h2g2 The Hitchhiker's Guide to the Galaxy: Earth Edition

Mate dont even talk to me about overdrafts, personally i think they were purely devised to cause people embarresment. Firstly, the banks are all sweetness and light falling over themselves to give you money, the next minute you ring them up for a small extension, you know just to tide you over, and before you know it their jumping down your throats saying you shouldnt even have such a big one in the first place, well your the gits who gave it to me in the first place!!!

I have been a victim of many overdrafts.It is much harder for me to get one now-they won't let me have one till I pay them back the grand I already owe them!!!!!
In the days when you could actually talk to your bank manager I remember requesting an increase in my overdraft and he said to me after haggling afor a bit.Okay you can have the extra money but remember its a limit Not a target.
Not bad for a bank manager eh?

Yeah, tell me about it. I'm a student, so debt's my speciality All these banks witter on
and on about interest-free overdrafts on student accounts and they're dead happy to set
one up for you, but should you want it extended it's like the Spanish Inquisition - but not
as nice. I even got a nasty letter telling me I was over my overdraft limit when I had just
spent the best part of an afternoon getting an extension.
Banks? Who needs them?

Just wait until you graduate - as soon as the banks spot that you've got a job offer up your sleeves, they fall over themselves trying to slap a graduate loan on your back and lend you as much money as they can. I only went in to extend the time on my overdraft by a couple of months (wasn't even using it!) and as soon as they heard the 'J' word they'd taken me into an office, sat me down and plied me with loan leaflets...

Of course, it's a different matter a couple of years after you've finished - they'll charge you senseless as soon as look at you. But at least you know where you stand

Azimuth

Tsk, tsk. Haven't you realised? Don't you know? They love you if you're in debt to them. They WANT you there. It means you are their best friend, a kind person who is going to give them a steady income for life, i.e. your loan repayments. Where is their incentive to help you reduce your debt? It's not as if they, a multinational corporation, can't afford the few hundred quid you owe them. Oh no. They don't want all the money back, they want it in tiny wee instalments for the next 20 years. Blodd-sucking vampire-type stuff, isn't it. [rant mode OFF]

Not that much different to mortgages then, see my entry.

Too right, Pastamasta, they can't wait to get you into debt. Back when I was a penniless student I'd often pop into the bank to ask for an increase to my overdraft limit. I was always told, without fail, that it has already been raised. Imagine their disappointment when I paid it off before I lost my "Interest Free" student status.

Why the hell do banks make you jump through all these hoops if you need to hoik your overdraft up a little?
The whole banking system is based on an enormous lie called the Reserve Asset Ratio.
Every quid of real cash you stick in the bank helps them raise tens of pounds of 'imaginary' money which they can charge interest on.
If just a small fraction of the people in credit went into their branch and closed out their account tomorrow the entire financial system would crash faster than Michael Schumacher with a helmet full of bees.
Either sort of helmet, by the way.

You know, I've actually heard of a place where they stuff people that actually have a hint on how much money they've got left on their account. Maybe you all could do a little research to find one of them and ask him or her what the secret is?

How do you know this eh!!!

could you be a spy from a multinational, sent to indoctrinate out minds to the advantages of overdrafts????

One question if banks love us to be in debt, why do they then make it so hard to get credit??

take me for example, im a graduate, got a good job, only one store card and a small car loan to my name, but i cant get a credit card for love nor money!!

How long have you been working?These horrible unknown agencies take a points system to work out if your a good risk or not.
You get lots of points if you've been in your job for the last 3 years.If you have a Mortgage you get even more points for that.
If you get behind on any repayments especially your mortgage you can't get anything.Believe me I've been there.
If you are not on the Electoral roll in your area it is also difficult to get credit.
Maybe you have not lived at the same address for long enough.I think you have to live in the same place for 3 years as well.
I hate all of this.Actually Im about to go and ask for another loan
and I am really filled with dread despite having a good job-5 years
Own home -13 years and on electoral roll Im p***ing myself.
Big brother is watching YOU!!!

Being in debt at some point has one advantage: it helps you get credit when buying fridges or cars etc! True! I know of someone who had never been in any sort of debt in their whole life and was refused credit buying a £300 stereo. So run up debts - it's the only way to run up more debts!

Yeah banks are great aren't they?
They put out all these funky ads aimed at younger people with hip lifestyles and then when you ask for a credit card they expect you to have lived in the same house for 20 years doing the same damn job.
Methinks their banking arm don't know what their marketing arm's doing.
I've heard that the easiest way to get a credit card if you've got a bad credit history or credit rating is to fork out a few quid and make up your own company. You don't need to actually make/sell/do anything but your company name will be a lot more attractive to them than your own.