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AMA/Expert Q&A - Money Management

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Comments

  • DancerDancer Bog Off Justine! Posts: 5,896 Part of The Furniture
    Kasa2103 said:
    What inspired you to take up the opportunity to be the Head of Education for Young Adults at MyBnk?
    Well I came to MyBnk with a project they took over - The Money House - where I was working as a trainer. Over the last 3 years, I've moved up the organisation from trainer to Head of Education which has been a wonderful, challenging and overall fun experience! 

    I never thought I'd be doing this job when I was a teenager! It's wonderful where life takes us!
    Oh wow that sounds really cool. Thank you for explaining that to me. Life is a journey and it sometimes can be a really bumpy journey.
    I'm a fruit loop. 🍊➰

    There's a part of me I can't get back.  A little girl grew up too fast. All it took was once. I'll never be the same.
    Nick_MyBnk
  • Nick_MyBnkNick_MyBnk Posts: 25 Expert
    Kasa2103 said:
    Wow that actually does not sound as bad as I thought it would be. I am actually doing some volunteering/training to be a gymnastics coach (or at least I was before lockdown but hopefully starting again when social distancing measures make it safe for the gymnastics club to re-open.)
    Here's the link I used to do the math in case you want to take a closer look! Remember - £14 was the AVERAGE...not the highest :)

    https://www.indeed.co.uk/salaries/gymnastics-coach-Salaries
  • DancerDancer Bog Off Justine! Posts: 5,896 Part of The Furniture
    Eleanor said:
    Hey @Nick_MyBnk Thanks for answering my question! Can you explain a little more about credit scores please :) 
    I agree with you with the thing about credit scores. I asked @Nick_MyBnk to explain more about credit scores. :)
    I'm a fruit loop. 🍊➰

    There's a part of me I can't get back.  A little girl grew up too fast. All it took was once. I'll never be the same.
  • DancerDancer Bog Off Justine! Posts: 5,896 Part of The Furniture
    Kasa2103 said:
    Wow that actually does not sound as bad as I thought it would be. I am actually doing some volunteering/training to be a gymnastics coach (or at least I was before lockdown but hopefully starting again when social distancing measures make it safe for the gymnastics club to re-open.)
    Here's the link I used to do the math in case you want to take a closer look! Remember - £14 was the AVERAGE...not the highest :)

    https://www.indeed.co.uk/salaries/gymnastics-coach-Salaries
    Thank you. 
    I'm a fruit loop. 🍊➰

    There's a part of me I can't get back.  A little girl grew up too fast. All it took was once. I'll never be the same.
  • Nick_MyBnkNick_MyBnk Posts: 25 Expert
    Kasa2103 said:
    What exactly is a credit score? I noticed that you mentioned about a credit score to @Eleanor

    What is a credit score used for?

    How can you boost the score?

    Do I need to worry about it as I am only 14?


    The only thing that I know about a credit score is that it is mentioned in the ClearScore adverts with Moose (the super cute dog.) 
    Whoops! Almost missed this one!

    A credit score is basically a score based on how much people trust you when they lend to you. Things like phone contracts, gas bills and loans all report if you pay on time or not. If you have a bad credit file, either people won't lend to you or they will, but charge a LOT extra (HIGHER APR!)

    You can't borrow until 18 so not much you can do to build your score now! But when you get to 16, you can technically ask to be put on your parents bills as a named person which can help your score. However if your parents miss payments, your file will also be hurt so that's an individual choice.

    Once you're old enough to vote, make sure you register! It helps your credit score (cos they know where you live!!) and can be the difference between getting a phone contract or not!

    Long story short, you got 3/4 years until its a thing for you! :)
    Zen
  • Nick_MyBnkNick_MyBnk Posts: 25 Expert
    edited June 2020
    Eleanor said:
    Hey @Nick_MyBnk Thanks for answering my question! Can you explain a little more about credit scores please :) 
    Sure!

    Imagine you saw someone random on the street and they asked to borrow your bag...you'd probably say no, right? You know NOTHING about them, you don't know if they'll return it...its a bad idea!

