Planned Overdraft???

[jaysheepsloveme]

alrite lads. im thinking of getting a planned overdraft do you know what the max is? im 18 worked 2years on same contract, constant income, phone contract and car insurance direct deb. need around 1500??

[AntDoGG]

Which bank you with? ..

[Ry_B]

What about an interest free credit card

[craig180]

Pretty unlikely you will get a £1500 overdraft unless you are a student or bringing home at least that every month.

They are a waste of time in my opinion because once you start to use your overdraft you just work to a different zero every month.

Get a credit card, use it for what you want then cut it up and pay it off as fast as you can

[Peejous]

Think your best off with a credit card mate, i too a grand overdraft and struggled to get out of it cos i used it as "play money" lol

lucky mom and dad helped me otherwise i'd been raped.

Credit card ftw because you HAVE TO PAY!

[GrantW]

^^ Disagree with overdrafts being a waste of time, I love having mine, although im a student with a 2k interest free overdraft lol

[Hughey]

I got my overdraft and am never out of it. -300 every month!

[craig180]

^^ Disagree with overdrafts being a waste of time, I love having mine, although im a student with a 2k interest free overdraft lol

That's because you are a student and you get it interest free!

Are you ever out of the overdraft? Ever in the black?

[GrantW]

Actually I have 27 pound in the black at the moment :P

Also I thought an arranged overdraft was interest free?

[craig180]

Actually I have 27 pound in the black at the moment :P

Also I thought an arranged overdraft was interest free?

No, you still get charged (negative) interest on your account in most circumstances. Some banks now charge a monthly fee for overdraft facilities.

It's only student dossers that get interest free overdraft facilities:p

[kenny]

if you dont need an overdraft then dont get one dude as once your in you see it as extra money and just use it when short. best idea is get an interest free credit card and use that and pay that off when u can as to keep it at interest free.

i got an overdraft on one of my accounts and basicly used it constantly and got me into a crap situation where i was always short of money. the way i now see it is if you aint got the money at the time then just wait till you do but thats only my personal opinion on it.

[Clouds_mate]

iv got a 2k OD, never init anymore but the feckers keep up giving me more and more.

Natwest btw.

[GrantW]

No, you still get charged (negative) interest on your account in most circumstances. Some banks now charge a monthly fee for overdraft facilities.

It's only student dossers that get interest free overdraft facilities:p

Surely negative interest isnt that bad? like if your 100 in the red then its only a couple of quid you're being charged?

But yeah as you said above, im very rarely in the black, but I spend it on my car, on nights out, for traveling etc so i dont really mind, I have cleared it a good few times but just go straight back in it again so it doesnt bother me.

[Danr]

After this month hopefully i won't need an overdraft. I hate it, i always use it as if it is my own money to spend.

Get a credit card matey, get a good deal with some 0% APR and you shouldn't struggle to much.

[tara180]

Credit cards ftw :y:

There are a few companies that are offering 3, 6 or 9 motnhs interest free atm, so if you pay it off by then it wont cost you extra. Plus, if you pay your credit card off every month anyway they can't charge you interest for it and it will improve your credit rating :y:

[EliteCarDetailing]

I'd recommend getting a credit card, overdrafts are bad for getting out of.

My limit is set at £1,270. I'm already in it due to been paid 2 weeks early at christmas.

[Dez]

i have got a guaranteed overdraft with halifax of 5k but i havent used it due to the fact i know i would never get out of it.

Credit cards are sooooo much better, get one , spend the cash. then pay it off as quickly as you can

[craig180]

i have got a guaranteed overdraft with halifax of 5k but i havent used it due to the fact i know i would never get out of it.

Credit cards are sooooo much better, get one , spend the cash. then pay it off as quickly as you can

5k is a lot for an overdraft. How old are you?

[Dez]

21- i think its largely because ive been with halifax all my life had a credit card with them paid it off. got a pay rise 6 months ago so now alot more money goes into my account - like i said i haven't taken it though thats when you start to get into debt

[Clouds_mate]

Profile says 21 ;)

[craig180]

My profile says old...:(

I'm just a lazy arse

[puggy]

ive got an arranged overdraft of 850 and i dont get charged interest its handy to have but sometimes to handy but i dont get charges interest so its not so bad for me plus i pay it off easy