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Money worries

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By *ovelifelovefuntimes OP   Man
over a year ago

Where ever I lay my hat

Interesting articles today suggesting people would like their banks to analyse their data and help keep them out of financial difficulty. Would you be comfortable being helped in this way if you were over burdened with debt and/or were in some financial distress?

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By (user no longer on site)
over a year ago

Nope, as someone who has been in and got out of crippling debt, it was my responsibility alone to deal with my money problems.

But as for what youre asking, don't banks already do credit checks?

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By *ovelifelovefuntimes OP   Man
over a year ago

Where ever I lay my hat


"Nope, as someone who has been in and got out of crippling debt, it was my responsibility alone to deal with my money problems.

But as for what youre asking, don't banks already do credit checks?"

They do but they are pretty basic. This is suggesting that analysis of your spending habits and behavioural analysis etc can help people to manage their situation better.

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By *rwhowhatwherewhyMan
over a year ago

Aylesbury

I'm not sure if I trust the banks that much. I mean what would stop them from selling that data on the down low? Sweet FA!

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By *ovelifelovefuntimes OP   Man
over a year ago

Where ever I lay my hat


"I'm not sure if I trust the banks that much. I mean what would stop them from selling that data on the down low? Sweet FA!"

Strict rules on that now from FCA and GDPR. It would be aimed at those who are financially vulnerable. UK has terrible financial literacy rates, a lot of people simply don't understand debt and how to manage money.

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By *a LunaWoman
over a year ago

South

Some banks do that already.

They withdraw your bank cards from you and make you go into branch to withdraw a pre approved amount of money from your account.

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By *rwhowhatwherewhyMan
over a year ago

Aylesbury


"I'm not sure if I trust the banks that much. I mean what would stop them from selling that data on the down low? Sweet FA!

Strict rules on that now from FCA and GDPR. It would be aimed at those who are financially vulnerable. UK has terrible financial literacy rates, a lot of people simply don't understand debt and how to manage money."

We also have irresponsible bankers.

*coughs* financial crash of 2008 *coughs*

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By *abs..Woman
over a year ago

..

If a person in debt or difficulty managing their money feels that it would of benefit to them, then why not?

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By *heekyFlirtyCoupleCouple
over a year ago

Stockport

I’ve always thought that budgeting skills should be taught at school age to help people have a better grasp of paying bills and how to manage money etc. I was ok as I had great parents that went through what was needed in the big wide world, but not everybody has this.

Not everyone listens either and people want everything now and not prepared to save for it. I really don’t know what is best.

In the old days banks used to offer annual reviews and know their customers, sadly as most of the banks near us have closed and I’m assuming this is the case in loads of towns I can’t see them offering such a personal service it would be far to costly now?

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By *ovelifelovefuntimes OP   Man
over a year ago

Where ever I lay my hat


"I’ve always thought that budgeting skills should be taught at school age to help people have a better grasp of paying bills and how to manage money etc. I was ok as I had great parents that went through what was needed in the big wide world, but not everybody has this.

Not everyone listens either and people want everything now and not prepared to save for it. I really don’t know what is best.

In the old days banks used to offer annual reviews and know their customers, sadly as most of the banks near us have closed and I’m assuming this is the case in loads of towns I can’t see them offering such a personal service it would be far to costly now?"

It's amazing what technology can now do. Think of Alexa as your bank manager!

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By *abs..Woman
over a year ago

..


"I’ve always thought that budgeting skills should be taught at school age to help people have a better grasp of paying bills and how to manage money etc. I was ok as I had great parents that went through what was needed in the big wide world, but not everybody has this.

Not everyone listens either and people want everything now and not prepared to save for it. I really don’t know what is best.

In the old days banks used to offer annual reviews and know their customers, sadly as most of the banks near us have closed and I’m assuming this is the case in loads of towns I can’t see them offering such a personal service it would be far to costly now?"

I also think it should be taught as part of PSHE at school. It’s a skill we all need to have.

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By *ovelifelovefuntimes OP   Man
over a year ago

Where ever I lay my hat

Totally agree on the education. Crazy that it's not taught in school.

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By *moothman2000Man
over a year ago

Leicestershire

Absolutely not.

The banks have shown exactly how well they grasp the concept of finances.

If that becomes the way we live then I'll withdraw all my wages each month and use a shoebox under the bed.

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By *ovelifelovefuntimes OP   Man
over a year ago

Where ever I lay my hat


"Absolutely not.

The banks have shown exactly how well they grasp the concept of finances.

