Bank pressured me to borrow more than i wanted

Thrugelmir

BadBehaviour wrote: »

OP had already acknowledged he made a mistake in subsequent posts.
I imagine that poster who made that comment about the "holier than thou brigade" was referring to the attitude of some people who seem to be above making mistakes and apparently always do the right, sensible thing.

If people admitted their own frailties rather than making excuses then it makes the world of difference. People fall into different camps personality wise. So actually are pretty predictable, not least those that rant. On the whole most people are reasonable once they've had their own light bulb moment.

Going forward it's a personal choice whether to accept the broad opinion of advice or to continue along a similar vein as in the past. Personally it's no skin off my nose. While bankers and lenders have much to answer for. People too have their share of the blame.

If want to know the secret of how do the right thing. Make mistakes. Whether they be personal or business related. As anyone with common sense. Won't wish to make them again. With age comes wisdom.

John1993_2

BadBehaviour wrote: »

I imagine that poster who made that comment about the "holier than thou brigade" was referring to the attitude of some people who seem to be above making mistakes and apparently always do the right, sensible thing.

No-one on here claims not to make mistakes, but what is important comes next. Most of us will admit that we made them, try to fix the damage, and learn from them.

What people are often criticized for on here is refusing to admit that they messed up, expecting others to deal with the costs, and not seeming to want to learn from it.

You seem to have misunderstood what people write, preferring to make a moral judgement...

ermine

nidO wrote: »

From my own experience of hearing how these loan sales pitches go,[...]
"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".

Is this really the case? Say I am offered a 5% loan of £100 or a 2% loan of £1000. I believe the interest on a personal loan falls due on the entirety of the loan even if you repay it early - clearly the interest due on the first one is £5 whereas the interest due on the second is £20, even if I march into he bank the very next day and discharge the entire loan plus interest payable. It may look better, but unless you are using the extra to reduce other loans at a higher interest rate the APR isn't the only thing to look for, it is the total amount payable over and above the money you borrowed.

BadBehaviour

John1993 wrote: »

No-one on here claims not to make mistakes, but what is important comes next. Most of us will admit that we made them, try to fix the damage, and learn from them.

What people are often criticized for on here is refusing to admit that they messed up, expecting others to deal with the costs, and not seeming to want to learn from it.

You seem to have misunderstood what people write, preferring to make a moral judgement...

I get what you mean... well, I suppose the fact that OP opened a thread asking if he is entitled to compensation sort of proves he hasn't taken responsibility for what he did, deep down?

Well, I apologize for the moral judgement

gb12345

ermine wrote: »

Is this really the case? Say I am offered a 5% loan of £100 or a 2% loan of £1000. I believe the interest on a personal loan falls due on the entirety of the loan even if you repay it early - clearly the interest due on the first one is £5 whereas the interest due on the second is £20, even if I march into he bank the very next day and discharge the entire loan plus interest payable. It may look better, but unless you are using the extra to reduce other loans at a higher interest rate the APR isn't the only thing to look for, it is the total amount payable over and above the money you borrowed.

Wrong - you are charged interest on the balance outstanding. If you borrowed the £1,000 and paid back £900 the next day then the remaining interest would be on £100 at 2%.