Student Accounts

[Kurashima]

Originally Posted by pig

im not frauding em, ill stick my student loan in it, dont worry about that, which is like 3k of money plus my job money will go there, i dont think you can call it fraud, but your call as you say its youre job.

I dont know correct me if im wrong as youre in the loop so to speak but at the end of the day, I am putting money in the account, and taking money out, in fact more money will probably go in the account than out at the end of the day. From your banks perspective they asked me if i had another account and i said yes. They asked me how much I was planning to put in, i said about 3-5k a year, which is true. As well as that I gotta say im now actually considering banking with lloyds as they actually have people to speak to you and seem quite friendly tbh.

Ok , im taking the piss here. Yes , i could theoretically, knowing your name and location, go into the account and prevent your account being opened. However im nowhere near that big a tosser, and at the end of the day, your account causing the bank in the UK to lose money wont mean shit to my end of year bonus offshore. Im loyal to the company, but not a whore.

And from the Banks perspective, what youre doing isnt that bad. Most people lie to their banks, and its only when you default on the loan or look like a serious credit risk that they review your account thoroughly. When youve got the account and youre ripping into the overdraft, as long as you stay within the limit youve asked for, youre fine. Theyll increase your credit score and at the same time offer you cards and increased limits as long as theres a regular credit (salary) coming into the account to offset the monthly interest.

Do it. End of the day, you have to pay it back , but £3000 worth of debt is nothing.

[pig]

well debt is something im attempting to avoid...i refuse to get a credit card, which is one of the options, at the end of the day debt is a big problem, a friend of mine is 3rd year just about to finish, smart kid, at least 5k debt thats excluding Student loans

[Kurashima]

Originally Posted by pig

well debt is something im attempting to avoid...i refuse to get a credit card, which is one of the options, at the end of the day debt is a big problem, a friend of mine is 3rd year just about to finish, smart kid, at least 5k debt thats excluding Student loans

Thing is , £5k debt really isnt a huge thing. People go on about levels of debt being unacceptable, but if youve got a £5k debt , speak to your bank, get them to consolidate it into a repayable loan (they might end up adding on a bit, but dont sweat it too much, itll take your monthly repayments to at most £150, and you wont incur any further interest unless you miss payments) and then youre free to live as normal without the bad men knocking on your door.

[Starbucks]

so...I get paid £480 on Friday for one weeks work

I have my degree and large overdraft though so its all

[Kurashima]

Originally Posted by Starbucks

so...I get paid £480 on Friday for one weeks work

I have my degree and large overdraft though so its all

MY overdraft is £1000 , and im in full time employment.

A Student will get 2-3 times that without having a job, and with no guarantee of employment at the end of their degree course.

Crazy!

[Starbucks]

Originally Posted by Kurashima

MY overdraft is £1000 , and im in full time employment.

A Student will get 2-3 times that without having a job, and with no guarantee of employment at the end of their degree course.

Crazy!

At first my bank were

"so your not a student, you are scum now bitch"
Then after my promotion
"Is it me or did you just get almost double what you normally get for a week? Hi we are your new buddies!"

My credit card is fully paid off which I aimed to do by christmas, then I have to start thinking about the "M" word

[Kurashima]

Originally Posted by Starbucks

At first my bank were

"so your not a student, you are scum now bitch"
Then after my promotion
"Is it me or did you just get almost double what you normally get for a week? Hi we are your new buddies!"

My credit card is fully paid off which I aimed to do by christmas, then I have to start thinking about the "M" word

Your bank is the same as every bank. Youre employed , pay us back. Youre earning shitloads , here , have a Mortgage.

You need a foothold in the property ladder Mr Bucks. Have to get it sometime.

[Starbucks]

Originally Posted by Kurashima

Your bank is the same as every bank. Youre employed , pay us back. Youre earning shitloads , here , have a Mortgage.

You need a foothold in the property ladder Mr Bucks. Have to get it sometime.

Just need to find somewhere I like

[Kurashima]

Originally Posted by Starbucks

Just need to find somewhere I like

Bath is pretty good.

[Starbucks]

Originally Posted by Kurashima

Bath is pretty good.

Would mean an interesting commute...

http://tinyurl.com/4m7kh looks quite nice and a 5-10 minute drive from work

[Dead_Meat]

Real Estate is the way forward, my GD amigos.

We just decided against getting a mortgage on a property over here, not enough equity to put down to make it affordable (crazy Insurance & Tax & Maintenance fees).

