Bad Loan Advise from LloydsTSB

Bravehearted_2

Jeez, people really need to end this "mis-sold credit" line of thinking.

Some people will do all it takes to avoid paying their debts.

chesky369

It really isn't up to the bank to educate your mother.

Apples2

We have dozens of posts in here from people trying to take out large loans to put the money directly into savings, they too think it is a great idea. We don't sell financial products in here so advise against it.

Also consider a higher loan may have attracted a much lower Apr, this is normal up to around 15k so taking a smaller loan may have cost a similar amount overall, but she wouldn't have had the isa.

The real problem is this notion that banks are our friends and there to help us. They arent and they have no obligation to reduce their profits for the customers benfit. They have shareholders to keep happy.

If you take a clapped out banger into BMW and say you want to sort your transport issues out. He isn't going to tell you to go to a Nissan dealer, he will sell you an expensive BMW.

barbarawright

taylor_s wrote: »

I take on-board everything everyone has said, and though it would probably be the case that she had no comeback as she has made some silly mistakes. Thank you all for your time.

As a final thought though:

An insurance salesman knocks on a door and suggests to the occupant that they should take out roof insurance as high winds are forecast and roof repairs are costly. The occupant hadn't considered this but it is windy out and the salesman appears knowledgeable so the occupant trusts him. The salesman suggests that the insurance costs less than the average roof repair and thus result in a saving. The occupant agrees and takes out the insurance.

All perfectly innocent until you consider that the occupant lives on the ground floor of a block of flats...

The occupant should have realised that they did not have a roof to insure, but they were not aware as old age had taken it's toll and they did not consider it. They did however trust the salesman as he appeared knowledgeable.

Has the salesman exploited the occupant selling them something they did not initially want and did not need, or is it their own fault for not knowing better?

I really hope you don't own a ground floor flat because you're going to have a huge shock one day. Speaking as someone who has recently written a cheque for £4000 towards a roof two floors above me...