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    So my boyfriend is forever spending all his money on his card and it goes into the negative but because he's under 18 he says that it just resets back to 0 and let's him spend negative money?

    Where is this money coming from? Because I don't believe it's "free" and I have a feeling he'll be paying it back in the long run, any ideas wheres it's coming from and why he's not being charged for going into negatives?
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    (Original post by Hot_Potato)
    So my boyfriend is forever spending all his money on his card and it goes into the negative but because he's under 18 he says that it just resets back to 0 and let's him spend negative money?
    It doesn't. He is getting into debt.
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    (Original post by Reue)
    It doesn't. He is getting into debt.
    So when or where will this show up later on? Or once he hits 18 it'll just start appearing?
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    he can get into serious trouble if he cannot pay back the money he owes.
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    (Original post by Hot_Potato)
    So when or where will this show up later on? Or once he hits 18 it'll just start appearing?
    I've no idea, depends in the type of account he has.

    I expect it has nothing to do with hitting 18. Likely he is just going further into an overdraft or carrying over a credit card debt.
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    Boyfriend is a fool.
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    (Original post by Reue)
    I've no idea, depends in the type of account he has.

    I expect it has nothing to do with hitting 18. Likely he is just going further into an overdraft or carrying over a credit card debt.
    Alright thanks
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    (Original post by Life_peer)
    Boyfriend is a fool.
    Tell me about it :rolleyes:
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    It doesn't reset to 0, he is chatting **** there.

    He has gone overdrawn, and is spending money he doesn't have, meaning he is going further and further overdrawn. The interest rates are extortionate, so he's probably going to owe A LOT of money.
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    Start spending all of his money then leave when he takes the fall for his stupidity.
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    (Original post by Protégé)
    Start spending all of his money then leave when he takes the fall for his stupidity.
    Hahaha already beat you there
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    Apparently Halifax wrote him a letter saying how because of the account he's in they can't charge him for over spending
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    Yeah they won't charge him for overspending. Doesn't mean they won't ask for the overspent expenses back.

    Sounds like he as an interest free overdraft of x sum of money.

    For example, if he can go £100 overdrawn interest free then as long as his account doesn't go below -£100 then he is fine. He won't be charged interest for using this sum of money (which obviously isn't his, and is borrowed from the bank). However, when the term of the overdraft ends (eg after 1 year) then if he is still in a negative number he will have to pay some interest on top on what he owes the bank. If he is in a positive number after this time, he faces no extra charges and interest.

    You said he's under 18. To my knowledge, very few banks offer overdrafts for under 18s. So he needs to be careful about using this money. Also, he is kinda playing with fire. Even if he doesn't build interest or charges on this sum of money, he still needs to pay it back some day - where is this money to come from?!
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    (Original post by Hot_Potato)
    Hahaha already beat you there
    Ouch lol.

    Glad I'm not as foolish as him.
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    (Original post by Crystalclearmagic)
    Yeah they won't charge him for overspending. Doesn't mean they won't ask for the overspent expenses back.

    Sounds like he as an interest free overdraft of x sum of money.

    For example, if he can go £100 overdrawn interest free then as long as his account doesn't go below -£100 then he is fine. He won't be charged interest for using this sum of money (which obviously isn't his, and is borrowed from the bank). However, when the term of the overdraft ends (eg after 1 year) then if he is still in a negative number he will have to pay some interest on top on what he owes the bank. If he is in a positive number after this time, he faces no extra charges and interest.

    You said he's under 18. To my knowledge, very few banks offer overdrafts for under 18s. So he needs to be careful about using this money. Also, he is kinda playing with fire. Even if he doesn't build interest or charges on this sum of money, he still needs to pay it back some day - where is this money to come from?!
    Thank you! But alas I have no idea where it will come from :rolleyes:
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    (Original post by Hot_Potato)
    So my boyfriend is forever spending all his money on his card and it goes into the negative but because he's under 18 he says that it just resets back to 0 and let's him spend negative money?

    Where is this money coming from? Because I don't believe it's "free" and I have a feeling he'll be paying it back in the long run, any ideas wheres it's coming from and why he's not being charged for going into negatives?
    I went overdrawn a couple of times when I was under 18, albeit with Santander, all that happened is that when money did go back into my bank account some of it paid off the overdraft. So if I went £10 overdrawn and £100 went into my account, I'd be left with a balance of £90. I wasn't charged any fees.
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    (Original post by jelly1000)
    I went overdrawn a couple of times when I was under 18, albeit with Santander, all that happened is that when money did go back into my bank account some of it paid off the overdraft. So if I went £10 overdrawn and £100 went into my account, I'd be left with a balance of £90. I wasn't charged any fees.
    Thanks!
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    (Original post by Life_peer)
    Your boyfriend is a fool.

    (Original post by Protégé)
    Start spending all of his money then leave when he takes the fall for his stupidity.
    Soul-destroying.

    (Original post by Crystalclearmagic)
    Yeah they won't charge him for overspending. Doesn't mean they won't ask for the overspent expenses back.

    Sounds like he as an interest free overdraft of x sum of money.

    For example, if he can go £100 overdrawn interest free then as long as his account doesn't go below -£100 then he is fine. He won't be charged interest for using this sum of money (which obviously isn't his, and is borrowed from the bank). However, when the term of the overdraft ends (eg after 1 year) then if he is still in a negative number he will have to pay some interest on top on what he owes the bank. If he is in a positive number after this time, he faces no extra charges and interest.

    You said he's under 18. To my knowledge, very few banks offer overdrafts for under 18s. So he needs to be careful about using this money. Also, he is kinda playing with fire. Even if he doesn't build interest or charges on this sum of money, he still needs to pay it back some day - where is this money to come from?!
    In the Game of Fire, you Burn or you Die. :cool:
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    I almost choked on my coffee with this one.

    Free money.. haha. Your BF is hilarious.
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    (Original post by A5ko)
    I almost choked on my coffee with this one.

    Free money.. haha. Your BF is hilarious.
    Hahaha who even has coffee at 1am?
 
 
 

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