Halifax Overdrafts

Cheers few there I can see. I simply want something I can set up direct Debits with and use in shops and online nothing else, Not bothered If their customer services is rubbish hope to never have to Find out.

Can safely say im 22 and never want another loan credit card bit of HP or overdraft.
 
I forgot to address your question about paying HBOS £100 per month. That should be fine, you shouldn't even need to make an agreement with them. However stricly speaking an overdraft is an on-demand facility, meaning they can request immediate payment. They're unlikely to do so though, and if they do just tell em you'll pay a hundred a month until it's repaid.
 
Cheers, I have 2 Card cash cards that are designed for 17 year olds so will see if I can use them if not I want away asap
 
Halk, some good points.

I worked for a bank for a while and the treatment of it's mortgage customers in particular, in any amount of arrears was frankly awful to say the least. It was so bad I just couldn't do what I was asked to do anymore and left.

However, I have to disagree to an extent on consequences people stopping paying. Banks very often make life merry hell for people who find themselves in difficulty.

You say the laws are too soft on this. However, going the other way, the regulators are also far too soft on banks who nearly always ignore the banking code when it comes to dealing with people who are in difficulty and trying to restructure payments. CAB is absolutely inundated to crippling point with just such cases. They step in, say exactly the same things as the people trying to sort it in the first place and the banks back down so often because they know it was reasonable in the first place. Often in the interim they have made extensive profits.

I have first hand experience of the above, as well as a bank colluding with solicitors to withhold paperwork from County Court so they could sneak through a property charging order on a small personal loan through the backdoor. They failed, because it was the same one I worked for previously and knew their game. My only regret is due apparently to legal privellege, I can't prove who ordered it to be withheld and therefore can't send a complaint to the FSA or the Law Society.

I know charges subsidise accounts, but banks were making enormous profits when interest rates were far lower and at fixed per centages for all customers, with charges for unauthorised overdrafts or spending limit breaches etc about 25% of what they are now.

It is also well documented lately that risk based lending isn't working correctly because banks aren't allowing comparison sites to operate proper searches. This is artificially sustaining APR because it is scaring people out of shopping around. Banks aren't answering press questions on the subject so I'll draw my own conclusions.
 
I very strongly agree with everything you say about collections, debt collectors, harrassing debtors, and the way they are treated. Partly it is a result of our soft laws as well as lack of enforcement by the FSA.

Banks are obliged to state a typical APR, at which the majority of applicants are accepted. So it's now the case that you can shop around for APR a little better. I believe the figure is around 2/3 (it might be 70%, I can't remember exactly).

The result of this is that if a bank advertises a rate then they need to accept the vast majority at that rate or lower, and only accept a few on risk based pricing.

One way that I had noticed some banks getting around it is by having several outlets for their loans. The result of this is that they can advertise a typical rate well below their normal retail rate, and just reject lots of people. They'll then pass the details on to another subsidiary who will contact the customer to offer a higher typical APR.

There is a simple solution to allow consumers choice over who they borrow from.

The simple solution is to invisibly record credit searches, but visibly record agreed facilities. This will mean two credit searches for customers, but only one will leave a footprint.

Currently any time you apply for a loan a footprint is left - it doesn't say what the result of the application was though. A huge myth is that if you get rejected somewhere it affects your credit rating, that is not true. As a result of the footprint being left the next lender is less likely to accept your application.
 
Some interesting points here, Nice information i wasnt aware of Cheers guys.

They say that All of the Recession business is due to the big bankers making bad gambles, which is probably right (I cant comment not looked into it enough) But half the people behind the counter try and sell you everything in the bank, Otrher day I went in to put £10.00 in my account, Usualy I would use the envelope on the wall system to avoid them but this day someone had stolen the pen, The girl was trying to sell me home insurance, No use I am council and take it through them, Then a credit card had apparently been pre-approved, strange considdering I tried to weeks prior and was refused (thankfully i dont need one now) Why do they feel they have to push stuff on you.
 