    But what if someone who you TRUST tells you they always bring it back on time and they look after the stuff you borrow them...you can see how that recommendation from a trusted source might help!

    That's a credit score - companies ask the credit score "bureaus" (people like Experian or Clear Score) - what your credit history is like and make a decision on whether they should lend or give you the financial product you want. 

    Things like your phone bill, bills for the house (but not rent weirdly!), loans and credit cards all count toward your credit file. Pay on time, and your file looks good! Pay late or miss payments, and everyone can see if they check your file.

    Would you borrow to someone who missed their last 4 phone payments?

    Or maybe you can see they've never missed a payment so you don't feel bad about borrowing them the cash.

    Long story short - a credit file is your borrowing history, and the better it is, the better the borrowing options you will have later :)

    We did a episode on our MyMoneycast on debt - check it out here if you're interested! 

  • DancerDancer Bog Off Justine! Posts: 5,896 Part of The Furniture
    Kasa2103 said:
    What exactly is a credit score? I noticed that you mentioned about a credit score to @Eleanor

    What is a credit score used for?

    How can you boost the score?

    Do I need to worry about it as I am only 14?


    The only thing that I know about a credit score is that it is mentioned in the ClearScore adverts with Moose (the super cute dog.) 
    Whoops! Almost missed this one!

    A credit score is basically a score based on how much people trust you when they lend to you. Things like phone contracts, gas bills and loans all report if you pay on time or not. If you have a bad credit file, either people won't lend to you or they will, but charge a LOT extra (HIGHER APR!)

    You can't borrow until 18 so not much you can do to build your score now! But when you get to 16, you can technically ask to be put on your parents bills as a named person which can help your score. However if your parents miss payments, your file will also be hurt so that's an individual choice.

    Once you're old enough to vote, make sure you register! It helps your credit score (cos they know where you live!!) and can be the difference between getting a phone contract or not!

    Long story short, you got 3/4 years until its a thing for you! :)
    Thank you. It is good to know about these sorts of things in advance so I know how to prepare myself for the future of money.  At least I rarely ask my parents for money  (and I usually get weekly pocket money from my dad.) I did a quiz as part of some Citizenship homework related to that money thing and I apparently am a good saver.
    I'm a fruit loop. 🍊➰

    There's a part of me I can't get back.  A little girl grew up too fast. All it took was once. I'll never be the same.
  • Nick_MyBnkNick_MyBnk Posts: 25 Expert
    Kasa2103 said:
    Kasa2103 said:
    What exactly is a credit score? I noticed that you mentioned about a credit score to @Eleanor

    What is a credit score used for?

    How can you boost the score?

    Do I need to worry about it as I am only 14?


    The only thing that I know about a credit score is that it is mentioned in the ClearScore adverts with Moose (the super cute dog.) 
    Whoops! Almost missed this one!

    A credit score is basically a score based on how much people trust you when they lend to you. Things like phone contracts, gas bills and loans all report if you pay on time or not. If you have a bad credit file, either people won't lend to you or they will, but charge a LOT extra (HIGHER APR!)

    You can't borrow until 18 so not much you can do to build your score now! But when you get to 16, you can technically ask to be put on your parents bills as a named person which can help your score. However if your parents miss payments, your file will also be hurt so that's an individual choice.

    Once you're old enough to vote, make sure you register! It helps your credit score (cos they know where you live!!) and can be the difference between getting a phone contract or not!

    Long story short, you got 3/4 years until its a thing for you! :)
    Thank you. It is good to know about these sorts of things in advance so I know how to prepare myself for the future of money.  At least I rarely ask my parents for money  (and I usually get weekly pocket money from my dad.) I did a quiz as part of some Citizenship homework related to that money thing and I apparently am a good saver.
    Absolutely! You could also check out our e-learning course on The Mix called Money Works! Get a proper head start :)
  • DancerDancer Bog Off Justine! Posts: 5,896 Part of The Furniture
    Eleanor said:
    Hey @Nick_MyBnk Thanks for answering my question! Can you explain a little more about credit scores please :) 
    Sure!

