SPAMBOT4000 Posted October 9, 2009 Share Posted October 9, 2009 If you hurry up and get the cash back into your account you could be okay if you're only over by a few quid. I've been over my limit through error a few times by a couple of quid, bunged the money in the next day and they haven't charged me a thing. Link to comment Share on other sites More sharing options...
flameboy Posted October 9, 2009 Author Share Posted October 9, 2009 Well I went and paid in the money and asked to woman what would happen and she said because of my haste in paying it back and the small amount that I would not have be liable to pay a charge. Link to comment Share on other sites More sharing options...
Raining_again Posted October 10, 2009 Share Posted October 10, 2009 I got a letter through the door from teh halifax today! They are changing the overdraft fees! Instead of having a £30 unauthorised overdraft fee (once only) its going to be £1 per day of being in an authorised overdraft, and £5 per day for an unauthorised overdraft. I could imagine a few people living in their overdraft, and getting that in the mail will be really worried =( Link to comment Share on other sites More sharing options...
flameboy Posted October 10, 2009 Author Share Posted October 10, 2009 I got a letter through the door from teh halifax today! They are changing the overdraft fees! Instead of having a £30 unauthorised overdraft fee (once only) its going to be £1 per day of being in an authorised overdraft, and £5 per day for an unauthorised overdraft. I could imagine a few people living in their overdraft, and getting that in the mail will be really worried =( WTF?!!! How can they do that?! So you'd pay £30 for using a service they' ve previously given for nought...is that on top of the interest?! Link to comment Share on other sites More sharing options...
Raining_again Posted October 10, 2009 Share Posted October 10, 2009 WTF?!!! How can they do that?! So you'd pay £30 for using a service they' ve previously given for nought...is that on top of the interest?! I have a £2k overdraft that previously I could be in for free. (no charge for going into it, and no monthly/daily maintenance charge. anything over the authorised amount was a £30 charge. Not sure how the interest worked then. Now there's no initial charge, and the £1 (authorised) or £5 (unauthorised) daily fee. I don't think I have to pay interest on top of that. So basically now I will have to pay £1 per day for something I was getting for free. Suppose its good in that it encourages me not to get into my overdraft Link to comment Share on other sites More sharing options...
flameboy Posted October 10, 2009 Author Share Posted October 10, 2009 Yeah I guess I am in similar situation with regards to overdraft...I pay £15 a month in interest now having been graduated for quite a while. My problem is my wages don't get me out of the overdraft. Link to comment Share on other sites More sharing options...
Noodleman Posted October 10, 2009 Share Posted October 10, 2009 In situations like this, you really are best off ringing the bank and explaining. If you can pay the cash in they usually wave the fees but you need to ring them first. Link to comment Share on other sites More sharing options...
Raining_again Posted October 10, 2009 Share Posted October 10, 2009 Yeah I guess I am in similar situation with regards to overdraft...I pay £15 a month in interest now having been graduated for quite a while. My problem is my wages don't get me out of the overdraft. I could imagine that its pretty scary having to live in your overdraft.. Thing is, this is the way I can see all banks going to reclaim money they've lost and bring the economy back up. Someone has to fund it.. Typical that its your "average joe" taxpayer and not the rich bastards who abused the system in the first place! Link to comment Share on other sites More sharing options...
jayseven Posted October 10, 2009 Share Posted October 10, 2009 I'm living in my overdraft. Currently about £150 adrift from rock bottom. By the time payday rolls round I'll probably be at the bottom, then from the £600ish i get paid there's £300 towards rent, £50ish for bills, then £150 to live on and £100 towards clearing the overdraft :P My overdraft currently extends to 2010 then I go in and say "I'm still a student!" then, the plan is, get it extended to 2011 which should, hopefully, be enough months worth of £100 to clear the OD and then begin LIFE!!!! ... My housemate just got an £18.5k (plus commission) job. By the time I'm at £0.00 he will have saved about £2k easily. It's a long slog. Link to comment Share on other sites More sharing options...
Wesley Posted October 10, 2009 Share Posted October 10, 2009 Woah! Raining, what type of account do you hold with them. That's crazy. I need to quickly check my Current Account and see if I'm affected too. Link to comment Share on other sites More sharing options...
Raining_again Posted October 10, 2009 Share Posted October 10, 2009 Woah! Raining, what type of account do you hold with them. That's crazy. I need to quickly check my Current Account and see if I'm affected too. standard current account, I got the info via a letter today! It had "private: important information enclosed" on the front of the letter. It doesn't seem to be personal to me (I'm not even IN an overdraft) and i've no credit status problems. Link to comment Share on other sites More sharing options...