We aim to do it later next year, it'll be our third mortgage, two of which are already covered by renting the property out, the third is a bit tricky, but do-able.

[Kurashima]

Originally Posted by Dead_Meat

Real Estate is the way forward, my GD amigos.

We just decided against getting a mortgage on a property over here, not enough equity to put down to make it affordable (crazy Insurance & Tax & Maintenance fees).

We aim to do it later next year, it'll be our third mortgage, two of which are already covered by renting the property out, the third is a bit tricky, but do-able.

You live in the US
You work in the US
BUT
Youre a UK citizen

Speak to the offshore banks about Buy to Let mortgages in the UK. Itll cost you about 1.75% over base.

[Starbucks]

Anyone know what the minimum deposit will be on a 95k house

(this thread is now about old people stuff, or young people with too much responsibility for their age)

Why is this weeks itunes free song so shit as well (just downloaded it)
edit: What the ****, there are lots of types of mortgages
edit2: http://www.rbs.co.uk/Personal_Financ...es/default.htm

small or no deposit eh? Might have to speak with a bank manager some time

[Dead_Meat]

Originally Posted by Kurashima

You live in the US
You work in the US
BUT
Youre a UK citizen

Speak to the offshore banks about Buy to Let mortgages in the UK. Itll cost you about 1.75% over base.

Interesting idea. My current mortage on £100k is about 3.75% (Interest Only), which I reckoned wasn't bad.
1.75% could save us a grand a year (+ish).

[Kurashima]

Originally Posted by Dead_Meat

Interesting idea. My current mortage on £100k is about 3.75% (Interest Only), which I reckoned wasn't bad.
1.75% could save us a grand a year (+ish).

1.75 OVER BASE (around 6%)

However

Heres a real kicker

Most of the offshore banks now offer currency mortgages (USD , HKD , EUR) , which are 1.5% over the base of their respective countries, but only for UK properties.

So if you opened a USD account, and had USD salary paid in there, youd be able to have your mortgage at around 3%. Downside is the Dollar being so weak, youd lose a lot on the exchange rate.

[Dead_Meat]

Originally Posted by Starbucks

Would mean an interesting commute...

http://tinyurl.com/4m7kh looks quite nice and a 5-10 minute drive from work

For £120k, this looks a lot nicer

[Starbucks]

Originally Posted by Dead_Meat

For £120k, this looks a lot nicer

Thats nice, and it would be cool to not be able to pronounce my street

[Dante Hicks]

Slightly late I realise, but I'd point out that I had two overdrafts at the same time at university with no problems. You just need to read the conditions of your account carefully.

I was with Barclays and Halifax. Barcalsy, in order to qualify for an interest free overdraft asked me to put my student loan cheque in my account. Halifax on the other hand simply asked for £500 every three months. So for three years I simply transferred from one to the other and it was fine. Unfortunately, near the end of my third year I was out of the country for quite a while, and doing various things which meant I missed the pay arrangement and had to pay the overdraft back.

This wasn't a problem particularly, they agreed on fairly reasonable terms (£80 per month or something like that) which I eventually also broke. I then simply paid it all of in a lump sum when I got some cash from elsewhere. Overall, it proved a very very cheap way of borrowing money - but be careful. Always stick to arrangements they give you and it'll be fine.

[roadrunner_0]

i hate the fact that its over 100k now to buy a 3bed semi, but DM's does look a lot nicer for not much more there SB

[Dante Hicks]

Originally Posted by roadrunner_0

i hate the fact that its over 100k now to buy a 3bed semi

This made me giggle. For a one bedroom flat on my girlfriends road it's £220k.

[roadrunner_0]

yeah, but i dont live in london with its positively absurd house prices, i live in a tinny little shithole of a town in the north east, and its still bloody expensive

[Proteus]

Originally Posted by Dante Hicks

This made me giggle. For a one bedroom flat on my girlfriends road it's £220k.

Where does she live?

[Blastoderm]

Originally Posted by Tomkat

If you do really get short of cash before you get paid - as long as you're certain you can pay it back - you can use your cheque book. I did this too much, so watch out as it can become too easy. If you have a cheque guarantee card (check your debit card, see if there's a figure there, normally £50 or £100 for a student account). This means you can write cheques up to this amount for places, even if you don't have it in your account.
The bank will take the costs and won't charge you for it (unless you keep doing it). If you have two bank accounts, you can write a cheque from your student account to the other one, and it means the money will be transferred. As long as you'll be paid in a week or so, it doesn't matter. Don't fall into the habit of doing it though.

