Bank or me Irresponsible?

I also dont understand how you have so little paid back since 2004 if your earnings were actually 500-600 a week (and not a month as I earlier misread).
 
problemchild said:
I never used ATM machines, There are ZERO ATM transactions on my account.
(I had a part-time pub job that paid me cash, so I never needed to withdraw from the ATM)
All transactions are Over-the-counter payment Via Laser.
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this explains it - I think laser transaction are all debited immediately now but in the mid 2000's probably only 1 in 7 was checked. still seems very lucky that you weren't rejected earlier
 
truthseeker said:
What was putting money INTO the account? A different job?
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Yes my full-time Job. The job that paid me by the month.

I left this job during the time I was using this account so for the final 6months no money was going into my account but the bank continued to autherise Direct Debits and any over-the -counter transactions I made.

I know now that It was foolish but at the time I was totally clueless and presumed there must of money in the account if they continued to let me spend.

I was 18- 19 years old, moved out of home, went out with my friends every nite of the week, loved to shop I was honesly stuipd and clueless.
But I really think my bank should of stepped in and stopped honouring these transactions.
I asked the manager on the phone why I wasnt stopped, I got silence as a response.
 
problemchild said:
I know now that It was foolish but at the time I was totally clueless and presumed there must of money in the account if they continued to let me spend.
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This is where Im having a failure to compute. Ok - you thought there was still money there - did you never think 'i wonder how much money is still there because if I dont check it at some point it might run out and I dont want to run out while Im trying to buy something essential - like food'.
 
I totally understand what you all are saying,
WHY did I not wonder where the money was coming from???
I was a teenager.. I hadnt a clue what I was doing or any idea how banking systems worked. Never told, Never met anyone in the bank.. Just received a letter asking did I want an overdraft.. I siad "oh yippy.. money" and that was it..
I went out enjoyed myself with my friends and bought new clothes!

I left my job to travel in 2005 so I had no wages going into the account. I paid back €40 from that time on.
It was 6months after I left my job that I discovered the outstanding balance!
 
truthseeker said:
This is where Im having a failure to compute. Ok - you thought there was still money there - did you never think 'i wonder how much money is still there because if I dont check it at some point it might run out and I dont want to run out while Im trying to buy something essential - like food'.
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I used the laser for stupid things like clothes and luxury items so i always knew if it was declined it didnt really matter. I though Im hardly overdrawn that much I can pay it off quick enough with a part-time job.

I even have a transaction from the passport office.. when I was getting my passport to travel, this was 4months after I left my job.. so they allowed a transaction go through when no money went into the account for 4 months and it was over €6000 overdrawn???? Its completely crazy.
 
problemchild said:
I even have a transaction from the passport office.. when I was getting my passport to travel, this was 4months after I left my job.. so they allowed a transaction go through when no money went into the account for 4 months and it was over €6000 overdrawn???? Its completely crazy.
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Yes - it does seem strange that they wouldnt have contacted you at all to find out why you werent paying them back anything.

I concur with other posters - are you sure all the transactions really are your transactions?

And how come you have paid back so little in the 6 years since then?
 
Yes they are all my transactions sadly,
I have very little paid back because I havent had very much money to pay back. Its €40 a week for the last year but before this is was only €10 a week I was at college, only worked part-time and had a credit union loan to repay also.
 
You were 18 years old at the time earning a weekly wage of about €500 - €600 a week. Do you realize you were earning more than some families were and you then go rakeing up an overdraft facility of €8500.

What in God's name did you spend it on??

You have learned a hard lesson and I wouldn't for one minute blame the banks on this occassion.
 
Marietta said:
You were 18 years old at the time earning a weekly wage of about €500 - €600 a week. Do you realize you were earning more than some families were and you then go rakeing up an overdraft facility of €8500.

What in God's name did you spend it on??

You have learned a hard lesson and I wouldn't for one minute blame the banks on this occassion.
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If I met an 18 year old me right now I would slap me stupid.
I was a brat.. I had no clue of anything.. why in the world would a bank allow a clueless child spend so much money??

I can honeslty say I had no clue or concept of any responsability.
But seriously no financial institution should ever of allowed that to happen.

I work dam hard for my money now, 50 -60 hours a week. I put myself through college and Im a single parent receiving no help from social welfare.
I learned more than you would ever believe for my stupid carry on
 
OP - what interest rate is on the overdraft? When you were paying back 10 euro a week on it - was that actually making a dent in the capital at all or only the interest?

