British Expats

British Expats (https://britishexpats.com/forum/)
-   The Sand Pit (https://britishexpats.com/forum/sand-pit-116/)
-   -   For our financial advisor types.... (https://britishexpats.com/forum/sand-pit-116/our-financial-advisor-types-552965/)

Spugsy Aug 3rd 2008 11:04 am

For our financial advisor types....
 
What do you think to this?

HSBC have just called me up and said that they can transfer up to 54K into my current account at a one off cost of 0.75% of the total amount that I transfer. The rate will then be 1.1% for 6 months then up to 2.15%.

Does this sound too goof to be true?

If so that means I can pay off my cards from home in one go saving a stack of interest....

anyone? :blink:

Meow Aug 3rd 2008 11:08 am

Re: For our financial advisor types....
 
I don't quite understand. Are you talking about a simple fund transfer (from where?), or a loan??

If a loan is that a monthly or annual rate of interest? Terms?

-

Spugsy Aug 3rd 2008 11:11 am

Re: For our financial advisor types....
 

Originally Posted by Meow (Post 6641121)
I don't quite understand. Are you talking about a simple fund transfer (from where?), or a loan??

If a loan is that a monthly or annual rate of interest? Terms?

-

aha quick as a flash!

actually this is an email from mrs spugsy, it's a loan,

hmmm, actually when I got offered a Mashref card they told me 2.2% or something but that was per month and not yearly, do you think that's what this is?

Meow Aug 3rd 2008 11:17 am

Re: For our financial advisor types....
 
I'd guess at a monthly rate, but can't say without knowing full info. You also need to check out repayment terms etc.


-

Meow Aug 3rd 2008 11:20 am

Re: For our financial advisor types....
 
Spugsy

You can email full info to my work address for me to cast an eye over if you like.


-

Spugsy Aug 3rd 2008 11:32 am

Re: For our financial advisor types....
 

Originally Posted by Meow (Post 6641149)
Spugsy

You can email full info to my work address for me to cast an eye over if you like.


-

magic, thanks petal, I will do once I get the info.

admon Aug 3rd 2008 11:34 am

Re: For our financial advisor types....
 
just sounds like a loan, with the interest rate obviously monthly..

Charismatic Aug 3rd 2008 11:38 am

Re: For our financial advisor types....
 

Originally Posted by admon (Post 6641175)
just sounds like a loan, with the interest rate obviously monthly..

Yeah, if it sounds too good to be true...

Spugsy Aug 3rd 2008 12:01 pm

Re: For our financial advisor types....
 

Originally Posted by admon (Post 6641175)
just sounds like a loan, with the interest rate obviously monthly..

ah yes, just checked, sneaky bastards, that is the monthly rate - so what would that be as a yearly rate?

jvr20 Aug 3rd 2008 12:29 pm

Re: For our financial advisor types....
 
1.1% monthly => 14.0% AER assuming compounded

Spugsy Aug 3rd 2008 12:49 pm

Re: For our financial advisor types....
 

Originally Posted by jvr20 (Post 6641293)
1.1% monthly => 14.0% AER assuming compounded

ah but its 1.1% for 6 months then up to 2.15%

typical Aug 3rd 2008 12:53 pm

Re: For our financial advisor types....
 

Originally Posted by Spugsy (Post 6641327)
ah but its 1.1% for 6 months then up to 2.15%

Over 21% for the year then... (again, assuming compounded)

Spugsy Aug 3rd 2008 1:04 pm

Re: For our financial advisor types....
 

Originally Posted by typical (Post 6641337)
Over 21% for the year then... (again, assuming compounded)

yeah sounds right, sneaky ********ers...

Meow Aug 3rd 2008 2:09 pm

Re: For our financial advisor types....
 

Originally Posted by Spugsy (Post 6641236)
ah yes, just checked, sneaky bastards, that is the monthly rate - so what would that be as a yearly rate?


Too high/a rip off.


-

Slingshot Aug 3rd 2008 7:52 pm

Re: For our financial advisor types....
 

Originally Posted by Spugsy (Post 6641127)
aha quick as a flash!

actually this is an email from mrs spugsy, it's a loan,

hmmm, actually when I got offered a Mashref card they told me 2.2% or something but that was per month and not yearly, do you think that's what this is?

personally I have found mashreq to be the most useless bank ever so steer well clear


All times are GMT. The time now is 10:36 am.

Powered by vBulletin: ©2000 - 2019, Jelsoft Enterprises Ltd.
Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.