flameboy Posted October 10, 2009 Author Share Posted October 10, 2009 I could imagine that its pretty scary having to live in your overdraft.. Thing is, this is the way I can see all banks going to reclaim money they've lost and bring the economy back up. Someone has to fund it.. Typical that its your "average joe" taxpayer and not the rich bastards who abused the system in the first place! It's pretty common though to be honest, the overdraft was a blessing as a student, now its bloody hindrance hanging round my neck like a noose! I stress about money so much. Every month I put money into my savings account to put towards paying off overdraft and every month I have to transfer it back...at least I finish off paying my car loan next month thats something. It's something I'm really gonna have to battle to keep saving might be made easier as from January will have a slight pay increase... All I can say is roll on getting my teaching qualifications sorted and getting into teaching, not the best paid job but more than I'm on now...Maybe if I stopped buying so many games! Although to be fair I have cut right down. Uncharted 2 next week is the last new release I will likely pick up this year...whereas at one point I had something like 10 games preordered. I'm living in my overdraft. Currently about £150 adrift from rock bottom. By the time payday rolls round I'll probably be at the bottom, then from the £600ish i get paid there's £300 towards rent, £50ish for bills, then £150 to live on and £100 towards clearing the overdraft :P My overdraft currently extends to 2010 then I go in and say "I'm still a student!" then, the plan is, get it extended to 2011 which should, hopefully, be enough months worth of £100 to clear the OD and then begin LIFE!!!! ... My housemate just got an £18.5k (plus commission) job. By the time I'm at £0.00 he will have saved about £2k easily. It's a long slog. Glad I'm not the only one... Link to comment Share on other sites More sharing options...
Raining_again Posted October 10, 2009 Share Posted October 10, 2009 It's pretty common though to be honest, the overdraft was a blessing as a student, now its bloody hindrance hanging round my neck like a noose! Glad I'm not the only one... Oh yeah I know a lot of people living in their overdraft. Basically I left college after my A levels and went straight into work, so I didn't have uni or travelling to get into debt. I've only bought a car now (with savings). So I'm basically debt free and in a job I've climbed up to over 4 years, making just over a thousand a month, and living at home. I've never lived away from home and never had any amazing life experiences, so money doesn't necessarily make you happy. Link to comment Share on other sites More sharing options...
Mr_Odwin Posted October 12, 2009 Share Posted October 12, 2009 If you are going to be paying £30 per month to use your authorised overdraft, but you want out of it, you may be better off financially getting a loan to pay it off. Get the loan to last the time you'd think it would take you to get out of it, pay off the overdraft with it and then reduce the overdraft to zero (or £10 for a little buffer) so that you're not tempted to use it again. Link to comment Share on other sites More sharing options...
Charlie Posted October 12, 2009 Share Posted October 12, 2009 standard current account, I got the info via a letter today! It had "private: important information enclosed" on the front of the letter. It doesn't seem to be personal to me (I'm not even IN an overdraft) and i've no credit status problems. I shat myself when I first saw your post thinking it would affect me. But I've got a student current account so I'm fine. Link to comment Share on other sites More sharing options...
Cube Posted October 12, 2009 Share Posted October 12, 2009 Why do they put like that on bank letters? They may as well put "IMPORTANT INFORMATION IN HERE! TAKE IF YOU WANT TO COMMIT BENEFIT FRAUD!" Apparently my overdraft was increased recently because I graduated from Uni. I told them that I quit over a year ago. Link to comment Share on other sites More sharing options...
flameboy Posted October 12, 2009 Author Share Posted October 12, 2009 If you are going to be paying £30 per month to use your authorised overdraft, but you want out of it, you may be better off financially getting a loan to pay it off. Get the loan to last the time you'd think it would take you to get out of it, pay off the overdraft with it and then reduce the overdraft to zero (or £10 for a little buffer) so that you're not tempted to use it again. Thats what my long term plan is...finish paying off car loan this month but then in a couple of months start paying off South Africa travelling loan. But thinking might get a larger long term loan to pay off overdraft and travelling loan make it more manageable and not worry about not actually having any cash in the bank... Link to comment Share on other sites More sharing options...
Cube Posted October 12, 2009 Share Posted October 12, 2009 Thats what my long term plan is...finish paying off car loan this month but then in a couple of months start paying off South Africa travelling loan. But thinking might get a larger long term loan to pay off overdraft and travelling loan make it more manageable and not worry about not actually having any cash in the bank... Personally, I think you should try to stay away from getting another loan. If you can just about manage without getting another one then it'll be better in the long run. I now abide by what my Dad says: Only buy what you can afford (the only exception should be a mortgage). Link to comment Share on other sites More sharing options...
Raining_again Posted October 12, 2009 Share Posted October 12, 2009 Why do they put like that on bank letters? They may as well put "IMPORTANT INFORMATION IN HERE! TAKE IF YOU WANT TO COMMIT BENEFIT FRAUD!" Apparently my overdraft was increased recently because I graduated from Uni. I told them that I quit over a year ago. It didn't really have a lot of my info in, just the standard (revised) booklets. fyi, i have a normal current account, not a student one. Link to comment Share on other sites More sharing options...
Cube Posted October 12, 2009 Share Posted October 12, 2009 It didn't really have a lot of my info in, just the standard (revised) booklets. fyi, i have a normal current account, not a student one. But bank statements still have the big "Private and Confidential" note on them Link to comment Share on other sites More sharing options...
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