Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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i set up an overdrafe with my bank for a grand
if i spend 800 quid of that, do i get charged? or is the whole idea of the overdraft that i dont pay ?
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RyanSxi
Member
Registered: 26th Jul 06
User status: Offline
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if its £1000 your ok till then, but if you go ove ryou get charged (iirc)
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Twiggy
Member
Registered: 15th Oct 04
User status: Offline
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you will get charged interest on that £800... typically 15.9% ish
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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quote:
Originally posted by Twiggy
you will get charged interest on that £800... typically 15.9% ish
so what do u get charged for going over the 1000? and whats the point of having an overdraft if u cant use it lol
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SAL
Premium Member
Registered: 19th Dec 05
Location: Radlett, Hertfordshire
User status: Offline
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you will get charged interest on borrowing as said above, go over the 1k and face healthy bank charges for un-arranged borrowing. use the OD loads and the bank class it as heavy banking which gives you shit/bad credit...loose it imo
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dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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quote:
Originally posted by Twiggy
you will get charged interest on that £800... typically 15.9% ish
Unless you are a student, who get free ovedrafts....
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johnhara1
Member
Registered: 19th Oct 06
Location: Newcastle upon Tyne
User status: Offline
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quote:
Originally posted by Stavs
you will get charged interest on borrowing as said above, go over the 1k and face healthy bank charges for un-arranged borrowing. use the OD loads and the bank class it as heavy banking which gives you shit/bad credit...loose it imo
Having an overdraft doesnt actually give you a bad credit rating but agreed if you use it too ofen your own bank may refuse to give you a loan due to not keeping your finances in check. This wont be brought up if a credit check was done from another loan\finace company bar your own bank.
[Edited on 25-06-2007 by johnhara1]
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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quote:
Originally posted by dannymccann
quote:
Originally posted by Twiggy
you will get charged interest on that £800... typically 15.9% ish
Unless you are a student, who get free ovedrafts....
Interest free ones are cool 
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mikeef
Banned
Registered: 20th Aug 06
Location: Kent
User status: Offline
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Shite, Didn't realise you get charged for them. I must be paying out loads to them without even knowing 
How often are the charges taken out because I have not noticed any charges once in about 6 months? 
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SAL
Premium Member
Registered: 19th Dec 05
Location: Radlett, Hertfordshire
User status: Offline
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no it does'nt have an effect on your official credit score, but the bank has its own scoring stystem 1-10 i think with natwest, while i had my OD my score keep getting lower 9 which as 10 being the worst...since i have not used my OD it has gone down to 3 which has happened in 6 months, if i keep banking the right way it should drop again ? i hope 
but companies like experian who hold the credit records also get your bank scoring on there data
so if you apply for credit IE a personal loan the bank score will have an effect...
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