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chickenstrip
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PostPosted: 16:27 - 26 Mar 2018    Post subject: At what point... Reply with quote

...do you think the bank will stop me from spending their money Laughing

I have an un-arranged overdraft facility of about 3 grand, so I suppose they'll start to get antsy when I exceed that?

Thing is, bike needs a new front tyre, and I need a trip to the Isle of Arran with the camera Very Happy and if they won't kick up a fuss before reaching 3 grand in the red, I might need another trip to the Alps...
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Ste
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PostPosted: 16:39 - 26 Mar 2018    Post subject: Reply with quote

How much interest are you paying them each month?
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Powderhead
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PostPosted: 16:39 - 26 Mar 2018    Post subject: Reply with quote

Ste wrote:
How much interest are you paying them each month?


"Insightful" Laughing
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stinkwheel
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PostPosted: 16:41 - 26 Mar 2018    Post subject: Reply with quote

The problem is they also sometimes turn round and want it back at short notice and you have to convert it to a loan.

I do know someone who took out a load of loans and credit cards and maxed the whole lot out. Landed up with about £45k in total which he took out. Not sure how exactly what he did with it from there, possibly put in an accont in someone elses name or similar. In any case, he jumped on a bike and fucked off to the Far East for 5-7 years (which you can do reasonably comfortably for that sort of money).

By the time he got back, the shitstorm had all blown over.

Took balls of steel but it was my understanding he never had to pay any of it back.
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chickenstrip
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PostPosted: 17:41 - 26 Mar 2018    Post subject: Reply with quote

Ste wrote:
How much interest are you paying them each month?


Pfft, details Smile
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stinkwheel
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PostPosted: 18:10 - 26 Mar 2018    Post subject: Reply with quote

mpd72 wrote:


No, those of us who play by the rules would have paid it in higher bank fees and interest rates.


I struggle to blame him.

The banks were the ones in the wrong, he just took advantage of them, any time anyone offered him a loan, overdraft or credit card, he took it. They shouldn't have been lending him ANY money, he had neither the means, nor the intention of paying it back.
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“Rule one: Always stick around for one more drink. That's when things happen. That's when you find out everything you want to know.
I did the 2010 Round Britain Rally on my 350 Bullet. 89 landmarks, 3 months, 9,500 miles.
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Powderhead
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PostPosted: 18:15 - 26 Mar 2018    Post subject: Reply with quote

stinkwheel wrote:
I struggle to blame him...

...he had neither the means, nor the intention of paying it back.


I find it quite easy to blame him Very Happy
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Ste
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PostPosted: 18:17 - 26 Mar 2018    Post subject: Reply with quote

If you've got a £3k overdraft then as far as your bank are concerned, it's there for you to use.

When you're approaching the overdraft limit then that could flag up your overdraft limit to be increased.
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oldpink
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PostPosted: 20:16 - 26 Mar 2018    Post subject: Reply with quote

I took out a £5k overdraft on my business account to buy my bike
it worked out better rates than a loan plus it meant I didn't have a fixed monthly payment that had to be met
as long as the account did not go over the the arranged overdraft limit
and the interest was a lot lower on the business account than on my personal account

that way I could pay of lumps when I had a good month and pay very little or even nothing when it was a bad month
as my income varies month to month
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dydey90
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PostPosted: 20:31 - 26 Mar 2018    Post subject: Reply with quote

Santander have just given me an interest free credit card with a limit around £4k, which I can apparently increase if I want.
I then called Halifax to cancel my £5k credit card with them and they said they’ll do me interest free for a bit too.
So I’ve accidentally ended up with £9k of potential trouble.
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kerr
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PostPosted: 20:38 - 26 Mar 2018    Post subject: Reply with quote

dydey90 wrote:
Santander have just given me an interest free credit card with a limit around £4k, which I can apparently increase if I want.
I then called Halifax to cancel my £5k credit card with them and they said they’ll do me interest free for a bit too.
So I’ve accidentally ended up with £9k of potential trouble.


That's why i wont touch another credit card, ok i'm older and wiser now but in my youth i treated it like free money, i actually used a credit card to pay said credit card bill on occasion Embarassed
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stinkwheel
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PostPosted: 22:41 - 26 Mar 2018    Post subject: Reply with quote

mpd72 wrote:


Christ on a stick, I hope he doesn’t drink alcohol or all the landlords in the country will be responsible if he drinks too much! Wink


They are anyway and have been for at least the last 15 years.

Section 141 of the Licensing act 2003

Quote:
(1)A person to whom subsection (2) applies commits an offence if, on relevant premises, he knowingly—
(a)sells or attempts to sell alcohol to a person who is drunk, or
(b)allows alcohol to be sold to such a person.

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“Rule one: Always stick around for one more drink. That's when things happen. That's when you find out everything you want to know.
I did the 2010 Round Britain Rally on my 350 Bullet. 89 landmarks, 3 months, 9,500 miles.
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Pete.
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PostPosted: 22:53 - 26 Mar 2018    Post subject: Reply with quote

stinkwheel wrote:
The problem is they also sometimes turn round and want it back at short notice and you have to convert it to a loan.

I do know someone who took out a load of loans and credit cards and maxed the whole lot out. Landed up with about £45k in total which he took out. Not sure how exactly what he did with it from there, possibly put in an accont in someone elses name or similar. In any case, he jumped on a bike and fucked off to the Far East for 5-7 years (which you can do reasonably comfortably for that sort of money).

