Best Financial advice

teebowbusablaster

Have touched on this elsewhere, but I want to float this separeatly.

I was invited into my bank, to see about remortgaging, and getting rid of my unsecured debts. For some reason, C&G declined the application, nothing on the file to show why, but perhaps just a too high LTV figure in this climate.

Lloyd's adviser said to leave it with him, he would try something else to help me. 2 days later, I got a call from a non LloydsTSB group loan provider, who had all of my details, and offered me a secured loan for the right amount, but at an APR of 12.3% variable. I did some scanning of reviews of this company, and they have a rotten reputation for increasing the interest rate, shortly after the loan starts, for no apparent reason. Needless to say, despite my situation, I declined.

Now, as a loyal (28 years) lloyds customer, did the advisor act in my best interests, or indeed lloyds best interests ?

Personally, I don't think so, but would appreciate any feedback.

LuckyBiscuit

Nowaday's there is no such thing as loyalty!!!
and is it a good idea to put ur unsecured debt to secured????

teebowbusablaster

No, hence my question as to if he acted in my or his employers best interests !

Lottebear

Of course not he is paid on commisson.

Poosmate

Sounds like he didn't act in anyone's best interest but his own!

teebowbusablaster

But is it ethical for a lloyds employee to pass on a lloyds customers details to a company with a less than reputable record ?

Mrs_Jojo

Unless you signed something to say he could share your details, I would suspect it is not only unethical, but possibly illegal!

magpiecottage

The only way to get best financial advice is to get independent financial advice from somebody able to advise on the whole market for all areas you are interested in.

That generally rules out banks and building societies.

rennuz

So are you annoyed that you didn't get the initial loan you wanted? As the adviser couldn't get you a mortgage he could have stopped right there and left it alone. Seems like he then had a look at what else he could do, he gave you an option and you didn't take it. Are you really complaining that you didn't like this option? He basically did all he could do to get you what you wanted within his capabilities and you declined his offer. What did you expect from him, sounds like sour grapes at not getting the mortgage

teebowbusablaster

I am not in the least bit bitter about not getting the mortgage. What has annoyed me is that he took it upon himself to pass my requirements and details onto a company who have absolutely nothing to do with Lloyds TSB or C&G my current lender. Not only that, this company have a rotten reputation for hiking up the interest (variable of course) within a couple of months of the loan starting. I say again, he has not acted in either my interests, or those of the people who employ him.

rennuz

You would be surprised at the associations with banks and outside companies, you dont mention who this company is. Firstly if they have no association and they did not get authorisation then whoever sent over your details would be in a lot of trouble. I have friends who work in banks and there have been situations when colleagues have been sacked because of this but they have associations with all sorts of companies and as a matter of cause they pass on information if they feel it can help the client, at the end of the day they are trying to solve the problem you have. It frustrates me that you seem to want ammunition to have a go at this adviser and yes its easy to say they are going for commission etc etc but at the end of the day they are trying to solve your issue.

For the record go see a reputable IFA.