Help, bank gave OAP a loan she can't afford without doing a credit check

Apples2

tvfreek wrote: »

Yes we are required ONLY to act in your interest

Must be pure coincidence that the banks own loan rate was the best on the market for the OP's mum.
Obviously if they were operating purely in the mums interest, they must have helped search the whole market to see who offered the best rate or simply advised her to go elsewhere and come back if their rate couldn't be beaten.

I've had a long running complaint against an IFA (who are brokers of sorts) who advised my parents to invest 100% of their pension fund in (what turned out to be) a Toxic investment.
The company folded, assets frozen but not recognised by the FSA with no FSCA protection.
For 14 Months with zero pension income at all he was still taking his monthly fees from money he had held back instead of investing.

Charities are the only place to get advice from, as they have no benefit from lining their own pockets looking for highest commision or making the most profit themselves (or that of their company).

tvfreek

Self evidently Barclays are unlikely to suggest any other bank as being suitable you are confusing a bank with a broker. Banks are only interested in profit - it says so in their company constitution despite any customer charter.

Sorry to hear about your parents investing 100% of their pension into a product, I have to say this is patently daft and awful if they have been advised to do so. Who invests 100% of their savings/pension in anything???

Apples2

tvfreek wrote: »

I have to say this is patently daft and awful if they have been advised to do so. Who invests 100% of their savings/pension in anything???

Evidently a 40+ year old bald guy driving a blue Subaru WRX with gold wheels managed to convince a couple of pensioners to do so.

There comes a time parents need the kids a whole lot more than they thought they did.

He has already been struck off, his replacement claims he has now bought into a franchise cleaning ovens... best place for him, hope he gets his head stuck in one.

fwor

tvfreek wrote: »

Yes we are required ONLY to act in your interest

You seem to have completely lost sight of what this thread is about. This thread is about someone going into a bank branch and being sold a loan - not about someone seeking financial advice from an IFA.

In that situation you can be pretty sure that, in terms of the balance between your interests and the bank's profitability, your "best interests" won't feature very highly in the bank salesman's mind.

In many cases the customer's best interests would be served by telling them that they should save up for what they want, but how often does that happen?

tvfreek

I'm glad the IFA was struck off - more of the same I think

I answered a question in response to the IFA comment, if you check back through my previous post hopefully you'll see I have commented on the ladies situation.

I couldn't agree more, people should save up for what they want in life rather than rely on credit which can be switched off with a blink of an eye.

chambta

How does the OP know that Barclays didn't do a credit check?

dealer_wins

chambta wrote: »

How does the OP know that Barclays didn't do a credit check?

In any case it doesnt matter either way. They are a licensed lender, and they can decide whether or not to lend by tossing a coin if they want.