    Imagine you saw someone random on the street and they asked to borrow your bag...you'd probably say no, right? You know NOTHING about them, you don't know if they'll return it...its a bad idea!

    But what if someone who you TRUST tells you they always bring it back on time and they look after the stuff you borrow them...you can see how that recommendation from a trusted source might help!

    That's a credit score - companies ask the credit score "bureaus" (people like Experian or Clear Score) - what your credit history is like and make a decision on whether they should lend or give you the financial product you want. 

    Things like your phone bill, bills for the house (but not rent weirdly!), loans and credit cards all count toward your credit file. Pay on time, and your file looks good! Pay late or miss payments, and everyone can see they if they check your file.

    Would you borrow to someone who missed their last 4 phone payments?

    Or maybe you can see they've never missed a payment so you don't feel bad about borrowing them the cash.

    Long story short - a credit file is your borrowing history, and the better it is, the better the borrowing options you will have later :)

    We did a episode on our MyMoneycast on debt - check it out here if you're interested! 

    Can I just quickly say something about what you said. I completely agree with everything that you said but I would still be wary about lending my bag to someone even if they make all of these promises and I know the person.

    Also, you are very right that you would not want to borrow to someone who has missed their last 4 phone payments. That shows that they are unreliable and it has a negative impact on their credit score. 
    I'm a fruit loop. 🍊➰

    There's a part of me I can't get back.  A little girl grew up too fast. All it took was once. I'll never be the same.
  • DancerDancer Bog Off Justine! Posts: 5,896 Part of The Furniture
    Kasa2103 said:
    Kasa2103 said:
    What exactly is a credit score? I noticed that you mentioned about a credit score to @Eleanor

    What is a credit score used for?

    How can you boost the score?

    Do I need to worry about it as I am only 14?


    The only thing that I know about a credit score is that it is mentioned in the ClearScore adverts with Moose (the super cute dog.) 
    Whoops! Almost missed this one!

    A credit score is basically a score based on how much people trust you when they lend to you. Things like phone contracts, gas bills and loans all report if you pay on time or not. If you have a bad credit file, either people won't lend to you or they will, but charge a LOT extra (HIGHER APR!)

    You can't borrow until 18 so not much you can do to build your score now! But when you get to 16, you can technically ask to be put on your parents bills as a named person which can help your score. However if your parents miss payments, your file will also be hurt so that's an individual choice.

    Once you're old enough to vote, make sure you register! It helps your credit score (cos they know where you live!!) and can be the difference between getting a phone contract or not!

    Long story short, you got 3/4 years until its a thing for you! :)
    Thank you. It is good to know about these sorts of things in advance so I know how to prepare myself for the future of money.  At least I rarely ask my parents for money  (and I usually get weekly pocket money from my dad.) I did a quiz as part of some Citizenship homework related to that money thing and I apparently am a good saver.
    Absolutely! You could also check out our e-learning course on The Mix called Money Works! Get a proper head start :)
    I have actually completed most of that. Thank you though. 
    I'm a fruit loop. 🍊➰

    There's a part of me I can't get back.  A little girl grew up too fast. All it took was once. I'll never be the same.
  • Nick_MyBnkNick_MyBnk Posts: 25 Expert
    Kasa2103 said:
    Can I just quickly say something about what you said. I completely agree with everything that you said but I would still be wary about lending my bag to someone even if they make all of these promises and I know the person.

    Also, you are very right that you would not want to borrow to someone who has missed their last 4 phone payments. That shows that they are unreliable and it has a negative impact on their credit score. 
    Absolutely - the trick is to find out what level of trust you would need to be ok with it. 

    For example, my mate Mark is awesome, but a TERRIBLE judge of character...his recommendation means less than my mate Zoe (also his wife!) who is a GREAT judge of character.

    You might not be able to persuade the company you can be trusted at all...in that case you'd "fail" the credit check.

    So in our example, you just failed my credit application to you...

    Thanks! :)
  • Nick_MyBnkNick_MyBnk Posts: 25 Expert
    Kasa2103 said:
    Kasa2103 said:
    Kasa2103 said:
    What exactly is a credit score? I noticed that you mentioned about a credit score to @Eleanor

    What is a credit score used for?