By the time he got back, the shitstorm had all blown over.

Took balls of steel but it was my understanding he never had to pay any of it back.


Possible he declared himself bankrupt before he went?

Didn't I read on here that people were doing the same thing with tuition fees a while back? Running up ginormous debts, finishing uni then buggering off for 6 years to clean the slate?
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Lord Percy
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PostPosted: 05:18 - 27 Mar 2018    Post subject: Reply with quote

stinkwheel wrote:
. In any case, he jumped on a bike and fucked off to the Far East for 5-7 years.


Is he currently running a little-known company called RainpalTMInc Ltd © ?
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Rogerborg
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PostPosted: 09:15 - 27 Mar 2018    Post subject: Reply with quote

Pete. wrote:
Didn't I read on here that people were doing the same thing with tuition fees a while back? Running up ginormous debts, finishing uni then buggering off for 6 years to clean the slate?

Not written off: https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/bankruptcy-2/bankruptcy-explained/debts-that-bankruptcy-covers/

However, if you take out an unsecured loan, pay them off with that, then declare bankruptcy... Whistle

(Make sure that you borrow enough extra to cover the costs of declaring bankruptcy Rolling Eyes)
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chickenstrip
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PostPosted: 14:41 - 27 Mar 2018    Post subject: Reply with quote

I'm half in jest, of course. I wouldn't allow my finances to descend to the point in which there was no likelihood of recovery, if I could help it. I haven't been overdrawn with my bank, apart from arranged loans (and those always paid off early) in something like 25 years or more. And I do have my house, all paid for, so if worst came to worst, I could always sell to pay debts and move into rented accommodation. Not that that's where I want to end up. But sometimes you have less control over these things than you would wish, and all you can do is say, "fuck it!" Laughing
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iooi
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PostPosted: 15:09 - 27 Mar 2018    Post subject: Re: At what point... Reply with quote

chickenstrip wrote:


I have an un-arranged overdraft facility of about 3 grand, so I suppose they'll start to get antsy when I exceed that?


Which bank allows you £3K over your limit?

Or is this a agreed overdraft limit.... Rolling Eyes
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chickenstrip
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PostPosted: 15:18 - 27 Mar 2018    Post subject: Re: At what point... Reply with quote

iooi wrote:
chickenstrip wrote:


I have an un-arranged overdraft facility of about 3 grand, so I suppose they'll start to get antsy when I exceed that?


Which bank allows you £3K over your limit?

Or is this a agreed overdraft limit.... Rolling Eyes


I didn't ask for it. It was thrust upon me!
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Chickenystripgeezer's Biking Life (Latest update 19/10/18) Belgium, France, Italy, Austria tour 2016 Picos de Europa, Pyrenees and French Alps tour 2017 Scotland Trip 1, now with BONUS FEATURE edit, 5/10/19, on page 2 Scotland Trip 2 Luxembourg, Black Forest, Switzerland, Vosges Trip 2017
THERE'S MILLIONS OF CHICKENSTRIPS OUT THERE!
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RhynoCZ
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PostPosted: 15:22 - 27 Mar 2018    Post subject: Re: At what point... Reply with quote

chickenstrip wrote:
I didn't ask for it. It was thrust upon me!

Do you have a savings account at that bank? My bank offers me pre-approved loans all the time and every single time they offer me as much as I have in my savings account.
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chickenstrip
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PostPosted: 15:43 - 27 Mar 2018    Post subject: Reply with quote

No, it's just a current account, same one I've had since 1985. I think they used to call these un-arranged overdraft facilities "credit zone" or some such. Using it was termed going into "the pink" ( Shocked ), and the interest rate paid is at a reduced level until you exceed it. As I said, I haven't touched it in years. At one time they tried to increase it still further, still without my asking for it, but I said no thanks.
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Chickenystripgeezer's Biking Life (Latest update 19/10/18) Belgium, France, Italy, Austria tour 2016 Picos de Europa, Pyrenees and French Alps tour 2017 Scotland Trip 1, now with BONUS FEATURE edit, 5/10/19, on page 2 Scotland Trip 2 Luxembourg, Black Forest, Switzerland, Vosges Trip 2017
THERE'S MILLIONS OF CHICKENSTRIPS OUT THERE!
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AshWebster
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PostPosted: 15:48 - 27 Mar 2018    Post subject: Reply with quote

i pay back £50 a month student loan. its a bit meh but dont really have a choice goes out instantly.

my 30th is this year and ive booked flights to canada.... its all going on the old credit card as my bonus doesnt kick in till june and then ill get backpay to feb Very Happy>.<
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Powderhead
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PostPosted: 16:23 - 27 Mar 2018    Post subject: Re: At what point... Reply with quote

RhynoCZ wrote:
Do you have a savings account at that bank? My bank offers me pre-approved loans all the time and every single time they offer me as much as I have in my savings account.


Off-topic (a little), but this reminds me of one half of a conversation I overheard a girl having with her boyfriend (I presume) on the phone.

Random girl on the train wrote:
I know, I know, it's going to be an expensive holiday, but I really don't think we should use any of our savings right now. We can just stick it on the credit card - we need to keep all our savings for the wedding!


People with savings who also have credit card debt = more free banking for me! Nom nom nom Drooling
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