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    £1400 overdraft, pay back £700 saving £700

    Had a student overdraft with the cooperative bank for a year and then they requested that I pay back all the overdraft. After a few months of ignoring phone calls and letters, I got a new letter through saying "You have an outstanding balance of £1400, we will reduce this to £700 if you pay £700 in the next 10 days."

    So, basically, get yourself in debt and pay back half... seems like a good deal, lol.

    152 Comments

    So... where is the saving?

    oO ....

    He borrowed £1400 and they only want £700 back. Christ knows what this does to his credit rating though.
    Edited by: "Foxy102" 8th Jun 2011

    Paq

    So... where is the saving?



    ^^ This - I hope I'm not this stupid when I'm a student. They're basically saying you can pay £700 off interest free...

    So you are not saving £700 but just interest from £700.
    They still want £1400 back, the title should be different...

    Edited by: "Paq" 8th Jun 2011

    "You have an outstanding balance of £1400, we will reduce this to £700 i … "You have an outstanding balance of £1400, we will reduce this to £700 if you pay £700 in the next 10 days."



    Well that sounds logic. I borrow £20 off my mate., the next week he says give me £10 back from that £20 mate and you will only owe me a tenner.

    I don't understand where the op is coming from? Does he think he is only paying £700 back? Gees, what the heck are you studying? I hope for the love of money it is not maths!
    Edited by: "InfernoGroup" 8th Jun 2011

    InfernoGroup

    Well that sounds logic. I borrow £20 off my mate., the next week he … Well that sounds logic. I borrow £20 off my mate., the next week he says give me £10 back from that £20 mate and you will only owe me a tenner. :)I don't understand where the op is coming from? Does he think he is only paying £700 back?



    Yes lol.

    Must be doing a degree in maths.........

    Edited by: "ChrisUK" 8th Jun 2011

    Banned

    Why are people thinking he will still have £700 to pay? It reads pretty clearly to me

    You owe £1400, pay £700 within 10 days we will reduce the £1400 to £700 thus leaving nothing to pay after you pay the £700

    Its standard debt collection tactics, they will have bought the debt for £140 max so they still make £500+

    Op ring and say you can only afford £600, see if they wipe it out

    colinsunderland

    Why are people thinking he will still have £700 to pay? It reads pretty … Why are people thinking he will still have £700 to pay? It reads pretty clearly to meYou owe £1400, pay £700 within 10 days we will reduce the £1400 to £700 thus leaving nothing to pay after you pay the £700Its standard debt collection tactics, they will have bought the debt for £140 max so they still make £500+Op ring and say you can only afford £600, see if they wipe it out



    This isn't debt though as such - Its a student overdraft...

    colinsunderland

    Why are people thinking he will still have £700 to pay? It reads pretty … Why are people thinking he will still have £700 to pay? It reads pretty clearly to meYou owe £1400, pay £700 within 10 days we will reduce the £1400 to £700 thus leaving nothing to pay after you pay the £700Its standard debt collection tactics, they will have bought the debt for £140 max so they still make £500+Op ring and say you can only afford £600, see if they wipe it out



    lol... kiss goodbye to that credit rating...

    Banned

    tomwatts

    This isn't debt though as such - Its a student overdraft...



    Whats the difference?

    RickT

    lol... kiss goodbye to that credit rating...



    I think that will have already happened

    Banned

    Colin with the sense and reading comprehension lacking ITT!

    Guys please read with understanding:
    "we will reduce this to £700 if you pay £700 in the next 10 days" means:
    First pay us £700 (saving on interest)
    Than we will be nagging you about remaining half.
    Although I'm not English, it sounds pretty clear to me.

    Banned

    Very gay.

    JonnyTwoToes

    Very gay.



    Is this how you've achieved "Chatty" badge?

    My cousin had the same thing , but a £14.000 loan ( with co-operative, like op ) and after he come out of work he could no longer make the repayments and after some time they said if he paid £7000 within 14 days they would acccept it !
    He was lucky enough to have my uncle to help him out with this and he paid the £7000 for him, ( after a good telling off though ) and now my cousin only has to make payments to his Dad that he can afford , plus he hasnt got any debt agencies sending letters/ringing him .

    Banned

    Paq

    Is this how you've achieved "Chatty" badge?



    I have a chatty badge?

    Banned

    shopstilldrops

    My cousin had the same thing , but a £14.000 loan ( with co-operative, … My cousin had the same thing , but a £14.000 loan ( with co-operative, like op ) and after he come out of work he could no longer make the repayments and after some time they said if he paid £7000 within 14 days they would acccept it !He was lucky enough to have my uncle to help him out with this and he paid the £7000 for him, ( after a good telling off though ) and now my cousin only has to make payments to his Dad that he can afford , plus he hasnt got any debt agencies sending letters/ringing him .