    How can you boost the score?

    Do I need to worry about it as I am only 14?


    The only thing that I know about a credit score is that it is mentioned in the ClearScore adverts with Moose (the super cute dog.) 
    Whoops! Almost missed this one!

    A credit score is basically a score based on how much people trust you when they lend to you. Things like phone contracts, gas bills and loans all report if you pay on time or not. If you have a bad credit file, either people won't lend to you or they will, but charge a LOT extra (HIGHER APR!)

    You can't borrow until 18 so not much you can do to build your score now! But when you get to 16, you can technically ask to be put on your parents bills as a named person which can help your score. However if your parents miss payments, your file will also be hurt so that's an individual choice.

    Once you're old enough to vote, make sure you register! It helps your credit score (cos they know where you live!!) and can be the difference between getting a phone contract or not!

    Long story short, you got 3/4 years until its a thing for you! :)
    Thank you. It is good to know about these sorts of things in advance so I know how to prepare myself for the future of money.  At least I rarely ask my parents for money  (and I usually get weekly pocket money from my dad.) I did a quiz as part of some Citizenship homework related to that money thing and I apparently am a good saver.
    Absolutely! You could also check out our e-learning course on The Mix called Money Works! Get a proper head start :)
    I have actually completed most of that. Thank you though. 
    Thats AWESOME! What did you think of it?
  • DancerDancer Bog Off Justine! Posts: 5,896 Part of The Furniture
    Kasa2103 said:
    Kasa2103 said:
    Kasa2103 said:
    What exactly is a credit score? I noticed that you mentioned about a credit score to @Eleanor

    What is a credit score used for?

    How can you boost the score?

    Do I need to worry about it as I am only 14?


    The only thing that I know about a credit score is that it is mentioned in the ClearScore adverts with Moose (the super cute dog.) 
    Whoops! Almost missed this one!

    A credit score is basically a score based on how much people trust you when they lend to you. Things like phone contracts, gas bills and loans all report if you pay on time or not. If you have a bad credit file, either people won't lend to you or they will, but charge a LOT extra (HIGHER APR!)

    You can't borrow until 18 so not much you can do to build your score now! But when you get to 16, you can technically ask to be put on your parents bills as a named person which can help your score. However if your parents miss payments, your file will also be hurt so that's an individual choice.

    Once you're old enough to vote, make sure you register! It helps your credit score (cos they know where you live!!) and can be the difference between getting a phone contract or not!

    Long story short, you got 3/4 years until its a thing for you! :)
    Thank you. It is good to know about these sorts of things in advance so I know how to prepare myself for the future of money.  At least I rarely ask my parents for money  (and I usually get weekly pocket money from my dad.) I did a quiz as part of some Citizenship homework related to that money thing and I apparently am a good saver.
    Absolutely! You could also check out our e-learning course on The Mix called Money Works! Get a proper head start :)
    I have actually completed most of that. Thank you though. 
    Thats AWESOME! What did you think of it?
    Some parts were difficult to understand at first but now it has been easier for me.  I am so glad that I have been doing it because it has been a massive help with my Citizenship homework because some very similar questions and parts came up from the course thing on my homework.
    I'm a fruit loop. 🍊➰

    There's a part of me I can't get back.  A little girl grew up too fast. All it took was once. I'll never be the same.
    Nick_MyBnk
  • DancerDancer Bog Off Justine! Posts: 5,896 Part of The Furniture
    Kasa2103 said:
    Can I just quickly say something about what you said. I completely agree with everything that you said but I would still be wary about lending my bag to someone even if they make all of these promises and I know the person.

    Also, you are very right that you would not want to borrow to someone who has missed their last 4 phone payments. That shows that they are unreliable and it has a negative impact on their credit score. 
    Absolutely - the trick is to find out what level of trust you would need to be ok with it. 

    For example, my mate Mark is awesome, but a TERRIBLE judge of character...his recommendation means less than my mate Zoe (also his wife!) who is a GREAT judge of character.

    You might not be able to persuade the company you can be trusted at all...in that case you'd "fail" the credit check.

