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Author Arranged overdrafts
Dan Lewis
Member
Registered: 31st Jan 05
Location: Leicestershire
User status: Offline
16th Aug 06 at 08:29   View User's Profile U2U Member Reply With Quote
I'm with natwest have a £500 agreed overdraft, does anybody no if i have to pay it off within a certain amount of time or anything.

Cheers
mad4corsa
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Registered: 17th May 04
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16th Aug 06 at 08:31   View User's Profile U2U Member Reply With Quote
From what i gather if you dont go over the limit, all it is they will take it from your next wage. say you earn £1500 they'll take you to £1000 but its fine because you still have the £500 overdraft to cover.
James
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Registered: 1st Jun 02
Location: Surrey
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16th Aug 06 at 08:31   View User's Profile U2U Member Reply With Quote
I doubt it has to be paid off in a certain amount of time but unless its a student one id imagine you'll be paying interest on it so the sooner the better
ed
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Registered: 10th Sep 03
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16th Aug 06 at 09:08   View User's Profile U2U Member Reply With Quote
The bank can ask for the money back whenever they like. It's in the small print.
ed
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Registered: 10th Sep 03
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16th Aug 06 at 09:09   View User's Profile U2U Member Reply With Quote
But it's in thier interest to keep you in the red as they make money off of it. So they wont ask for it back unless there are certain circumstances.
Kerry
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Registered: 5th Oct 01
Location: Norwich
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16th Aug 06 at 09:10   View User's Profile U2U Member Reply With Quote
as long as you have regular income going in and use of the account your ok but if you were to take the overdraft then the account just lay dormant then as ed says they will just ask for the money back
Matt.H
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Registered: 12th Mar 03
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16th Aug 06 at 09:14   View User's Profile U2U Member Reply With Quote
I'm with Lloyds TSB and it wasnt till recently that i found out that i pay intrest on the overdraft. I have a £300 limit, but its only the first £50 thats intrest free. I mean the intrest is only pence but i thought you only got charged for goin over your agreed limit.

[Edited on 16-08-2006 by Matt.H]
ed
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Registered: 10th Sep 03
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16th Aug 06 at 09:15   View User's Profile U2U Member Reply With Quote
You're supprised that you get charged interest on an overdraft? What's the world coming to.
Kerry
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Registered: 5th Oct 01
Location: Norwich
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16th Aug 06 at 09:16   View User's Profile U2U Member Reply With Quote
its normal to get charged interest on an overdraft its arranged borrowing

you get charged more if you go over because then it becomes unarranged borrowing
James
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Registered: 1st Jun 02
Location: Surrey
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16th Aug 06 at 09:18   View User's Profile U2U Member Reply With Quote
Unless your a student or graduate in which case its interest free
ed
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Registered: 10th Sep 03
User status: Offline
16th Aug 06 at 09:46   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by James
Unless your a student or graduate in which case its interest free

 
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