If that becomes the way we live then I'll withdraw all my wages each month and use a shoebox under the bed."

what if wasn't a bank that could help?

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By *partharmonyCouple
over a year ago

Ruislip

I think they should give you the option if you want it but not impose themselves on you.

I think it's more important that they give you tools which help you manage finances yourself. Having visibility of income and outgoings and a breakdown of what's going where would be a big help.

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By *ovelifelovefuntimes OP   Man
over a year ago

Where ever I lay my hat


"I think they should give you the option if you want it but not impose themselves on you.

I think it's more important that they give you tools which help you manage finances yourself. Having visibility of income and outgoings and a breakdown of what's going where would be a big help.

"

absolutely has to be opt in

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By *xperimentalistMan
over a year ago

East Yorkshire

Mine always try to offer me a "review" if I go in for something, normally trying to sell me an additional service I don't want or need.

Strangely I always have a pressing engagement that I must get to.

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By *ovelifelovefuntimes OP   Man
over a year ago

Where ever I lay my hat


"Mine always try to offer me a "review" if I go in for something, normally trying to sell me an additional service I don't want or need.

Strangely I always have a pressing engagement that I must get to. "

But if you had a virtual assistant designed for you, to help you, who knows you, would there be some value in that?

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By *orenzoVonMatterhornMan
over a year ago

Lincoln

I imagine this could be a useful tool in cases of gambling addiction. It may help keep them from spiralling further, though I suppose they could always find a way around it.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

I wouldn't personally welcome it. We've been in some very tight financial situations that no amount of analysis would have helped. We simply didn't have enough money to cover our basic outgoings, we knew what we needed to do and did it.

If someone needed help and it was made clear it was available therefore was their choice to accept it, fair enough.

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By *ovelifelovefuntimes OP   Man
over a year ago

Where ever I lay my hat


"I wouldn't personally welcome it. We've been in some very tight financial situations that no amount of analysis would have helped. We simply didn't have enough money to cover our basic outgoings, we knew what we needed to do and did it.

If someone needed help and it was made clear it was available therefore was their choice to accept it, fair enough.

"

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By (user no longer on site)
over a year ago


"I think they should give you the option if you want it but not impose themselves on you.

I think it's more important that they give you tools which help you manage finances yourself. Having visibility of income and outgoings and a breakdown of what's going where would be a big help. "

There are a lot of app based bank accounts opening up nowadays that offer useful tools such as separating money into different virtual pots. I believe Monzo is the name for one of them.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex


"I imagine this could be a useful tool in cases of gambling addiction. It may help keep them from spiralling further, though I suppose they could always find a way around it."

you're right they would find a way round it. If they couldn't access their own money they would use someone elses.

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By (user no longer on site)
over a year ago

Mine is under my mattresses I'm a little money princess...

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By *etite HandfulWoman
over a year ago

Chester

With banks past actions over the tears I don't think you could really trust them with more control. Lets face it they don't want people out of debt they just want them just coping paying maximum interest.

The reality is though if you watch what you spend and budget properly you shouldn't have problems.

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By *lenderfoxMan
over a year ago

Leeds

Think some banks now let you limit spending to firms in certain markets, such as bars or gambling. Definitely a good thing for some people

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By *ex HolesMan
over a year ago

Up North


"Interesting articles today suggesting people would like their banks to analyse their data and help keep them out of financial difficulty. Would you be comfortable being helped in this way if you were over burdened with debt and/or were in some financial distress?"

No as I was brought up to understand the value of money. Some fools and their money are easily parted.

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By *radleywigginsMan
over a year ago

northwest

I remember overhearing the following conversation between my housemate and the bank when we were at university

Him: ‘hello there, can I increase my overdraft!’

Bank: ‘we’re checking your account now, do you realise you spend £16.50 at the same time every day at Thresher’s?’

Him: ‘yes, and?’

Bank: ‘Just wondering Sir, is it one of the larger stores? The kind that do food and stuff..?’

Him: ‘no’

Bank: ‘a further £250 sir, enjoy’

People don’t give a shit what the bank or anyone else say or think. The problem is our aspirational society and the fact that free credit has removed the need ever to save for anything.

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By *ovelifelovefuntimes OP   Man
over a year ago

Where ever I lay my hat


"I remember overhearing the following conversation between my housemate and the bank when we were at university

Him: ‘hello there, can I increase my overdraft!’

Bank: ‘we’re checking your account now, do you realise you spend £16.50 at the same time every day at Thresher’s?’

Him: ‘yes, and?’