    So in our example, you just failed my credit application to you...

    Thanks! :)
    I would be more than likely to trust Zoe with something rather than Mark then. That example sounded quite interesting. Thank you for that. :)
    I'm a fruit loop. 🍊➰

    There's a part of me I can't get back.  A little girl grew up too fast. All it took was once. I'll never be the same.
  • Nick_MyBnkNick_MyBnk Posts: 25 Expert
    edited June 2020
    Kasa2103 said:
    Kasa2103 said:
    Can I just quickly say something about what you said. I completely agree with everything that you said but I would still be wary about lending my bag to someone even if they make all of these promises and I know the person.

    Also, you are very right that you would not want to borrow to someone who has missed their last 4 phone payments. That shows that they are unreliable and it has a negative impact on their credit score. 
    Absolutely - the trick is to find out what level of trust you would need to be ok with it. 

    For example, my mate Mark is awesome, but a TERRIBLE judge of character...his recommendation means less than my mate Zoe (also his wife!) who is a GREAT judge of character.

    You might not be able to persuade the company you can be trusted at all...in that case you'd "fail" the credit check.

    So in our example, you just failed my credit application to you...

    Thanks! :)
    I would be more than likely to trust Zoe with something rather than Mark then. That example sounded quite interesting. Thank you for that. :)
    In that case, you could say Zoe's score is higher with you than Mark's...

    AND THAT'S CREDIT SCORES :)
  • DancerDancer Bog Off Justine! Posts: 5,896 Part of The Furniture
    Kasa2103 said:
    Kasa2103 said:
    Can I just quickly say something about what you said. I completely agree with everything that you said but I would still be wary about lending my bag to someone even if they make all of these promises and I know the person.

    Also, you are very right that you would not want to borrow to someone who has missed their last 4 phone payments. That shows that they are unreliable and it has a negative impact on their credit score. 
    Absolutely - the trick is to find out what level of trust you would need to be ok with it. 

    For example, my mate Mark is awesome, but a TERRIBLE judge of character...his recommendation means less than my mate Zoe (also his wife!) who is a GREAT judge of character.

    You might not be able to persuade the company you can be trusted at all...in that case you'd "fail" the credit check.

    So in our example, you just failed my credit application to you...

    Thanks! :)
    I would be more than likely to trust Zoe with something rather than Mark then. That example sounded quite interesting. Thank you for that. :)
    In that case, you could say Zoe's score is higher with you than Mark's...

    AND THAT'S CREDIT SCORES :)
    Wow! That's was a much easier way for me to understand credit scores. Sometimes it is easier to learn from stuff explained in that way rather than complicated explanations and videos (although Moose is a very cute dog and makes the videos funnier.)
    I'm a fruit loop. 🍊➰

    There's a part of me I can't get back.  A little girl grew up too fast. All it took was once. I'll never be the same.
    Nick_MyBnk
  • DancerDancer Bog Off Justine! Posts: 5,896 Part of The Furniture
    Thank you! :)
    I'm a fruit loop. 🍊➰

    There's a part of me I can't get back.  A little girl grew up too fast. All it took was once. I'll never be the same.
  • Nick_MyBnkNick_MyBnk Posts: 25 Expert
    Kasa2103 said:
    Thank you! :)
    You're very welcome!
  • Nick_MyBnkNick_MyBnk Posts: 25 Expert

    Ok everyone, I'm going to call it a night! Thank you all so much for your questions and chat, it's been fun!

    If you have any more questions, feel free to leave them here - I'll be back, 7pm to 9pm on Tuesday 16th June to answer any more questions you might have.

    In the meantime, check out the new Money tab on The Mix - I've been helping with vids, articles and a range of tools you can use to help with your finances. https://www.themix.org.uk/money

    If you're looking for more info, there's also our MyMoneycast - we broadcast live every Thursday at 4pm on Insta, Facebook, Twitter, Twitch and YouTube ALL AT THE SAME TIME.

    We cover a different set of topics every week - yesterday was how technology is changing money and If you watch live, you have the chance to ask questions to me and a special guest on the topic at the end of each show!

