Rob B
Member
Registered: 8th Jan 04
Location: Area Motorsport Drives: Race EP3
User status: Offline
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Just set up a new account with halifax and i now have a £250 overdraft, woman explained it to me but i didnt get much of it.
If i go into the overdraft to i have to pay like £25 extra or as long as you get out your overdraft by a certain date do you not have to pay anything >?
Thanks
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Planty02
Member
Registered: 5th Mar 05
Location: Burslem, Stoke-on-Trent
User status: Offline
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Dont think there's a set charge but I think you have to pay interest on whatever amount you go over by...unless its a student acount, which some of them are interest free
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Antz
Member
Registered: 28th Jul 03
Location: Leeds Drives: Myself Insane!
User status: Offline
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you don't pay anything for using the overdraft? think you only pay if you esceed your overdraft... as has alwys been the case with me...
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morpheus22
Member
Registered: 10th Oct 05
Location: sheffield
User status: Offline
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you only have 2 pay if you go over your agreed overdraft limit
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Rob B
Member
Registered: 8th Jan 04
Location: Area Motorsport Drives: Race EP3
User status: Offline
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So i can go into my overdraft and not have to pay it back until i want too ?
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Je11ybubb1es
Member
Registered: 11th Jun 02
Location: Milton Keynes
User status: Offline
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you have to pay interest on what you borrow and you also have to pay some money into your account at least once every 5 weeks (but can be as little as £1). if you dont pay anything in they take your overdraft away without warning and send you to debt management. 
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John
Member
Registered: 30th Jun 03
User status: Offline
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I doubt they do that on every single overdraft.
You'll have to ask the bank.
Every account will be different.
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Je11ybubb1es
Member
Registered: 11th Jun 02
Location: Milton Keynes
User status: Offline
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but in the t&c's of every bank it states you have to regularly credit your account.
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Ludacris Turbo
Member
Registered: 28th May 04
Location: High Green, Sheffield
User status: Offline
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Do you have pay interest on your agreed overdraft if you use it?
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Antz
Member
Registered: 28th Jul 03
Location: Leeds Drives: Myself Insane!
User status: Offline
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yes becuase it's agreed borrowing...
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Sooty
Banned
Registered: 9th Mar 03
Location: FLAP CENTRAL
User status: Offline
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never needed an OD
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Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
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Ive got a credit zone with nat west....think its about 17ish% apr and some stupid charges if you go over the limit
I dont use it at all these days, if I needed credit I'd do it on a 0% CC and roll it onto the next new card when I needed to
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ed
Member
Registered: 10th Sep 03
User status: Offline
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I have an interest free overdraft of up to £1500  Not really sure if thats a good thing though 
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Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
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quote:
Originally posted by ed
I have an interest free overdraft of up to £1500 Not really sure if thats a good thing though
Its never EVER a good thing....banks/credit peeps give you enough rope to hang yourself with.
Thats how they make a profit after all.
A bank will let you borrow so much, call it in, and then you have no other option but to take a loan at their own (overly high) rates to pay it off.
Its called a life lesson.
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John
Member
Registered: 30th Jun 03
User status: Offline
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Its a brilliant thing if you can be annoyed moving money about.
You just move it into somewhere that pays high intrest.
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