Halifax Overdraft Credit Scored?

samwsmith1

Just checked and overdrafts are £1 a day, my Nationwide one is 14% or something like that, and my First Direct one is free, so I can't see myself ever using it at that cost!

auto-man

Azrael_1701 wrote: »

APR is calculated over a year, not a month. Annual Percentage Rate.

Yea that's like telling you it takes 4 hours to get to the canaries. Who cares apr when I said, numerous times, I was referring to monthly.

Do you actually have to study to be smarty pants or does it grow with age? My lord talk about inciting an argument. Not once did I mention apr. I broke it down into monthly rates and a tenner per £300 beats ALL payday loans. As I said.

APR is irrelevant in the way you describe as you can break it down to £3600 loan for £120. That's about the size of it and that is a good deal in anyone's eyes.

Azrael_1701

Cash_Flow wrote: »

Thats an expensive way to borrow £300:rotfl:

auto-man wrote: »

Yea that's like telling you it takes 4 hours to get to the canaries. Who cares apr when I said, numerous times, I was referring to monthly.

Do you actually have to study to be smarty pants or does it grow with age? My lord talk about inciting an argument. Not once did I mention apr. I broke it down into monthly rates and a tenner per £300 beats ALL payday loans. As I said.

APR is irrelevant in the way you describe as you can break it down to £3600 loan for £120. That's about the size of it and that is a good deal in anyone's eyes.

Firstly, dont assume anything about me, because you dont know me.

Secondly, I was furthering a point made by Cash Flow in the post above about the high cost of the £300 HBoS overdraft compared to other borrowing methods.

Furthermore, you were incorrect, in that 40%APR does not equate to...

auto-man wrote: »

like £120 per month on top lol

...I was merely correcting you, not starting an argument.

Also, its not a "£3600 loan for £120", if you are equating it over the year, then it would be a £300 loan for £120, you dont get to keep borrowing without having to pay extra, the £300 needs to be repaid before you can borrow it again.

auto-man

No I am equating over the month and multiplying by 12 to do what you did and mis quote things.

Yet again, you bring annual into it * yawns

auto-man

And yes. 300 per month at 10 charge x 12 would be the same as £3600 for a £120 charge. DOH!

opinions4u

Somtimes it really isn't worth the effort ....

Azrael_1701

opinions4u wrote: »

Somtimes it really isn't worth the effort ....

I agree, you understand what I mean about the 3600 only being 300 dont you?

Azrael_1701

auto-man wrote: »

And yes. 300 per month at 10 charge x 12 would be the same as £3600 for a £120 charge. DOH!

Except for the fact that you dont get to keep borrowing the 300:

e.g.

month 1 - 300 borrowed 10 charge
month 2 - 0 extra borrowed 20 charge
month 3 - 0 extra borrowed 30 charge
.
.
.
month 12 - 0 extra borrowed 120 charge

You cant borrow the 300 again without paying it back already, because if you do then you get charged £1 a day <2500 and £2 a day >2500

auto-man

Azrael_1701 wrote: »

I agree, you understand what I mean about the 3600 only being 300 dont you?

No because you're not saying it I am. how can someone understand you when it is me that started it? I am clear, you borrow £300 on 10th Janruary and pay it back on payday on 30th. You will pay £10 for this.

February, you do the same, borrow £300 on 15th and pay it back on payday which is 30th.

I think you can now see my point why I said monthly. Why try to make a problem of nothing? I can see you starting a fight with youre shadow lol