I think its a harsh lesson learned for you. You made the choice to go to college and only pay back 10 euro a week, prior to that you made the choice to go travelling etc.... You make choices, you have to live with the consequences.

I dont see how you put off college to pay it off, you are paying it back from working the past year, and the year after it happened you travelled for a year, that only leaves 4 years in between and you went to college then - so how did you put off going to college to pay it off?

I also dont see you making much headway with a bank by saying 'I ran up this debt 6 years ago and NOW I want to complain about it' - Id imagine the time for complaining was 6 years ago.
 
truthseeker said:
OP - what interest rate is on the overdraft? When you were paying back 10 euro a week on it - was that actually making a dent in the capital at all or only the interest?

I think its a harsh lesson learned for you. You made the choice to go to college and only pay back 10 euro a week, prior to that you made the choice to go travelling etc.... You make choices, you have to live with the consequences.

I dont see how you put off college to pay it off, you are paying it back from working the past year, and the year after it happened you travelled for a year, that only leaves 4 years in between and you went to college then - so how did you put off going to college to pay it off?

I also dont see you making much headway with a bank by saying 'I ran up this debt 6 years ago and NOW I want to complain about it' - Id imagine the time for complaining was 6 years ago.
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ok when I say travel, I went to america to live with my relations. I was heart broken over the money I owed and got quite depressed. I couldnt afford my college place and that made the depression worse. My relations asked me to stay with them to try get myself sorted.
I worked and saved money.

I paid a lump amount on my return. but it wasnt anywhere close to the balance. I knew I needed to go to college or I would never have a chance to go further in a job or life in general So I made the choice to lower the repayment amount and study.

The bank did tell me in 2008 that I should give up college because they wanted there money paid back and college was a luxury I couldnt afford.

Look, Im guessing from all your advice is that the bank were just nice enough to give me all that extra money and I was stupid enough to spend it.. so its my problem!
 
problemchild said:
ok when I say travel, I went to america to live with my relations. I was heart broken over the money I owed and got quite depressed. I couldnt afford my college place and that made the depression worse. My relations asked me to stay with them to try get myself sorted.
I worked and saved money.
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Well at least you had a conscience about the money you owed and started to make amends, there are many who never gave a damn about what they owed even though they were in a position to pay it back but instead they absconded.
 
problemchild said:
Look, Im guessing from all your advice is that the bank were just nice enough to give me all that extra money and I was stupid enough to spend it.. so its my problem!
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Nice? The bank LOVE people like you - it earns them more money - no, I dont think they were being nice at all - they were doing business!!!

And Id say you were naive rather than stupid - so it happens, try to pay it back and consider it a hard lesson learned - and you know, better to learn that lesson over 8500 euro than learn it over 100000 euro or more - which many people have done and have a life to face of paying back - compared to you - youll have it sorted in the next couple of years.
 
If you owed the bank so much, how did you afford to go travelling? You also say you have a credit union loan. What did you need that for?

When I first started working I didn't get monthly statements so I would often go to bank machines to get a balance slip so I could keep an eye on my account, even if I wasn't taking out any cash.

I understand you were very young but you were an adult, not a child. Even though the bank may have made a mistake with your overdraft facility, you still spent the money. It is a big lesson to be learnt. I'm sure you will be very careful for the rest of your life!
 
I would go meet bank manager for explanantion of how an approved overdraft went from 500 to 8500

The bank should take some blame in this as well

Whatever in account now get overdraft removed and get a term loan on it

Are you sure all your wages at time were lodged if credited each week?
 
Marietta said:
papervalue said:
Whatever in account now get overdraft removed and get a term loan on it

QUOTE]


A term loan is a very good idea particular now as the OP is struggling and has a child. That should have been done a long time ago
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I have contacted the bank plenty of times in relation to solutions and have been met with a wall of silence.

I have been given a balance and and slowly trying to pay it back.

Credit union loan I have was for college fee and costs.
I save weekly with the credit union and they are very different than the bank.
They alway review your income and never let you borrow more than you can afford.
I would never borrow from a bank ever again.
I also have been told that due to my history with this bank I will probably be in my 40's before I can borrow to buy or build my own home

Its horrible because I have paid out dead money on rent for years. I have a piece of family land that I could build on but cant dream of borrowing to build on it.
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Im assuming youre only 28(ish) now? Why will it take you til into your 40s to pay back the 3000 thats left?

How much are you paying back a week/month now? And what kind of interest is going on it now?
 
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