We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
360 pounds a year charge for Overdraft
Comments
-
whats compliance with guidelines and the ability to follow their own T&C got to do with fair?
imagine you needed to borrow £50 for a month?
Halifax: Borrow £50, after 31 days payback £81
Wonga: Borrow £50, after 31 days payback £72.71
Who are the bad guys here?CHALLENGES MAR'14:
CHALLENGES 2014: £1-a-day#43 £84/£365; £3350k BY MAY £2700/£3350; £1500 BY JULY £0/£1000
EMERGENCY FUND £0/£2500; 2014 MFW #61 £0/£2500; CC £290/£2270
2014 SUMMARY (POAYD 2014 #120 £3074/£12485 24.6%
101 MONTHS... MORT: [STRIKE]£63,000[/STRIKE] £66850 | LOANS: [STRIKE]£26,000[/STRIKE] £0 | CARDS: [STRIKE]£33,000[/STRIKE] £1980
0 -
£21000 is a good wage.
See where you can cut back for a few months, the Debt-Free Wannabee board are good at helping.
HBS x"I believe in ordinary acts of bravery, in the courage that drives one person to stand up for another."
"It's easy to know what you're against, quite another to know what you're for."
#Bremainer0 -
You have to fund a Halifax account with £250 a month to retain an overdraft facility. So you'd not be charged for a few days until you've chosen to withdraw £210 of that credit.whats compliance with guidelines and the ability to follow their own T&C got to do with fair?
imagine you needed to borrow £50 for a month?
Halifax: Borrow £50, after 31 days payback £81
Wonga: Borrow £50, after 31 days payback £72.71
Who are the bad guys here?
Either way, you're mixing up the words "unfair" and "expensive".0 -
Dont have much time, thank you everyone for posting. Opinions4u is incorrect, I dont pay anything into my halifax except currently servicing the charges on the overdraft, its a legacy account and not subject to normal T&C.
They already knocked off several hundred in charges, after admitting unfair charging by the way O4U
Apples, most loans dont charge 360/year on 1000.
My wife is not able to work.
some great ideas here, thanks again so much.0 -
I agree but your overdraft is charging a single sum (consider it Interest Only) without repaying the overdraft.emilianozapata wrote: »Apples, most loans dont charge 360/year on 1000.
A typical Loan would involve repaying both the capital AND the interest.
You are paying £30 out of your own pocket for having the overdraft.
Halifax, typical £1,000 over 12 months will cost you £95.77 per month (29.9% representative on £1k loans)
Your Overdraft will be gone but you need to find £65.77 more than you need to find now each month.0 -
Its amazing how so many people study the charges and costs in minute detail and find them to be a rip-off AFTER they have borrowed the cash.0
-
Good_Goose wrote: »Its amazing how so many people study the charges and costs in minute detail and find them to be a rip-off AFTER they have borrowed the cash.
Im amazed too0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.7K Work, Benefits & Business
- 603.1K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards