Dec
08
2010
Umbrella company contractors urged to do 'overdraft research'
Posted by Daniel Frost
Studying the overdraft charges imposed by a bank could prove to be an effective strategy by company umbrella contractors.
After MyVoucherCodes.co.uk recently found that one-third of Brits believe they will never be debt free, Ed Bowsher, head of consumer finance at Lovemoney.com, gave some tips on how some money could be saved.
The main thing to consider is whether an umbrella company contractor would be better off with a daily fee or an interest charge if dipping into an overdraft.
Mr Bowsher explained: "If you think you're going to have an overdraft for long periods, avoid the daily charges as they can really rack up."
He went on to state that there are too many people with umbrella companies who do not know they will be charged for going into an overdraft, with many more unaware just how much it will cost them.
Studying the overdraft charges imposed by a bank could prove to be an effective strategy by company umbrella contractors.
After MyVoucherCodes.co.uk recently found that one-third of Brits believe they will never be debt free, Ed Bowsher, head of consumer finance at Lovemoney.com, gave some tips on how some money could be saved.
The main thing to consider is whether an umbrella company contractor would be better off with a daily fee or an interest charge if dipping into an overdraft.
Mr Bowsher explained: "If you think you're going to have an overdraft for long periods, avoid the daily charges as they can really rack up."
He went on to state that there are too many people with umbrella companies who do not know they will be charged for going into an overdraft, with many more unaware just how much it will cost them.