Bank: ‘Just wondering Sir, is it one of the larger stores? The kind that do food and stuff..?’

Him: ‘no’

Bank: ‘a further £250 sir, enjoy’

People don’t give a shit what the bank or anyone else say or think. The problem is our aspirational society and the fact that free credit has removed the need ever to save for anything.

"

That's the issue, people become dependent on free credit, consumerism encourages more spending such that they then need expensive credit and before long are locked into a spiral of debts which are unsustainable.

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By (user no longer on site)
over a year ago


"I remember overhearing the following conversation between my housemate and the bank when we were at university

Him: ‘hello there, can I increase my overdraft!’

Bank: ‘we’re checking your account now, do you realise you spend £16.50 at the same time every day at Thresher’s?’

Him: ‘yes, and?’

Bank: ‘Just wondering Sir, is it one of the larger stores? The kind that do food and stuff..?’

Him: ‘no’

Bank: ‘a further £250 sir, enjoy’

People don’t give a shit what the bank or anyone else say or think. The problem is our aspirational society and the fact that free credit has removed the need ever to save for anything.

That's the issue, people become dependent on free credit, consumerism encourages more spending such that they then need expensive credit and before long are locked into a spiral of debts which are unsustainable. "

Agreed... I caught the tail end of weekly pay before everything started going to monthly. Just a theory, but was it easier back then to control money on a weekly salary?

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By *pursChick aka ShortieWoman
over a year ago

On a mooch

My bank already tells me how I spend my money

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By *DreamOfGenieWoman
over a year ago

London

Works the other way too...it wasn't until I was in my late twenties (I know...) that I realised being good with my money, spending within my means, not having an overdraft, credit card or loan was in fact not great in the real world. Still working on building my credit rating. Ffs.

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By *adame 2SwordsWoman
over a year ago

Victoria, London

Natwest finally admitted to mis-selling me a consolidated loan of £32k, woo hoo! Thank you Martin Lewis, Money Expert.com

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By *wisted999Man
over a year ago

North Bucks

If it was done ethically with the clients best interest at heart then yes.

But banking and ethics......?

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By (user no longer on site)
over a year ago

Can you imagine how the economy would suffer if people didn't take on debt

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By (user no longer on site)
over a year ago


"Natwest finally admitted to mis-selling me a consolidated loan of £32k, woo hoo! Thank you Martin Lewis, Money Expert.com"

How were you mis sold it

Did you not know what you were taking on or did they really persuade you to take on such a large loan

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By (user no longer on site)
over a year ago

It's a no from me... Learnt the hard way to budget properly... Still paying the price tbh but I'm all the better for it

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By (user no longer on site)
over a year ago

I dont trust banks

End of

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By *heekyFlirtyCoupleCouple
over a year ago

Stockport


"

Agreed... I caught the tail end of weekly pay before everything started going to monthly. Just a theory, but was it easier back then to control money on a weekly salary? "

One of the things I taught my son when he got his first job was to have two bank accounts. One for bills and one for spends, once he worked out what bills had to be paid he multiplied what was left by 12 and divided by 52 then set up a weekly standing order from the bills account to his spends account. He thought it was silly at first tell he realised he still had money the week before payday when none of his friends did! He still works on a similar system now!

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By *d59michelleTV/TS
over a year ago

walsall

Agreed... I caught the tail end of weekly pay before everything started going to monthly. Just a theory, but was it easier back then to control money on a weekly salary?

Yes once you had spent it it was gone spent many a Wednesday afternoon walking around with just a pound left for the pub that night (3 pints back in those days )

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By *ovelifelovefuntimes OP   Man
over a year ago

Where ever I lay my hat


"Works the other way too...it wasn't until I was in my late twenties (I know...) that I realised being good with my money, spending within my means, not having an overdraft, credit card or loan was in fact not great in the real world. Still working on building my credit rating. Ffs."

Which is why the current system is screwed. Imagine a technology that rewarded your prudent approach to money with an ultra high credit rating.....

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By (user no longer on site)
over a year ago


"

Agreed... I caught the tail end of weekly pay before everything started going to monthly. Just a theory, but was it easier back then to control money on a weekly salary?

One of the things I taught my son when he got his first job was to have two bank accounts. One for bills and one for spends, once he worked out what bills had to be paid he multiplied what was left by 12 and divided by 52 then set up a weekly standing order from the bills account to his spends account. He thought it was silly at first tell he realised he still had money the week before payday when none of his friends did! He still works on a similar system now! "

I like that a lot

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