took wrong advice from the bank

Emmzi

msconsumer wrote: »

My bank were not looking after my interest but there own!

Because they are a business.

They gave you advice; not an ultimatum.

Are you of sound mind?

Are you over 18?

You can complain all you like but it's going nowhere!

msconsumer

We shall see, nothing ventured nothing gained.... I have nothing to lose eveything to gain.

Hax

msconsumer wrote: »

I am not saying its the banks fault, I was wrongly adviced, I have even less direct debits and standing orders than I did last year! The cost of living has gone up, petrol food etc. I am not receiving any more funds to account for this rise. This was not taken into account when I was advised to take out the loan and credit card. Its just a mess!!!

But, if the bank had refused to give you the loan and new credit card, wouldn't the mess you're in be at least the same as it is now, if not worse as you did at least have 6 months interest free for part of the debt.

Like the others here, I struggle to see how you can hold the banks accountable for this situation you are in - they did what they could and it wasn't enough.

If I were you, I would concentrate my time and efforts into finding a way to reduce your outgoings or increase your income so that you can start to make some headway clearing these debts.

dmg24

Were you advised that taking out a loan would be the best option for you, or were you offered a loan and decided for yourself that it would be the best option for you? An advisor telling you what options are available to you is not advice.

bouncydog1

I'm struggling with this one - the bank helped you re-arrange your finances and move some of your debt to a 0% interest card for 6 months. If you continued to repay your credit cards at the same rate, your debt should have reduced. Seems to me that you have paid minimum payments, spent the balance on something else and now interest has reverted to normal rate on the 0% card you are worse off. You definately need to post up a statement of affairs on the DFW board, rather than trying to blame the bank. If you are paying £70 per week in petrol, you need to re-assess what you are driving. Everybody has been hit by rising costs - fuel, food, the lot. There are probably things in your outgoings that can be cut - do you for instance, have the latest mobile phone - things that some think are essential others do not. Pop over to DFW and start trying to get it sorted. If you are looking for an easy way out by trying to pin responsibility on your bank (who it appears tried to help you) then you are going to be disappointed.

[Deleted User]

It's becoming increasingly hard round here to tell who's -

a) a troll
b) making a comedy post
c) dim

The fact seems to be that the bank helped you out by reducing interest on part of your debt. Living costs are now rising. So they now owe you?

If reducing your debt interest was so bad, should they have increased the interest you were paying? Because by your logic - and I use the word cautiously - that would have been better. Or at least to have left you struggling on your old rates. Have some pride, man up and stop blaming others. Especially when they've helped you.

I realise this comes across as tough, but there's no use in complaining about decisions freely taken as an adult. Focus on the things you can change, not on making frivolous complaints, and you;ll be much better off.

WellKnownSid

msconsumer wrote: »

I have applied for a remortage but I not able to have one, even though I have only 7 years to pay off my mortage. I am thinking of going to another mortage lender, so I can clear these debits that are hanging over me...

It doesn't work like that.

The only way to clear debts is to pay them off out of your own pocket, not take out another loan / credit card / mortgage / IOU / whatever.

In giving you the 0% credit card, the bank gave you the option to pay down your debts because you weren't paying any interest on that portion. That was probably sound advice at the time, but did also depend on you completing your side of the bargain which was to work hard to clear down the debt. It doesn't sound like that happened.

The only sensible way out of this situation is to either:

(a) spend less money and use every spare penny to pay back your cards and loan in descending APR order

or

(b) earn more money and use every spare penny to pay back your cards and loan in descending APR order

Common_Sense_2

msconsumer wrote: »

We shall see, nothing ventured nothing gained.... I have nothing to lose eveything to gain.

and waste the time of the complaints team at the bank when they could be dealing with actual genuine complaints.

iolanthe07

My bank were not looking after my interest but there (sic) own!

Well, there's a surprise! Don't go round telling people now, will you?

opinions4u

Ok, we've established that whatever the bank advised, debt hasn't increased.

So if they hadn't sorted out the 0% deal you'd still be in trouble - probably slightly worse.

There's no point claiming you were badly advised. You're a grown up who has chosen, previously, to spend more than you earn with the intention of repaying it later with interest.

You've been pointed in the direction of DFW for help; go and take it with open arms.