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Number of Agreements-Equifax.

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  • Grumpy_chap
    Grumpy_chap Posts: 18,285 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Dandytf said:
    Prob EV which if succesful could be my last vehicle,
      
    Your current EV should be your last vehicle.
    With limited resources available and the low (<1k per year) mileage you do, any idea of running a private car is financially illogical.
  • Qyburn
    Qyburn Posts: 3,608 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    eskbanker said:
    Such rational and conventional thinking doesn't apply on these threads!

    https://forums.moneysavingexpert.com/discussion/comment/76872105/#Comment_76872105
    I see what you mean. Just a rough guess, but if he put £1,000 into that ISA instead of paying off debt, it's probably lost him over £700. 
  • Qyburn
    Qyburn Posts: 3,608 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    Dandytf said:
    Not Essential, not on Credit either.
    Effectively they are. This is one of the misunderstandings about debt and credit. If you have a chunk of cash and spend it in an Ipad instead of reducing a high interest debt, that is exactly the same as borrowing to buy the Ipad,
  • Dandytf
    Dandytf Posts: 5,073 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    eskbanker said:
    Dandytf said:
    I have my own thoughts on 30%'s OD's
    'Setup to 'Save' everyone 'Millions' 😕 in OD Charges!
    Who are you quoting there?
    Any of Multi official news reports at time of 'Reducing' Excessively High Bank Charges.
    Aka....Reclaiming via Excessively High OD Interest Rates.

    thanks
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • Dandytf
    Dandytf Posts: 5,073 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Qyburn said:
    Dandytf said:
    Not Essential, not on Credit either.
    Effectively they are. This is one of the misunderstandings about debt and credit. If you have a chunk of cash and spend it in an Ipad instead of reducing a high interest debt, that is exactly the same as borrowing to buy the Ipad,
    I need certain Tech, I personally consider Term if taking Advantage of Credit Sources.
    What Does help is Consideration of Longer Term Agreements, to ensure shorter Terms don't Exceed longer Terms.
    Current Tech is as required, in use Daily.
    Longer Term continue, though missed early opportunity to Overpay windows Agreement, Excellent Credit providers website, Which Actually shows Overpayment Calculator, which t.b.h. Every Credit Card/Loan/Finance Provider should offer, which isn't always avail.

    thanks
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • MorningcoffeeIV
    MorningcoffeeIV Posts: 1,945 Forumite
    1,000 Posts First Anniversary Name Dropper
    edited 16 February 2024 at 10:08AM
    Google translate isn't as good as it used to be, is it?
  • Nasqueron
    Nasqueron Posts: 10,705 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 16 February 2024 at 11:12AM
    Dandytf said:
    eskbanker said:
    Dandytf said:
    I have my own thoughts on 30%'s OD's
    'Setup to 'Save' everyone 'Millions' 😕 in OD Charges!
    Who are you quoting there?
    Any of Multi official news reports at time of 'Reducing' Excessively High Bank Charges.
    Aka....Reclaiming via Excessively High OD Interest Rates.

    thanks
    The bank charges reclaiming was killed in 2005 time when the supreme court ruled they were fine. You can't "reclaim" overdraft fees. If you are using the OD then you are living beyond your means.

    Dandytf said:
    Qyburn said:
    Dandytf said:
    Not Essential, not on Credit either.
    Effectively they are. This is one of the misunderstandings about debt and credit. If you have a chunk of cash and spend it in an Ipad instead of reducing a high interest debt, that is exactly the same as borrowing to buy the Ipad,
    I need certain Tech, I personally consider Term if taking Advantage of Credit Sources.
    What Does help is Consideration of Longer Term Agreements, to ensure shorter Terms don't Exceed longer Terms.
    Current Tech is as required, in use Daily.
    Longer Term continue, though missed early opportunity to Overpay windows Agreement, Excellent Credit providers website, Which Actually shows Overpayment Calculator, which t.b.h. Every Credit Card/Loan/Finance Provider should offer, which isn't always avail.

    thanks
    What does this even mean. You don't need an Xbox, PS5, gaming laptop, macbook air, ipad. If you need tech for work, the firm should provide it. If you want tech to play games, you pick 1 you can afford (which is none of those options), the fact they are used daily doesn't mean they were needed or affordable. BNPL and credit doesn't stop the debt being there. You aren't taking advantage of deals by buying things you don't need, you are just running up debt.

    If you had a "lightbulb moment" you would go to the debt free wannabe pages and post a full and honest list of all your debts, the relevant APR and your income / outgoings and that might be the wakeup call you need to see how your finance is unsustainable and how you need to stop putting money in what is effectively gambling (A S&S ISA etc) that you can't afford and pay your debts. At some point you'll end up in another DMP or worse and then the cycle can begin again in a few years.

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • Qyburn
    Qyburn Posts: 3,608 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    Dandytf said:

    Reclaiming via Excessively High OD Interest Rates.
    What rate are they charging for your overdraft?
  • eskbanker
    eskbanker Posts: 37,189 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Dandytf said:
    eskbanker said:
    Dandytf said:
    I have my own thoughts on 30%'s OD's
    'Setup to 'Save' everyone 'Millions' 😕 in OD Charges!
    Who are you quoting there?
    Any of Multi official news reports at time of 'Reducing' Excessively High Bank Charges.
    Aka....Reclaiming via Excessively High OD Interest Rates.

    thanks
    Loving the concept of there being 'official' news sources!

    My recollection is that the 2020 change in overdraft charging was intended to simplify the regime and to eliminate the differential between unarranged and arranged, reducing costs for the former, rather than to reduce costs overall, but interestingly the FCA (as close as it gets to an 'official' source for financial matters) claims that the impact has been positive by about £1bn:

    https://www.fca.org.uk/news/press-releases/millions-customers-together-save-nearly-1billion-due-overdraft-rule-changes
  • eskbanker said:
    Dandytf said:
    eskbanker said:
    Dandytf said:
    I have my own thoughts on 30%'s OD's
    'Setup to 'Save' everyone 'Millions' 😕 in OD Charges!
    Who are you quoting there?
    Any of Multi official news reports at time of 'Reducing' Excessively High Bank Charges.
    Aka....Reclaiming via Excessively High OD Interest Rates.

    thanks
    Loving the concept of there being 'official' news sources!

    My recollection is that the 2020 change in overdraft charging was intended to simplify the regime and to eliminate the differential between unarranged and arranged, reducing costs for the former, rather than to reduce costs overall, but interestingly the FCA (as close as it gets to an 'official' source for financial matters) claims that the impact has been positive by about £1bn:

    https://www.fca.org.uk/news/press-releases/millions-customers-together-save-nearly-1billion-due-overdraft-rule-changes
    I think the FCA reporting on this is slightly dubious. There was a very good FT article (I cannot find it at the moment) where they showed that yes people had saved money on overdraft costs, but that those who previously had free or cheap agreed overdrafts had when the new much higher overdraft fees were introduced moved their temporary borrowing to credit cards because that was cheaper than the now vastly inflated overdraft costs, some was also moved to short term loans. The FT seems to estimate that there had been no net change to overall costs, but that the cost of borrowing had shifted from overdrafts to credit cards and short term loans and that the group that previous faced high charges from unauthorised overdrafts are carrying on with the same behaviour, but being subsidised by everyone else. 
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