took wrong advice from the bank

WellKnownSid

Nothing will happen until the OP takes some responsibility for their debts.

Until they realise that it isn't the bank's fault, it's not the FSA's fault, and in particular it's not the Americans' fault... they will not be able to take control of the situation.

Common_Sense_2

i'm sure we'll see the OP arguing with a signpost somewhere

msconsumer

I posted a message earlier this year regarding a loan and a credit card. I was struggling to pay both these items plus another card that I had previously. I sent a compliant to the Oudbusman.which resulted in me winning the case. I got the result that I wanted.

opinions4u

msconsumer wrote: »

I posted a message earlier this year regarding a loan and a credit card. I was struggling to pay both these items plus another card that I had previously. I sent a compliant to the Oudbusman.which resulted in me winning the case. I got the result that I wanted.

It's good news that you've won.

What was the basis of the complaint?

On what grounds have the FOS upheld it?

What have the FOS ordered the bank to do to rectify the situation (e.g. compensation or putting you back in to the position you would have been in without the new card)?

A little more information from you could really help others. I do remember the thread well and felt you were holding back a lot with the information you were providing.

Explain a little more please!

ses6jwg

I get the same thing day in day out.

I had a 23 year old lad. He came in to close an old savings account. Found out he had a 3,500 overdraft with Natwest that he was living in and it was costing him £48 PER MONTH in interest charges.

I told him we could switch his overdraft, match it at 0% for 12 months and capped at £5 per month there after. I told him it would be a good idea to put the money he saves each month on the OD charges into a savings account, and then pay off the overdraft. Long term his problem was his outgoings were more than his incomings. I gave him a few tips but in the end it was down to him to reduce his outgoings.

He came in last week, he is still living right up to his overdraft limit each month. He has not paid any more into the savings account than the £1 he opened it with - he even cancelled the £48 standing order we set up a month after opening the account. He also boasted of a new car which he bought on finance and could afford it because of what I saved him on the monthly payments on his OD - what a doosh.

Second scenario:

A guy comes in for a loan to pay off his Barclays overdraft he is paying 18% APR on. He also has a Barclaycard with £800 on it. We run over the options to reduce the debt. Long and short he is spending more than he earns. The cheapest option would again have been to match the OD at 0%, BT the credit card and work on reducing the debt each month with what he is saving in charges.

No no no, he wants a loan. It's a non-advised service on banking, so I can't tell him which he should go for. The Loan goes through at 22.9% APR. He decides to take it, he does not want to switch his bank account as "its too much hassle" He decides to do the BT. He came in to pay some money onto his credit card whilst I was on the counter - looking at his account, he has transferred the balance from Barclaycard, but then run up the Barclaycard balance AGAIN (I had said that it may be worth considering closing off the Barclaycard once transferred). He has also withdrawn cash using the CC which I explicitly told him was a BAD idea and should not be done.

Both scenarios above are absolutely true stories and a perfect example of why it isn't always the big bad banks that are to blame. Some people just don't want to help themselves and carry on like ostriches with their heads in the sand.

On the plus side for the bank, their financial stupidity makes them extremely profitable for the bank.

iolanthe07

They'll both learn, in time, but it will be a hard lesson.