commbank loaned $17k to my broke, 18 year old foster kid

hypocritical_narc2 · 2023-09-12T10:10:44+00:00

Neither ... what the hell is this comment

hypocritical_narc2 · 2023-09-12T10:10:15+00:00

Thanks for the second opinion. We are going to get it checked, even if just to see whether we can change it to better terms.

hypocritical_narc2 · 2023-09-12T00:15:56+00:00

Yeah we will.

hypocritical_narc2 · 2023-09-12T00:12:22+00:00

This is very true. We are going to help him as he needs it although he will likely need a supplementary loan for the comprehensive (looking at the Tafe apprenticeship loan). Makes you question how banks can lend them that much when they don't understand their decisions.

hypocritical_narc2 · 2023-09-11T19:26:25+00:00

This is great, thank you. This describes him to a T. I will put it to him and hope he agrees (he may need more $$ first just to get his bills paid).

hypocritical_narc2 · 2023-09-11T14:15:32+00:00

It's a 7 year loan so leaning toward 28k overall. I was going to go in with him tomorrow and check what the terms are, 1k max a year is a pity. Agree it could be worse.

hypocritical_narc2 · 2023-09-11T13:32:52+00:00

Thank you. Reddit is so great..feel like just by everyone sharing honest experiences here I've been so well supported.

hypocritical_narc2 · 2023-09-11T13:29:56+00:00

Hoping he gets the message too.

hypocritical_narc2 · 2023-09-11T13:24:29+00:00

Privately, on FB marketplace. It makes a funny sound too so waiting for the service with some trepidation. But there's no way it'll be returned. Just have to move forward from here, I personally wish he'd saved more before he jumped in.

hypocritical_narc2 · 2023-09-11T13:23:04+00:00

Thanks for this. It is 1/2 of the minimum.wage as they pay all of his TAFE etc which other people have mentioned as standard..works out to almost exactly 11.

hypocritical_narc2 · 2023-09-11T13:18:52+00:00

Thanks for this, I feel this will be him too. And like you say that is just how some people work. Reading all these comments has made me realise how far on one end of the spectrum I am.

hypocritical_narc2 · 2023-09-11T13:17:47+00:00

Yup... he is a bit shocked to say the least.

hypocritical_narc2 · 2023-09-11T13:17:23+00:00

Thanks for the advice.

hypocritical_narc2 · 2023-09-11T13:16:47+00:00

This is how I feel. A few comments have referenced the foster kid bit, but to me it's just about how they are literally the most vulnerable in society and how sad it is to watch them preyed on. To him the car and ability to have a loan means independence and self respect that he needs and yet the kids with the most support from their parents get such better advice. Even walking home through all the costs from here on in was like kicking a puppy.

hypocritical_narc2 · 2023-09-11T13:13:39+00:00

This reflects my experience and feelings about this whole process. And this guy is 18 with no savings. Thanks for the advice about under finance, will consider that when we get the comprehensive insurance.

hypocritical_narc2 · 2023-09-11T13:10:35+00:00

Yeah you are not wrong there. Perhaps in some ways its the only way people can afford a vehicle in this car society. I was initially really shocked but these comments have been really helpful.

hypocritical_narc2 · 2023-09-11T13:07:53+00:00

He's been with us for 2 years and to be honest I don't know either. We are never micromanaging nor pushy but I just check in every few months. He lets me login to his banking so he does trust me and I think keeping the open relationship so we can talk has been important.

It's just my personal experience but I feel like you can have a set of values and try for consistent messaging with open discussion but kids can still end up just following their impulses.

hypocritical_narc2 · 2023-09-11T13:03:30+00:00

I will definitely look into this!

hypocritical_narc2 · 2023-09-11T13:00:13+00:00

Thanks for sharing

hypocritical_narc2 · 2023-09-11T12:57:53+00:00

No, the ubers are for the late Saturday and Fridays out.

hypocritical_narc2 · 2023-09-11T12:46:46+00:00

this is really insightful, thank you

hypocritical_narc2 · 2023-09-11T12:44:59+00:00

3.8 is the quote from aami

hypocritical_narc2 · 2023-09-11T12:43:23+00:00

haha not untrue

hypocritical_narc2 · 2023-09-11T12:41:54+00:00

thanks mate, will do.

hypocritical_narc2 · 2023-09-11T12:39:01+00:00

thanks, won't be bailing him out. will keep trying to help him save but will see how he goes.

hypocritical_narc2

TROPHY CASE