Ok I've got a hypothetical question that requires an immediate answer. I want to buy this brilliant mobile phone. My overdraft limit is £200 and I'm currently at £-330. The phone is at £170. It's from someone I sort of know. Can I still use my cheque book to pay for it/him? I'm getting paid like £500+ next week Friday but I've got till like Monday evening to pay for it or else it's gone as there are others who are willing to buy it.

[Tomkat]

Originally Posted by Blastoderm

Ok I've got a hypothetical question that requires an immediate answer. I want to buy this brilliant mobile phone. My overdraft limit is £200 and I'm currently at £-330. The phone is at £170. It's from someone I sort of know. Can I still use my cheque book to pay for it/him? I'm getting paid like £500+ next week Friday but I've got till like Monday evening to pay for it or else it's gone as there are others who are willing to buy it.

Only if your cheque guarantee amount is £170 or more. Otherwise the cheque will bounce, you'll be charged, and the someone-you-sort-of-know will be pissed off.

Alternatively you could write a post-dated cheque for it, then it won't go out of your account until the date on your cheque (which you can set to next Friday).

[Blastoderm]

Originally Posted by Tomkat

Only if your cheque guarantee amount is £170 or more. Otherwise the cheque will bounce, you'll be charged, and the someone-you-sort-of-know will be pissed off.

And if I've got a bog-standard current account?

Alternatively you could write a post-dated cheque for it, then it won't go out of your account until the date on your cheque (which you can set to next Friday).

Ok but will it be cleared for the guy in a few days or the date on my cheque?

[Dead_Meat]

If it's a personal transaction, then it won't matter, as long as the guy takes it to his bank after the date you get your money, plus the two days it may take to clear.

Banks (used to be) notorious for taking post-dated cheques and processing them anyway, which lands you in the shit. Don't risk it and ask your friend (I assume) to pay it in next week.

[Sunday8pm]

For about 100k british you could buy yourself a mansion in Canada.... (well build it)

[Tomkat]

Originally Posted by Sunday8pm

For about 100k british you could buy yourself a mansion in Canada.... (well build it)

That's because Canada is shit and noone wants to live there anyway.
Demand goes down, prices go down!

[roadrunner_0]

on a bog standard current account you will either have a £50 or £100 cheque guarentee facility, it will be in the corner on the back of the card what your guarentee limit

alternatively, say you have a $50 limit, just write him 4 cheques, 3 x £50 pound ones and a £20 pound one

[Blastoderm]

Originally Posted by roadrunner_0

on a bog standard current account you will either have a £50 or £100 cheque guarentee facility, it will be in the corner on the back of the card what your guarentee limit

alternatively, say you have a $50 limit, just write him 4 cheques, 3 x £50 pound ones and a £20 pound one

Doesn't say that on my mate's card. He did remember issuing a cheque of £120 though.

[pig]

Originally Posted by Blastoderm

Doesn't say that on my mate's card. He did remember issuing a cheque of £120 though.

right him a cheque but predate it, ie he can put it in his account at any time, but it wont clear till the date you put on the cheque, ie so put it down as 26th November, he puts it in on monday, wont leave your acc until the 26th

[Stew]

Originally Posted by Blastoderm

I want to buy this brilliant mobile phone. My overdraft limit is £200 and I'm currently at £-330. The phone is at £170. It's from someone I sort of know.

Don't you work at Phons 4 U? Do you not get free phones?

[Proteus]

Originally Posted by pig

right him a cheque but predate it

You mean "postdate". Predating a cheque would be ever-so-slightly pointless.

[Dante Hicks]

Originally Posted by Proteus

Where does she live?

Between Archway & Tufnell Park in the London Borough of Camden.

[jerome]

"resource efficiency" comes to mind.

ps. pig - how exactly are you going to live for a few weeks on a fiver?

[pig]

Originally Posted by _ryzekiel_

"resource efficiency" comes to mind.

ps. pig - how exactly are you going to live for a few weeks on a fiver?

well until i get a student acc, if i do, firstly I have about 10 packs of ciggies left, so im fine there, basically corn flakes and pasta. and beans and potatoes

[Blastoderm]

Originally Posted by Stew

Don't you work at Phons 4 U? Do you not get free phones?

Yes I do but I don't get free phones yet. I must be in the company for at least 3 months.

[Starbucks]

When the Phones 4 U people did not get a pay cheque a year back my sister in her suit with her carphone warehouse badge went round the shop to lend the staff a tenner.

[Blastoderm]

I'm not sure what you mean there but I get paid. And on time.