    If you want to check it out, you can find a playlist of all our old episodes at the bottom of this post!

    See you all on Tuesday!

    Nick




  • independent_independent_ Resident Coffee Addict ScotlandPosts: 7,337 Master Poster
    This might be a silly question but if you have a mortgage, can you move house? Like how does that work if you haven’t paid off your mortgage yet and you want to move.

    This has never made sense to me.
    “Sometimes the people around you won’t understand your journey. They don’t need to, it’s not for them.”
    MikeNick_MyBnk
  • MikeMike 🎧 LandaanPosts: 3,643 Community Manager
    edited June 2020
    Chipping in with an anonymous question, for @HollyRaeS:
    Is it normal to worry about money situations in the family when you are a young carer? I am a young carer and I keep on worrying about money situations in the family. My mum has a minimum wage job (to pay for petrol, uniform, food and activities) and my dad has a better paying job  (for the bills.) My dad keeps on moaning about how he never has any money for himself because he has to earn the money for the bills.

    It makes me feel guilty and I know that my parents don't want me to worry as I am only 14. My mum has a disability which limits the sort of jobs that she can do. I know that I need to be able to be money-wise for in the future? Is there any ways that you think would help with money worries like these?
    Post edited by Mike on
    All behaviour is a need trying to be met.

    Want to join the community champions? Drop @TheMix a message!
    HollyRaeS
  • DancerDancer Bog Off Justine! Posts: 5,896 Part of The Furniture
    This might be a silly question but if you have a mortgage, can you move house? Like how does that work if you haven’t paid off your mortgage yet and you want to move.

    This has never made sense to me.
    I actually agree with you.
    I'm a fruit loop. 🍊➰

    There's a part of me I can't get back.  A little girl grew up too fast. All it took was once. I'll never be the same.
  • independent_independent_ Resident Coffee Addict ScotlandPosts: 7,337 Master Poster
    Kasa2103 said:
    This might be a silly question but if you have a mortgage, can you move house? Like how does that work if you haven’t paid off your mortgage yet and you want to move.

    This has never made sense to me.
    I actually agree with you.
    Glad it’s not just me wondering this @Kasa2103, it has always been baffling to me. How do you move if you haven’t paid it off. It doesn’t just get cancelled presumably.
    “Sometimes the people around you won’t understand your journey. They don’t need to, it’s not for them.”
    Nick_MyBnk
  • DancerDancer Bog Off Justine! Posts: 5,896 Part of The Furniture
    Kasa2103 said:
    This might be a silly question but if you have a mortgage, can you move house? Like how does that work if you haven’t paid off your mortgage yet and you want to move.

    This has never made sense to me.
    I actually agree with you.
    Glad it’s not just me wondering this @Kasa2103, it has always been baffling to me. How do you move if you haven’t paid it off. It doesn’t just get cancelled presumably.
    Let's wait and see what @Nick_MyBnk says.
    I'm a fruit loop. 🍊➰

    There's a part of me I can't get back.  A little girl grew up too fast. All it took was once. I'll never be the same.
    independent_Nick_MyBnk
  • ConnorConnor Posts: 455 Community Manager
    Hey all! Just to update. Holly-Rae will be able to do their session later on in the week! It gives time to get more questions in anyway =)
    HollyRaeS
  • AbigailAbigail Carer/musician Posts: 688 Incredible Poster
    So my question is for Holly-Rae. 

    Here at the mix we have a lot of students looking to apply to university. When looking at universities you often look at the course, halls, and finance at a minimum. I have been through this myself looked at 6 local universities in my area and when going to finances section I spoke with them about the csrers bursary, I was disappointed to see that 2 out of 6 offered this bursary to students. Looking more independent about this st the ucas site an link appeared about what carers are intitled to going to university. So what I would like to know is this carers bursary is it offered to all carers looking to go into university or is it specifically them universities? And if its specific university could why is this and could this be changed in anyway to open it up to so many more carers wanting to go to university but just scared due to the financial cost that comes with this?
    Some people think I am unhappy. I'm not. I just approach silence in the world that never stops talking.
    HollyRaeS
  • HollyRaeSHollyRaeS Posts: 2 Expert
    Mike said:
    Chipping in with an anonymous question, for @HollyRaeS:
    Is it normal to worry about money situations in the family when you are a young carer? I am a young carer and I keep on worrying about money situations in the family. My mum has a minimum wage job (to pay for petrol, uniform, food and activities) and my dad has a better paying job  (for the bills.) My dad keeps on moaning about how he never has any money for himself because he has to earn the money for the bills.

