Halifax are Dirty Stinky Robbin Fooks

Have you ever considered not spending money that you don't have?

my overdraft is £1250 so i cant imagine another bank giving me that amount straight away

If I could just get a month ahead of myself....

The old ones are the best.

Taken you one helluva long time to realise the "pretend" banks are worse than the originals .

statman99 01 Dec 11:25
Have you ever considered not spending money that you don't have?

have you ever considered not being such a condescending pr1ck?

Our economy requires that people get credit, and borrowing against future earnings is a way of smoothing your income over different time periods. Some people prefer to save some prefer to borrow, whichever suits you best is right.

There is absolutely nothing unethical or immoral about borrowing money, but there is certainly something unethical about banks ripping people off like this. This is what happens when a "court" tells banks they can take whatever they like out of their customers' accounts without fear of legal recourse.

i concur

its interesting that a bank can quote the phrase 'terms and conditions' to a customer, ad nauseum, when a customer complains about charges being put on his account.
'why are u charging me 39 quid for being £3 overdrawn, because of a payment u authorised?'
'its in the terms and conditions, which u agreed to when u signed up to the bank account, sir'.

so go ask halifax for a copy of yr signature, agreeing to these latest terms and conditions.

Statman yes you would be right in saying that my overdraft is very much for consume than investment but please dont which im sure you were not anyway put me in the bracket of someone who is a feckless borrower who is to be bailed out by prudent savers.

My credit rating is pretty good, i have my own mortgage and have never defaulted on that or any other credit i have available to me.

I might have a good credit rating but it doesnt mean i have spare cash to clear my overdraft, doing so will take time and i know its something im going to have to do.

The last thing i want to do is borrow more money to clear my overdraft so what was the advice from the Halifax lady- take out a new loan to pay off my overdraft. I said not a chance so she reccommended i then remortgage to pay it. A bit of crappy advice i thought on there behalf by trying to tie me into more debt.

Anyway im off to work, thanks for your input anyway.

I'd suggest that the problem (that is, banks being tw@ts) is caused by the overgenerous laws that apply to people who cannot pay back their debts. Basically if you're fecked you get let off and can even keep your house. But if you're struggling you're hit for all you've got because the banks (who are struggling themselves) need to stay afloat.

How many threads do you see on here asking for help in worming out of paying what they owe?

Parasites.

statman lost no argument.

I would take Even money evski has a 3k overdraft next year.

Of course I will ahve a 3k overdraft next year. Once I graduate they give me an extra £500 at 0% interest. Only a complete moron wouldn't take it.

it is fair to say then, you have a biased view of debt.

what do you mean biased?

The banks play me and other people so why shouldn't I play them?

go on then, I've got an hour free.

statman99 01 Dec 11:25

Have you ever considered not spending money that you don't have?

What a prat. Ooooh let me get in quick with a blunt remark to the OP so that I can be a confrontational man on an internet forum.

Pathetic

banks change T&C's all the time, your continueing custom is taken to be as good as a signature agreeing to said changes.

yes, if they want to. The OFT does not have the power to decide what charges are fair and the banks now have carte blanche to do whatever they like, and these daily fees are the start of it.

Evski - ok here goes - please try not to swear at me in your replies, thanks.

evski 01 Dec 14:37
statman, you are talking bo11ox. The credit crunch wasn't caused by people having overdrafts, it was caused by banks lending to people they shouldn't lend to and by buying sub-prime securitised assets.

I didn't explicitly say that overdrafts were the cause of the credit crunch. Rather, too much borrowing on a industrial scale in general was the cause. You say that it was caused by banks lending to people they shouldn't. That certainly did happen, but for every lender there's a borrower who can not be deemed to be completely blameless. I myself was offered millions of pounds of credit during the boom, most of which I turned down on the basis I wouldn't be able to afford to pay it back. I made this prudent decision, and I am now paying through low interest rates and reduction in purchasing power of my savings, whilst all monetary and fiscal policy is biased towards helping those that borrowed too much keep the assets they shouldn't own. It's not fair - (you didn't address my point of fairness earlier)

I don't know if your aware but 70% of UK GDP is made up of consumption and borrowing is an essential part of that. If all overdrafts/loans/creditcards were banned tomorrow the UK economy would collapse overnight.

I am aware of the 70% figure. Don't you find it a bit worrying that this can't be sustained unless we as a nation keep borrowing more and more? Can you not see that this is unsustainable? We in the west are so addicted to debt we think there is no other way - of course there is - people can consume with their savings and current income (and hence borrow less). Rather a deep recession and reallocation of resources to productive parts of the economy than a national bankruptcy, which is the path we tread at present.

you also talk as if savers have some god-given right to great interest rates but that isn't how it works. A factor I'm sure you're not considering is the real rate. Since inflation has been around 0% for the last years it would be riddiculous to pay 5-6%. do you understand that fetting 5% with an inflation rate of 3% is exactly the same as getting 2% with zero inflation, or no interest with inflation at -2%? I know you get a smaller nominal sum in your bank, but in real terms it is the same.


I would only argue that savers have a right not to have the purchasing power of their savings deliberately eroded by the central banks. I'm afraid it appears to be you that is talking like people have a god given right to borrow....of course that's not how it works either. Lending is a commercial activity and if someone doesn't want to lend to you then you can't force them to. The bottom line is that governments are manipulating interest rates in the favour or borrowers - that's not me demanding great interest rates for savers, just a fair price of money. I don't need a lecture in real rates of interest thanks - however, I would encourage not to be quite so eager to embrace the government's inflation statistics. A careful scrutiny of the figures used, plus a pragmatic analysis of the price of most commodities out there, suggest inflation is alive and well and only going to get higher. (much higher than the govt will admit)

I know you think you are being clever by saying that borrowing for investment is cool but consumption borrowing isn't, but there is a massive body of economic work relating to this subject and, like it or not, our economy depends on borrowing and will do for a long time to come.

Evski, I'm not trying to be clever. I'm just saying what I think. Great capatalist economies (America, basically), are founded on debt. Money borrowed to put into place a productive economy that can create and export to the world NOT to consume other people's stuff. Right now we have a situation where we borrow money from the Chinese to pay for stuff they've made. we are a very easy middle man to cut out out. When it happens it will mean the end of civilization like we know it, because Sterling will be near worthless. The only way to avoid this is to stop relying on so much borrowing and live within our means. If that means taking a proper recession then so be it. We've had them before and we'll have them again. at least we'll come through the other side.

By the way - why are you so angry about all of this?