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is it any wonder the financial system is in such a mess!!!!


ENGBen
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Just thought I would share my dealings with the banks of this country in the past few weeks...



1 month ago I applied for a £50 overdraft on my bank account just in case a bill came out that was higher than expected, to save me unplanned overdraft fee's. Fair enough right? I work full time and have very little outgoings, 50 quid is nothing.


They rejected me!



Then this week I applied for 0% finance on a motorbike with the exact same bank... and it has been granted (not that I am at all moaning), now I have to make payments of £70 a month for the next 3 years to pay off my £2.5k bike.



It just made me laugh how stupid the system seems to make decisions, but at least I have a bike now hehehhe I feel like a kid at christmas!

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just one point, while it may be the same bank or name the fules and finance deals will be very different, especially if the loan is secured against the bike.


When you ask for an overdraft you are asking for a open ended unsecured loan (effectively), which has a very different risk profile to a secured loan against a vehicle or other asset.


However even understanding it, sometimes it still seems a little daft.


Hope you enjoy the new bike though!

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Put yourself in the banks position. They are not going to make any money out of your 50 unsecured squid overdraft that you might use. 2500 beervouchers that will be secured on a motorbike however............

Banks are amazing things, we all moan about them, but we cant live without them............well we can, but we cant have massive tellys, computers, holidays, new wardrobes, currys at swanky restaurants, replica storm trooper uniforms, ebay, christmas, houses etc.

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Ben"]Just thought I would share my dealings with the banks of this country in the past few weeks...



1 month ago I applied for a £50 overdraft on my bank account just in case a bill came out that was higher than expected, to save me unplanned overdraft fee's. Fair enough right? I work full time and have very little outgoings, 50 quid is nothing.


They rejected me!



Then this week I applied for 0% finance on a motorbike with the exact same bank... and it has been granted (not that I am at all moaning), now I have to make payments of £70 a month for the next 3 years to pay off my £2.5k bike.



It just made me laugh how stupid the system seems to make decisions, but at least I have a bike now hehehhe I feel like a kid at christmas!

 


indeed, just make sure you keep the payments up as said bank have several ways to get their money back if you don't.

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Put yourself in the banks position. They are not going to make any money out of your 50 unsecured squid overdraft that you might use. 2500 beervouchers that will be secured on a motorbike however............

Banks are amazing things, we all moan about them, but we cant live without them............well we can, but we cant have massive tellys, computers, holidays, new wardrobes, currys at swanky restaurants, replica storm trooper uniforms, ebay, christmas, houses etc.

Yes we could. We would just have to save up first. Cost us less in the long run with no interest to pay. Plus stuff would be cheaper to begin with too.

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