc blah otherwise we will send men with hammers to break your toes'.
Get mad and write to the Financial Ombudsman. Suddenly the bank wants to co-operate! Funny that! I sent off 4 years of photocopied letters etc which prove my innocence. Haven't heard back in 6 months. Ball's in their court now!
So: 2 lessons learned.
1. DO NOT BANK WITH NATWEST. EVER. Even if the only other option is saving your money in a box under the mattress of a family of chavs in Beirut.
2. Ignore the bank and go straight to the Ombudsman. Banks are shit. Ombudsmen are ace.
(, Tue 28 Nov 2006, 15:52, Reply)
« Go Back