    Why would he pay £7000 on a £14 loan?

    Banned

    JonnyTwoToes

    Why would he pay £7000 on a £14 loan?



    Inb4 some digging reveals it really was a £14 loan...

    Banned

    master_chief

    Inb4 some digging reveals it really was a £14 loan...



    And he actually paid back three buttons.

    I bet he had to use his bike every week to go and pay off his loan.

    If he's from Europe then they use decimal points rather than commas? So it'd be correct.

    Banned

    Benjimoron

    If he's from Europe then they use decimal points rather than commas? So … If he's from Europe then they use decimal points rather than commas? So it'd be correct.



    He is a she, and she is from the UK.

    JonnyTwoToes

    He is a she, and she is from the UK.



    who?

    Banned

    Benjimoron

    who?



    shopstilldrops

    ... LOL is this a joke??

    Banned

    This is why people hate students.

    Banned

    Bloody students

    Original Poster

    Paq

    So you are not saving £700 but just interest from £700.They still want £ … So you are not saving £700 but just interest from £700.They still want £1400 back, the title should be different...



    No no. They want me to pay back half then call it quits. Debt over.

    Original Poster

    why doesnt this post have a heat thingy?

    Paq

    So you are not saving £700 but just interest from £700.They still want £ … So you are not saving £700 but just interest from £700.They still want £1400 back, the title should be different...

    "You have an outstanding balance of £1400, we will reduce this to £700 i … "You have an outstanding balance of £1400, we will reduce this to £700 if you pay £700 in the next 10 days."





    Are you serious?... They will reduce the bill to £700 if you pay £700....

    £700+£700 = .... :O £1400...

    Seriously.. how did you get into university??

    And it doesn't have heat because you never posted it as a deal... which even if you did it would not get any heat.


    Apologies if I've misinterpreted that but... seems like you've still got to pay £1400 to me
    Edited by: "Dehumanization" 8th Jun 2011

    Original Poster

    Dehumanization

    Are you serious?... They will reduce the bill to £700 if you pay … Are you serious?... They will reduce the bill to £700 if you pay £700....£700+£700 = .... :O £1400...Seriously.. how did you get into university??And it doesn't have heat because you never posted it as a deal... which even if you did it would not get any heat.Apologies if I've misinterpreted that but... seems like you've still got to pay £1400 to me



    Learn to read.

    If you borrow any money you should have the decency to pay it back.
    People like you OP really get on my tats!!!

    Lend uz a tenner!

    inb4 sheer hate for the OP being a tube! . . . oh

    still owe 1400 big guy, should get a 'lawyer friend' of yours to have a look and youll find out that you are in a fair bit of trouble and probs wont ever get a loan, mortgage, finance etc so youll become a brighthouse regular, hope uni paid off

    Learn to read?

    . I read it... and I told you how it looked to me. Soz that I'm too thick to be a student and be in £1400 debt.

    Well if they have asked you to do a deal I bet the letter was not worded. "Pay £700 off now and you will only owe us £700." Because if it does then you are getting the wrong end of the stick. Does the letter actually state that the debt will be cleared if you pay £700 off in one go? Or is it worded how you wrote it? Because if it is the latter then you really need to quit college or wherever you are studying and get a job in McDonalds now rather than in a few years time.

    but dont worry OP you can still get a big tv, sofa, dvd player etc from brighthouse after all its your friendly weekly payment store

    Benjimoron

    If he's from Europe then they use decimal points rather than commas? So … If he's from Europe then they use decimal points rather than commas? So it'd be correct.



    Europe

    http://upload.wikimedia.org/wikipedia/commons/thumb/d/de/Europe_orthographic_Caucasus_Urals_boundary.svg/541px-Europe_orthographic_Caucasus_Urals_boundary.svg.png

    You see that funny shaped island to the left, that's the UK, for as long as anyone I know can remember, part of Europe.

    DannyM

    but dont worry OP you can still get a big tv, sofa, dvd player etc from … but dont worry OP you can still get a big tv, sofa, dvd player etc from brighthouse after all its your friendly weekly payment store




    Not necessary at all!! He's just going to go and get student overdrafts from every bank near him.. keep half of each loan safe, and he's set!
    Might do the same tomorrow actually, hopefully not many people have seen this thread otherwise there is going to be queues galore.
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