took wrong advice from the bank

roonaldo

dmg24 wrote: »

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.

This is exactly what I was thinking. The people in the branches who sell loans/ credit cards are usually not advisers and therefore cannot give advice, they strictly provide details on a information only basis.

Theres a big difference between advised and non advised sales.

roonaldo

msconsumer wrote: »

In the USA the banks gave away loans and credit to people who could not afford it, most of them ended up on the streets when their homes, cars were taken from them. We ended paying for the banks mistakes in the USA......

and exactly the same happended here in the UK! its not all the yanks fault.

Tixy

Please don't consider using harrington brooks. They would not be consolidating your debts at all, you would be entering a DMP through them (and as others have said paying over the odds to do so).
If a DMP is the right option for you (and you are prepared to accept the consequences of a DMP - ie wrecked credit file, potential for CCJs , no guarantee of interest being stopped etc) then please read this thread-
IMPORTANT - Where to seek professional impartial advice about your debts.

opinions4u

msconsumer wrote: »

In the USA the banks gave away loans and credit to people who could not afford it, most of them ended up on the streets when their homes, cars were taken from them. We ended paying for the banks mistakes in the USA......

But in your case you are paying the price for borrowing lots and not being able to cope when your circumstances have changed. Take some personal responsibility for crying out loud.

Your post above about Harrington Brookes displays a real lack of understanding about the sort of arrangement you are considering entering in to.

Posts 2 and 4 suggested asking for help on the Debt-Free Wannabe part of this forum. Why haven't you done this?

Derivative

Debt Free board is the best course of action.
A full Statement of Affairs posted, and then people can get to work on helping you cut back.

The best way out is cutting back. Anything else is like trying to find a 'get rich quick' scheme, except in your case it'd be 'getting out of debt quick'.

And blaming the banks will get you nowhere, either with us or with your own situation. Regardless of your views, it's pointless. Moaning gets you nowhere - action is the solution.

msconsumer

I have 4 standing orders for less than £300 the rest is paying for the two credit cards and the loan. There is nothing to cut back on. I am making a complaint against the bank, throught the FSA. I will take it from there. I still think that I would have been better off before with just the one card, oh well thats life..

Derivative

msconsumer wrote: »

I have 4 standing orders for less than £300 the rest is paying for the two credit cards and the loan. There is nothing to cut back on. I am making a complaint against the bank, throught the FSA. I will take it from there. I still think that I would have been better off before with just the one card, oh well thats life..

Life is what you choose.
If you want to clear the debts, we can help, perhaps not me but the other boards would make a field day out of the tightest of budgets.

Complaining to the FSA, for all it might do, won't get your debts written off.

WellKnownSid

msconsumer wrote: »

Thanks for your help. I have looked over my paper work the loan as for £3,000 @21%, credit card £2,000 6 mpnths free interest, interest now at 15.9%. My exisiting card is owing £1,600 interest at 20%.

msconsumer wrote: »

I am making a complaint against the bank, throught the FSA. I will take it from there. I still think that I would have been better off before with just the one card, oh well thats life..

Unfortunately, your figures don't agree with you!

Interest before:
£6,600 @ 20% £1320

Interest during 0% period:
£3,000 @ 21% £630
£2,000 @ 0% £0
£1,600 @ 20% £320
Total int: £950

Interest now:
£3,000 @ 21% £630
£2,000 @ 15.9% £318
£1,600 @ 20% £320
Total int: £1268

The bank have actually saved you some interest by what they've done, based upon the rough figures you've quoted.

Complain all you like, but the bank didn't force you to spend your money and run up all that debt.

opinions4u

msconsumer wrote: »

I have 4 standing orders for less than £300 the rest is paying for the two credit cards and the loan. There is nothing to cut back on. I am making a complaint against the bank, throught the FSA.

You'd be better complaining to the bank first. If, after 8 weeks, you've had no joy you should complaint to the FOS. The FSA don't deal with complaints.

I still think that I would have been better off before with just the one card, oh well thats life..

Even though it is charging you more interest than the new one? The new one had a 0% rate and a lower rate after the 0% deal expired. So how would you have been better off.

Still not posted on Debt-free Wannabe have you - do you really want help?

bouncydog1

"I have 4 standing orders for less than £300 the rest is paying for the two credit cards and the loan. There is nothing to cut back on".

And that is precisely the attitude that has got you where you are today. There are people on here who have less than you and still manage to cut back and repay their debts. You clearly don't want to get out of debt by reconsidering your income and outgoings or looking at ways to up your income and reduce your outgoings - you are looking for an easy way out - what do you think is going to happen? That the bank will pay everything off for you? It is not going to happen. I suggest that if you don't want to listen to the help that people are giving you here (advising to go to DFW Board for instance) you don't waste people's time.