I am with BOS and practically live in my overdraft :p
Time to change account, thankfully we have a hsbc in kirkcaldy I think. So am applying for an account with them tomorrow.

£1 a day is a shocking amount
 
Just looking at a post a few above mentioning the FSA, Would I be right in saying that the goverment are considering scrapping this for something totaly different.

Probably somethign that will cost yet more money and then endupt being just as much of a failure
 
DAvE18 said:
I am with BOS and practically live in my overdraft :p
Time to change account, thankfully we have a hsbc in kirkcaldy I think. So am applying for an account with them tomorrow.

£1 a day is a shocking amount
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Where?

Just did a quick google and couldnt see it, Pluss cant put my mind on where it is.
 
DavieCramb01 said:
Just looking at a post a few above mentioning the FSA, Would I be right in saying that the goverment are considering scrapping this for something totaly different.

Probably somethign that will cost yet more money and then endupt being just as much of a failure
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The Conservative party want to end tri-party regulation from the FSA, the Bank of England and the Treasury. If they do it they'll merge the FSA into the Bank of England I guess...
 
Shouldnt the FSA be a stand alone system?

From my understanding they are there to stop banks and things from operating Illegaly along with many other things.
 
DavieCramb01 said:
Shouldnt the FSA be a stand alone system?

From my understanding they are there to stop banks and things from operating Illegaly along with many other things.
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That's part of their responsibility. As I understand (on this I am not especially familiar) the Conservatives believe that with 3 different outfits regulating the financial sector there are parts that get missed.

It's true that the both the Bank of England and the FSA have responsibilities which overlap. I don't really know by how much they overlap, and if it would be better if they were merged or not.
 
Sorry bud it was perth for hsbc, I was thinking of alliance-leicester there current account looks good. £100 if you switch and a free overdraft for a year and then its only 50p daily upto a max of £5 a month.

seems awesome and there is a branch in kirkcaldy. :D
 
Well... I think so.

The Labour Party were the ones who released the Bank of England from government control. It has turned out, by and large, to be a good thing. They also created the FSA. Labour can't close the FSA without looking like they made a mistake. The Conservatives could. However the Conservatives will be keen to be seen to be doing something, and closing the FSA is something.... I think the Conservatives are right to be looking at the crossover and uncovered parts of regulation, but I hope they're not just doing it to be doing something.
 
On my Alliance & Leicester Current Account, I get charged 50p per day when I'm in my overdraft, the charges are considerably higher should I go over this.

My Natwest Student Account has a £1,250 overdraft and I'm not charged a penny for using it.
 
DAvE18 said:
Sorry bud it was perth for hsbc, I was thinking of alliance-leicester there current account looks good. £100 if you switch and a free overdraft for a year and then its only 50p daily upto a max of £5 a month.

seems awesome and there is a branch in kirkcaldy. :D
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A fiver a month for your overdraft will rack up over a few years. The comparison sites love plugging short term offers, and introductory rates but do you really want to switch your account once a year?
 
The Halk said:
Well... I think so.

The Labour Party were the ones who released the Bank of England from government control. It has turned out, by and large, to be a good thing. They also created the FSA. Labour can't close the FSA without looking like they made a mistake. The Conservatives could. However the Conservatives will be keen to be seen to be doing something, and closing the FSA is something.... I think the Conservatives are right to be looking at the crossover and uncovered parts of regulation, but I hope they're not just doing it to be doing something.
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Wouldnt surprise me if they did something like that just to say Up yours labour.

After watching polotics on tv it makes me realise how childish they are in the houses of parlament, Its like little kids bikkering accross a room trying to get one over on the other
 
DavieCramb01 said:
Wouldnt surprise me if they did something like that just to say Up yours labour.

After watching polotics on tv it makes me realise how childish they are in the houses of parlament, Its like little kids bikkering accross a room trying to get one over on the other
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Makes by blood boil. The country needs serious action taken, and their main concern seems to be getting or staying elected. I wish they would take a leap of faith and concentrate entirely on doing the best job they could - ignoring the media - ignoring the name calling and in 4 and a half years turn around and say "Well, did you like that?"
 
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