problemchild
Registered User
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- 19
Just looking for opinions,
Quite a number of years ago I banked with a well known institution. I had just turned 18, started a new job and my bank offered me quite alot of financial packages.
I was offered an overdraft facility of €500. Being 18 and very much stupid I began spending, and spending and spending!
Not untill my account reached €8500 overdrawn did my bank stop the over draft facility.
In my own teenage blinkered foolishness I believed that my wage was clearing my balance and I was still under my €500 overdraft limit.
I received a letter to stay I was required to pay the full €8500 or Id be taken to court. I was 19 then, completely shocked and hadnt a clue what to do. I came to an arrangement to make repayments.
I did question why I was allowed to over spend that much, branch manager response, " You spent, You pay".
I have been repaying ever since, that was 2004, Its now 2010, I still owe over €3000.
The interest keeps mounting up so I will be paying this for years to come.
Is this my own problem and I have no complaint with the bank or do you think they owed me a duty of care given my age and failure to restrict my overdraft facility?
Quite a number of years ago I banked with a well known institution. I had just turned 18, started a new job and my bank offered me quite alot of financial packages.
I was offered an overdraft facility of €500. Being 18 and very much stupid I began spending, and spending and spending!
Not untill my account reached €8500 overdrawn did my bank stop the over draft facility.
In my own teenage blinkered foolishness I believed that my wage was clearing my balance and I was still under my €500 overdraft limit.
I received a letter to stay I was required to pay the full €8500 or Id be taken to court. I was 19 then, completely shocked and hadnt a clue what to do. I came to an arrangement to make repayments.
I did question why I was allowed to over spend that much, branch manager response, " You spent, You pay".
I have been repaying ever since, that was 2004, Its now 2010, I still owe over €3000.
The interest keeps mounting up so I will be paying this for years to come.
Is this my own problem and I have no complaint with the bank or do you think they owed me a duty of care given my age and failure to restrict my overdraft facility?