Great ''Financial Mistakes” Hunt. What’s your biggest mistake… help others avoid it.

brownbabygirl

Having thousands of pounds in savings and not using it to pay off my debts! Thank God for my light bulb moment!

Also co-signing on lending money to 'friends' (NEVER lend out what you cannot afford to lose')

Not taking advantage of cashback sites

Not saving in a high interest savings account

Not taking out ISA

looby-loo_2

Wanting to buy a buy to let house in 1996 using DHs lump sum as 75% deposit but being persuaded by his financial advisor that this was a bad idea and it was better to invest through him.

Next time we visited the house had gone up about £30,000 more than the investments.

I have his advice in writing - can we sue him:mad:

PS - Student DD is now paying rent on a property in the same road :mad: :mad:

Decorian

Not quite a pure money one, but my biggest money mistake was accepting a mobile phone upgrade chequeback offer.
I knew it was a bit silly at the time, but circumstances like being refused a contract mobile elsewhere (from the credit companies searching wrong address on electoral role!!!) panicked me into agreeing. Will probably cost me £300ish by the end of the contract, and being a student, that's a lot.

Kernow_Kid

Going to Fones4U or whatever they're called.:mad:

They conned me into a contract phone with a cashback deal
I got the cashback up front - no problem on that,
and the free phone I got was what I wanted because mine was kaput.
but they told me that I was getting unlimited texts and calls at ANY time, and that the £30 a month was all I had to pay, they even wrote it on a piece of paper for me.
After the cashback that was about £17 a month - fine by me.
When I got home the paper was missing but I thought no more of it.

2 Months later, when my first bill came through, I had to pay £49 each month because I was on an evening and weekend plan,:eek:
AND they added VAT to everything.:mad:
It was well outside the 2 week limit they put on my cancelling the contract.

I still have 9 months left and it works out at £35 a month more than i was paying on pay as you go, instead of £3, and I have to very careful when I use my phone now.

weegie.geek

Kernow_Kid wrote: »

Going to Fones4U or whatever they're called.:mad:

They conned me into a contract phone with a cashback deal
I got the cashback up front - no problem on that,
and the free phone I got was what I wanted because mine was kaput.
but they told me that I was getting unlimited texts and calls at ANY time, and that the £30 a month was all I had to pay, they even wrote it on a piece of paper for me.
After the cashback that was about £17 a month - fine by me.
When I got home the paper was missing but I thought no more of it.

2 Months later, when my first bill came through, I had to pay £49 each month because I was on an evening and weekend plan,:eek:
AND they added VAT to everything.:mad:
It was well outside the 2 week limit they put on my cancelling the contract.

I still have 9 months left and it works out at £35 a month more than i was paying on pay as you go, instead of £3, and I have to very careful when I use my phone now.

The 2 week cooling off period is if you just decide you don't want it, not if you've been mis-sold it, surely?

noody123

I think lots of people have done this one. My ex could not get credit for work tools and a van so i being in what i thought was a stable relationship took the loan out for him. Only to find the marriage broke down and i am left with a huge debt and nothing to show for it. My advice be very wary before taking on debt for a partner even if you are married to the person. It could cost you tens of thousands!

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cake21

Changing my mortgage payment date from the 28th to the 1st so I could be sure my salary had gone in... didn't think about the "double payment" in the month I did that!! :eek:

1998jjb

Marriage!! It cost me a fortune on my divorce!

Mandog

Taking out a fairly small mortgage over 25 years when I could have afforded to put it over 20 years - it cost me loads more in interest. Even though I've remortgaged now over a shorter term, the balance is higher than it would have been if I'd made the right decision.

Somehow I just thought mortgages were 25 year products! Of course the bank wasn't going to point out to me that I could afford slightly higher payments.

sdooley

Bought a PC from Tiny. It was never delivered - they went bust - and stupid me had paid by debit card.