    It makes me feel guilty and I know that my parents don't want me to worry as I am only 14. My mum has a disability which limits the sort of jobs that she can do. I know that I need to be able to be money-wise for in the future? Is there any ways that you think would help with money worries like these?
    Hi there!

    That sounds like you've got a lot on at the moment! Worrying about money is a very common concern for many young carers, so you're definitely not alone. Lots of parents talk about money in the home and young carers can often pick up on the worries of those around them, even if you're not directly responsible for budgeting or family finances. So yes, it is very normal for young carers to worry about finances.

    First, you could talk to a trusted adult about how guilty and worried you're feeling. If not one of your parents, maybe someone at school or another relative - though I know that this might be difficult in lockdown. It's possible that your parents aren't aware that you're feeling this way so, if you feel able to, talking to them might help you feel a little less worried.

    Next, are you in touch with your local Carers Service? Carers Trust have a search engine of services that are part of our network, or a google search would do the trick. Carers Services offer a huge amount of tailored support and many offer finance sessions for adult and young carers, as well as peer support, activities and emotional support. They will likely be able to work with your whole family as well, so your parents might be able to find some support there when they need someone to talk to about their concerns. Citizen's Advice would also be able to work with your parents to ensure that they are getting the help they are entitled to.

    You are also entitled to a young carers assessment from your local council, which a carers service can help you organise. It's not an assessment of how well you are doing as a young carer but a professional talking to you and your family to ensure that you're not taking on unreasonable amounts of care. They look at your situation at home but also take into consideration your education and plans for the future and will work out the best plan forward. Some young carers can feel anxious about this step but it's a good way to discover some support that you might not have been aware of before!

    It's great that you're reaching out for help and thinking about the future already and this thread alone is full of some great resources for becoming more money-wise! I really hope that some of this is useful for you. I'll check in later in the week to see if you have any other questions!

    Holly-Rae
    Nick_MyBnk
  • Nick_MyBnkNick_MyBnk Posts: 25 Expert
    Hi everyone, Nick from MyBnk signing in for my session tonight! Its awesome to be back!

    I'll be here until 9PM tonight, so feel free to fire any questions you have my way :)
  • Nick_MyBnkNick_MyBnk Posts: 25 Expert
    This might be a silly question but if you have a mortgage, can you move house? Like how does that work if you haven’t paid off your mortgage yet and you want to move.

    This has never made sense to me.
    Hi again :)

    This definitely isn't a silly question!

    The short version is that if you want to move, you'll need to settle your debt with the mortgage provider. Usually you'd do this by selling your old house and using that to repay the bank for the amount left on the loan.

    You would hope that if you bought a house, it would go up in value. This means paying back the debt should be OK and leave you some left over. However, if the house price goes down, you will have a "shortfall" - and the bank will need you to pay up.

    Most mortgage providers now allow you to "port" your mortgage to a new property - they technically pay off the old mortgage and give you a new one at the old rates, this differs by provider though.

    And you should always ask if you're not sure! Especially when it comes to your money :)

    Hope that makes sense!
    independent_
  • Nick_MyBnkNick_MyBnk Posts: 25 Expert
    edited June 2020
    Ok, that's my time! Thank you so much for having me on the boards :)

    If you'd like more info about the work we do at MyBnk, you can check us out on our website (www.mybnk.org) and if you'd like to get in contact with us, you can email [email protected]

    Thanks again!

    Nick

    PS - If you have more questions, why not join us live at 4pm on MyBnk's FB, YT, Insta and Twitter pages for our MyMoneycast! :)
    HollyRaeSZenindependent_
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