In debt... To be or not to be?

[Boob Johnson]

you have to be REALLY good with managing money to manage a revolving credit situation. They have their uses but I would strongly suggest staying away from it.

Too true, ive suggested to clients to either not run the LOC or limit it to a low amounts each month what ever works to limit that impulse spending.

[Ixion]

here is what you do:
You are a student, so first of all get out your course related costs $1000, put it all in the loan, then (provided you are at least second year), open up two bank accounts (at different banks obviously)and take advantage of their intersest free overdrafts at $2000 a piece, now you loan is intrest free for as long as you are studying and the feeling of financial pressure is lifted! You will prebably save over a grand in intrest this way as well as being able to take longer to pay off the loan.

Students get interest free overdrafts ? Tell me more.

[Ryan432]

Students get interest free overdrafts ? Tell me more.

Students at uni get a $1000 overdraft for you first year of study which can be increased to $2000 once you get to second year, most banks offer this, you just need to have your main source of income credited into the account (which I have heard is not actually necisarry(sp?)). You could easily get around that by setting up a driect credit form your main account though. They charge 2 buks a month for the facility but no interest! yay!

[McDuck]

here is what you do:
You are a student, so first of all get out your course related costs $1000, put it all in the loan, then (provided you are at least second year), open up two bank accounts (at different banks obviously)and take advantage of their intersest free overdrafts at $2000 a piece, now you loan is intrest free for as long as you are studying and the feeling of financial pressure is lifted! You will prebably save over a grand in intrest this way as well as being able to take longer to pay off the loan.

That good sir is bullshit. 1) You have to have your study link payments with the bank you have the overdraft with. 2) It is not 2000 till your second year BANKING with that bank under the student poilicys, for the first year it is only a grand. 3) When they set it up they ru a credit check which tells them which other banks have been looking at you.

If you try to screw the system they tell you to fuck off.

[Ryan432]

That good sir is bullshit. 1) You have to have your study link payments with the bank you have the overdraft with. 2) It is not 2000 till your second year BANKING with that bank under the student poilicys, for the first year it is only a grand. 3) When they set it up they ru a credit check which tells them which other banks have been looking at you.

If you try to screw the system they tell you to fuck off.

They dont really care about most of that,(the asb lady told me when I went to set up my $2000) they will do anything to get you while your young, however, even with a single account and your course related costs you could knock the loan down to only paying interest on $2000.

[McDuck]

They dont really care about most of that,(the asb lady told me when I went to set up my $2000) they will do anything to get you while your young, however, even with a single account and your course related costs you could knock the loan down to only paying interest on $2000.

How long ago was this? I have been through this in the past month and a half, banking and loans are a very different ball game in the current climate.

[Ryan432]

I set it up about two months ago, I think it depends on who you speak to at the bank aswell, someone who is willing to go and check with their superiors or someone who isnt and just says it can't be done, luckily I got a cool girl who hooked it all up there and then for me!

[McDuck]

I set it up about two months ago, I think it depends on who you speak to at the bank aswell, someone who is willing to go and check with their superiors or someone who isnt and just says it can't be done, luckily I got a cool girl who hooked it all up there and then for me!

I to got a person who was willing to go against the rules to get me what i wanted, study link and 200 dollars a week steady income was not enough for the credit department to give me the loan, she over rode them. Did you get yours before all the finance company collapses or after?

[Mike748]

Sounds like you're already sorted.
In hindsight you could have got a cheaper 4st and that would have made life a little simpler but I agree that you would loose too much money trading it or selling it. So if you can stick with it then get it paid back ASAP.

To put it in a different perspective, wait till your looking at a house and your interest only repayment is over 20k/pa you'll then realise your current situation isn't so bad afterall.

[Ryan432]

Did you get yours before all the finance company collapses or after?

I think about halfway through the whole saga? I think they are more lax with overdrafts than loans tho

[Dafe]

Why did you get a bank loan when student loans are interest free?

I purchased my first bike using a student loan, the days of the KR1-S 250.

[McDuck]

Why did you get a bank loan when student loans are interest free?

I purchased my first bike using a student loan, the days of the KR1-S 250.

Because of people like you we have to provide proof of cost up to 1000 dollers.

[faredce]

Why did you get a bank loan when student loans are interest free?

yea the government talks with ur education provider and pays them the fees directly the only thing u can influence is the course related costs.

im sure u can get an overdraft with any bank i have mates in debt with damn near every bank...i may go talk to them cus its the intrest that will hurt me in the long run

[breakaway]

but what if it is worth 5k and you only have 4 saved do you still not 'need' to get a 'loan'?

If you can't pull 1G together at a moment's notice then clearly you don't know how to manage your shit and shouldn't get a loan.

[McDuck]

If you can't pull 1G together at a moment's notice then clearly you don't know how to manage your shit and shouldn't get a loan.

Or maby all you could pull together was the 4k out of the 5 needed.
Or maby i used it as an example to find your opnian....