Bank pressured me to borrow more than i wanted

danielhermann

Its first of all whatever be the sales talk it is you who is going to take the money and you are responsible to repay the loan. Now who is suffering not the banker it is you. You can consult some insurance agents who can give the coverage for the unpaid loan. If at all you cannot pay the loan the insurance coverage can help you in that without disturbing the guaranty that you have given against to take the loan.

Thrugelmir

I-Want-To-Move wrote: »

At the time I was having a bad run of luck and the money helped to 'cheer me up' and cover up to friends and family the fact that actually I was financially struggling.

It was you that applied for the loan whilst you were already struggling financially. Seems as if you've merely dug yourself an even bigger hole. Hopefully you've learnt from the error of your ways.

Saving up to spend is far more satisfying. As it makes you think before parting with the money. Try it in the future.

I-Want-To-Move

I wasn't struggling when i took the loan out. It was for a particular thing and I could comfortably afford the repayments. The remainder instead of sitting in the bank, ended up being squandered which is not something I am proud of but it covered up my situation to everyone around me and even though it was wrong, it helped me get through a very difficult time.

I am not looking for a scapegoat as suggested! My life has changed dramatically over a short period of time. I'm a stronger person now who would not be swayed by sales talk from a bank, car sales person or anyone else but years ago - I didn't have the confidence to say no thank you, no thank you, no thank you repeatedly when they keep repeating themselves trying to sell you something. I would have caved in and took the pen!

There has been a mistake car purchase in the past too - that was an expensive mistake...the salesman was soo good!!

Pressured selling is a way of life but it doesn't make it right. Not every one has the personality or confidence to say NO.

I-Want-To-Move

Thrugelmir wrote: »

It was you that applied for the loan whilst you were already struggling financially. Seems as if you've merely dug yourself an even bigger hole. Hopefully you've learnt from the error of your ways.

Saving up to spend is far more satisfying. As it makes you think before parting with the money. Try it in the future.

Yep, I appreciate things far more than I ever did before now I have to save for them. Long term I think the mistakes I've made these last few years will have done me good. Made me less materialistic and appreciate things a lot more when i do eventually get them. Just wish I could have learnt that an easier way.

nidO

I-Want-To-Move wrote: »

Pressured selling is a way of life but it doesn't make it right. Not every one has the personality or confidence to say NO.

From my own experience of hearing how these loan sales pitches go, I would be willing to bet a fair sum that you weren't pressured into doing anything but rather had a favour done for you to make your loan cheaper, which you squandered.

There is a massive difference between "Here, you could take an extra 3 grand more than you wanted and the interest rate is lower, think what you could do with an extra 3 grand!" and "I probably shouldn't tell you this but as we allow unlimited overpayments the same as almost any bank and your affordability allows a higher loan, if you borrow 3 grand more you'll get a lower interest rate and can just overpay the 3 grand back immediately, and save yourself a ton on the interest for the loan amount you do actually want".

Taking out a bigger loan than you actually want if the bank is willing to lend to you to get to a lower interest bracket and then paying back the additional amount you didn't actually need is a very common way of making loans cheaper, and is something bank staff often seem only too happy to suggest to people.
The ONLY thing required of the customer is taking the microscopic amount of responsibility needed to actually repay the additional amount they borrowed, rather than blow it.

MuffinTops

Hello I-Want-To-Move,

I've also sat in front of a loans manager trying to force more on me than I originally wanted. It wasn't a good experience and it was only when I'd spoken to my parents about it (it was a long time ago) that they helped me see sense and sort it out. As you obviously felt a need to hide your situation you probably didn't have any support to help you.

I don't think there is much that you'll be able to do regarding the mis-selling as what they sold you they gave you. PPI mis-selling is more about being sold nothing as people either didn't need it or would never have been able to claim on it, although that's just based on opinion.

If times are rough and you're struggling why not start up a debt free wannabe diary? The majority of people on there are lovely and although you will get the odd blunt remark it's a much more supportive environment. That will hopefully help you put a good plan together and keep you on track to get your finances sorted.

I hope that helps.

Nice_Weather_For_Ducks

danielhermann wrote: »

Its first of all whatever be the sales talk it is you who is going to take the money and you are responsible to repay the loan. Now who is suffering not the banker it is you. You can consult some insurance agents who can give the coverage for the unpaid loan. If at all you cannot pay the loan the insurance coverage can help you in that without disturbing the guaranty that you have given against to take the loan.

Seriously, do you even understand what you have written!!

I-Want-To-Move

nidO wrote: »

From my own experience of hearing how these loan sales pitches go, I would be willing to bet a fair sum that you weren't pressured into doing anything but rather had a favour done for you to make your loan cheaper, which you squandered.

You just lost your own bet because you are wrong...

I-Want-To-Move

MuffinTops wrote: »

Hello I-Want-To-Move,

I've also sat in front of a loans manager trying to force more on me than I originally wanted. It wasn't a good experience and it was only when I'd spoken to my parents about it (it was a long time ago) that they helped me see sense and sort it out. As you obviously felt a need to hide your situation you probably didn't have any support to help you.

I don't think there is much that you'll be able to do regarding the mis-selling as what they sold you they gave you. PPI mis-selling is more about being sold nothing as people either didn't need it or would never have been able to claim on it, although that's just based on opinion.

If times are rough and you're struggling why not start up a debt free wannabe diary? The majority of people on there are lovely and although you will get the odd blunt remark it's a much more supportive environment. That will hopefully help you put a good plan together and keep you on track to get your finances sorted.

I hope that helps.

Thanks for your post. I'm going to have a look at the debt free wannabe diary.

jonesMUFCforever

You are the poster who is also trying to get a full and final settlement offer on a store card?