Banking Usery

[carnut]

Banking usery

Ive just had a very nice letter from my bank kindly confirming that my overdraft arrangement has been extended.......at 18.9% (BOE 3.5% = some profit margin!)

i have been with my bank for 30 years and we have a very nice arrangement whereby my current account and savings account sweep daily and as such I have absolutely no need for an overdraft

If this is the rate they have given someone who doesnt need an overdraft God help those who do!!

 

[Mudster]

That's how they are able to offer "Free banking"....

My business lending is Boe base rate +2.5%.....

 

[bigbobs cl]

Ever noticed that they always offer small business loans when you don`t need them!! Probably a different story when you have no cash and need a loan.

Bob

 

[flango]

Is that not the first rule of banking "Lets offer loans to those who don't need them" as in my experience business or personal in order to get the loan you first have to prove you don't actually need it and your finances are fit & well.

 

[Shude]

My GF is currently using her overdraft while juggling some finances (selling a house among other things) and she pays about £60 per month in interest! Not terrible considering the amounts of money and the short term nature of the borrowing but still pretty steep.

I just bought a kitchen on buy-now-pay-later, I already have the cash but it seemed like a good deal. If I forget to pay the finance off in (now) 5 months time I will be soaked for high-20s % on the previous 6 months plus however long it takes to pay off!

 

[carnut]

My GF is currently using her overdraft while juggling some finances (selling a house among other things) and she pays about £60 per month in interest! Not terrible considering the amounts of money and the short term nature of the borrowing but still pretty steep.

I just bought a kitchen on buy-now-pay-later, I already have the cash but it seemed like a good deal. If I forget to pay the finance off in (now) 5 months time I will be soaked for high-20s % on the previous 6 months plus however long it takes to pay off!

Make sure they get your payment WELL in advance cos if they "lose" your paperwork guess who pays....do Bank transfer if possible so the £££ goes directly to them and theres no arguement

 

[Shude]

Make sure they get your payment WELL in advance cos if they "lose" your paperwork guess who pays....do Bank transfer if possible so the £££ goes directly to them and theres no arguement

Yes I have heard of this before! The deal is actually through a credit card provided by a major bank and re-packaged as store finance so it should be fairly easy to clear.

There was a tiny little box on the paperwork when signing up that if not ticked no reminder or statement is sent to the account holder! They're not daft; I bet the debt collection agencies don't wait for a box to be ticked before being sent to the account holder!