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

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Comments

  • clairehi
    clairehi Posts: 1,352 Forumite
    Good thread!

    I have made many of the mistakes above but here's a new one.

    Buying an old MG Metro which was forever breaking down and cost several times its purchase price to keep on the road. Cr*p cars, fortunately there are not many around these days!
  • dunstonh
    dunstonh Posts: 116,358 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Don't always go with IFA policies. I am in the process of taking out Life Insurance. Going through Cavendish Direct will in 21 years save us £13,000 in premiums for exactly the same policy for an initial cost of £35.00. Get advice, but do your own reseach too. It pays off...

    :j

    So, you are saying dont go with an IFA but you are going with an IFA.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Mrs_Ryan
    Mrs_Ryan Posts: 11,832 Forumite
    Name Dropper First Anniversary First Post Photogenic
    Catalogues.

    Evil things!!!!!!!!!!!! Last year I needed a swimming costume for my holidays. On the phone to my mate one Saturday night, she suggested I try Simply Be. I was reluctant as I thought I couldnt get credit. I gave it a go and to my surprise I was accepted and the costume turned up a few days later. I was hooked - especially on the thrill of logging on to see my credit limit had been increased, so I opened more accounts when I used that one up.
    10 months down the line, I have 7 catalogues, ranging from £800 to £225. Im now in a DMP.....
    *The RK and FF fan club* #Family*Don’t Be Bitter- Glitter!* #LotsOfLove ‘Darling you’re my blood, you have my heartbeat’ Dad 20.02.20
  • libra10
    libra10 Posts: 18,692 Forumite
    Name Dropper First Post Photogenic First Anniversary
    Holding on to HBOS shares one-year ago when I wanted to sell. My OH thought they were a good investment to keep. :mad:
  • TurnaroundSue
    TurnaroundSue Posts: 1,214 Forumite
    Was going to rent my house (unemcumbered) but sold it just before the boom as IFA had frauduntely signed our signatures on documents, OH was off with depression and couldn't handle all the hassle. Settled an out of court settlement of £1800, sold in March 2002, one year later house was worth £100k more than we sold for!!!:mad: :mad: :mad: :mad:

    Took out critical illness insurance, wanted to cancel but had to pay £750 cancellation fee, so had to pay £60 pm for the next 2 years to save paying early repayment fee (suppose at least had cover for that time!!).:mad:

    Had bank shares which around 20 months ago were worth £21k, now lucky if I can get £3k.:mad: :mad:

    Lost loads over the years, but still count myself lucky as I have my health, 2 great kids, a wonderful hubby, great friends and a lovely house.:D
    When you were born, you were crying and everyone around was smiling. Live your life so at the end, you're the one who is smiling and everyone around you is crying! :rotfl:
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