Went into overdraft - Parents are furious

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nervinez
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#1
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I've just finished my first year of university, and I'm on the cusp of my overdraft, around -£790 out of £1k. My parents are furious.

I would accept this if I had gotten any financial help this academic year, but I funded every single thing, from groceries to transport. I did not receive even a £1 from my parents, not even on my birthday. Plus I put £5k (I can't take it out once I've put it in) into a savings account using half my meager paycheck every month and around half of my total maintenance loan at their request.

I feel like my situation is understandable but now I'm not sure. I'm suddenly very embarrassed about being in debt. I'm not looking for much financial advice (back at home & working more so I should pay it off soon) but I'm wondering whether I should do as they say and close the student banking account? I feel like everything will be much harder but they insist it's a bad habit that will put me deep in debt later on.
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artful_lounger
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The whole point of a student overdraft is it's there to bridge the gap between your loan instalments etc, and help with costs over the summer. You shouldn't close your account because student finance England requires you have an account in your name to may maintenance loan payments to. They categorically cannot and will not pay it into someone else's account.

Anyway it's not really a big deal, just stop putting so much into your savings account until your clear out the overdraft if you're worrying about it. You may also want to plan to use your maintenance loan directly rather than putting it into a savings account (and if needed/desired, putting all of your earnings from your job into the savings account as long as you don't have a shortfall, in lieu of the maintenance loan).

Ultimately they need to stop micromanaging your finances because that IS a bad habit on their part which does little to help you. You've identified the issue and are taking steps to resolve it, and in fact the issue largely stemmed from their own meddling in getting you to put your maintenance loan in an inaccessible savings account. That is sufficient.
Last edited by artful_lounger; 1 month ago
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Surnia
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You're an adult. How do your parents know your financial situation and why are they trying to control how you manage your accounts?

Good advice above, and you need to understand how to manage your money.
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nervinez
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(Original post by Surnia)
You're an adult. How do your parents know your financial situation and why are they trying to control how you manage your accounts?

Good advice above, and you need to understand how to manage your money.
I'm not quite sure how to get around it? Is there anyway to effectively hide money? Every weekend I have to come home on Friday because I work 7am-10pm in my hometown (no public transport due to timings). During this they take the opportunity to check my accounts and transactions. They won't take a no. Same with putting money away 😓. It's all good saying I should put less but they're insisting I start saving for a house now. I'm only 19.
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Chwirkytheappleboy
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(Original post by nervinez)
During this they take the opportunity to check my accounts and transactions. They won't take a no.
This doesn’t sit well with me at all - either the fact that they think they can force you to show them your accounts, or that you bend over and let them. Grow up and stop letting them treat you like a child
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Surnia
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(Original post by nervinez)
I'm not quite sure how to get around it? Is there anyway to effectively hide money? Every weekend I have to come home on Friday because I work 7am-10pm in my hometown (no public transport due to timings). During this they take the opportunity to check my accounts and transactions. They won't take a no. Same with putting money away 😓. It's all good saying I should put less but they're insisting I start saving for a house now. I'm only 19.
They can only do that if you let them. Don't have paper bank accounts sent home, don't give them your bank cards, change your passwords, don't share the new ones and don't give them your phone or laptop, whatever you use for online banking.

It's your account, not theirs, and they have no right to know the details.
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Jack22031994
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#7
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(Original post by nervinez)
I'm not quite sure how to get around it? Is there anyway to effectively hide money? Every weekend I have to come home on Friday because I work 7am-10pm in my hometown (no public transport due to timings). During this they take the opportunity to check my accounts and transactions. They won't take a no. Same with putting money away 😓. It's all good saying I should put less but they're insisting I start saving for a house now. I'm only 19.
You’re an adult - they arent actually legally allowed to do that. I work for a bank and if I gave them that information, I’d be breaking Data Protection Law.

We’d also always advise customers not to share their account and log in information with anyone.
Last edited by Jack22031994; 1 month ago
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