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

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  • [Deleted User]
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    My biggest mistake was transferring £12,000 the Chief Travellumbo Bumbo in Nigeria. He sounded very genuine in his email, promising me £8.5M if I sent some money and gave him my bank details. "To cover administrative costs" he said, but I haven't heard from him since I did that, but he's probably just forgotten. I'll give him the benefit of the doubt so I'll wait another year before reminding him. What do you think?
  • mrs_pepperpot_3
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    not buying detached, as i have unfortunate neighbors now. :( will move in 18 months , to somewhere remote.... falklands ??
    " I'm just a simple janitor, who can control people with my mind"
  • yorkie3761
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    Being sweet-talked into subscribing to a stock-market investment scheme relying on computer generated statistics which was going to make me a small fortune, particularly suitable for an OAP wanting to augment his pension. 12 months and £4,500 the poorer, and contemptuous indifference from the operator, I retired to lick my wounds. I'm still receiving the same 'chance in a lifetime' offer through the post.
  • sexyjessie599
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    Taking out a loan of £3000 to buy a timeshare and paying £56 pm for 10 years and not being able to get enough money to get out of it.
    I still shudder to think of how much it has cost us.
    Also in 1976 as newly weds we went to the new ultra modern MFI which had just opened as we were buying a new bed.
    We were talked into taking out a store card even though we had the cash to pay outright and it took us years again to pay it off,the payment was £11 month but all that came off the bill was £3.65 ohh the pain!!!
  • tesuhoha
    tesuhoha Posts: 17,971 Forumite
    First Anniversary Combo Breaker First Post Mortgage-free Glee!
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    We were in debt by about £12,000 and my husband was on really fantastic money as he was getting a lot of pricework. I knew that we were going to be able to pay our debts off quickly. Then disaster struck. Our son failed all his GCSEs. He was devastated. Every door shut in his face. Even the local college didnt do resits. We ended up by agreeing to send him to an expensive private college. The fees were about £11,000+ per year. My husband was doing weekends and lots of overtime to pay the fees and our debts were put on hold.

    Unknown to us our son was taking lots of time off college. While we were struggling to pay the £65 odd a day, he was struggling to get out of bed in the morning. He was supposed to be doing AS Levels. That £11,000 + exam fees got him precisely two GCSE B grades and he didnt pass any of the AS Levels. They must be the most expensive GCSEs in the country. :eek: Needless to say we didnt pay for a second year.

    And guess what? My husband's money dropped and has never been that good since. After moving with the debt which got up to £17,000 due to the school fees, it took me two years to get them down to £6,000 last Christmas. And guess what else? Because my husband earned so much during that year of the school fees, it took him over the tax threshold to a higher rate of tax, so in January we got a lovely tax bill of £6,000. I am now still battling with the debts which currently stand at £11,500.
    The forest would be very silent if no birds sang except for the birds that sang the best






  • brownbabygirl
    brownbabygirl Posts: 1,356 Forumite
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    tesuhoha wrote: »
    We were in debt by about £12,000 and my husband was on really fantastic money as he was getting a lot of pricework. I knew that we were going to be able to pay our debts off quickly. Then disaster struck. Our son failed all his GCSEs. He was devastated. Every door shut in his face. Even the local college didnt do resits. We ended up by agreeing to send him to an expensive private college. The fees were about £11,000+ per year. My husband was doing weekends and lots of overtime to pay the fees and our debts were put on hold.

    Unknown to us our son was taking lots of time off college. While we were struggling to pay the £65 odd a day, he was struggling to get out of bed in the morning. He was supposed to be doing AS Levels. That £11,000 + exam fees got him precisely two GCSE B grades and he didnt pass any of the AS Levels. They must be the most expensive GCSEs in the country. :eek: Needless to say we didnt pay for a second year.

    And guess what? My husband's money dropped and has never been that good since. After moving with the debt which got up to £17,000 due to the school fees, it took me two years to get them down to £6,000 last Christmas. And guess what else? Because my husband earned so much during that year of the school fees, it took him over the tax threshold to a higher rate of tax, so in January we got a lovely tax bill of £6,000. I am now still battling with the debts which currently stand at £11,500.

    So sorry to read about this. So heartbreaking. In hindsight, what should you have done? Or what would you have done differently?
    QUIDCO £2827 paid out since October 2007:D
  • jak
    jak Posts: 2,027 Forumite
    Name Dropper First Post First Anniversary
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    My greatest financial mistake would be to lend money to 'friends'- never ahuge amount but you soon learn!
    I also put all the bills in my name during a previous relationship- he then said he paid the bills and hid the red letters- by the time I discovered this he had gone bankrupt and I had to pay even the council tax joint name bill. It took me the best part of 3 years and a lot of help from Mum to pay it all back, wrecked my credit rating and gave me a CCJ which has another 2/3 years to run on my file!
    Also when I had given him some money for bills to pay, I did this because I was very ill in hospital and I literally couldn't go and pay them myself- what a nasty piece of work- his mother must be so proud!!!!
    BItter---ME?
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  • ivorbeck
    ivorbeck Posts: 4 Newbie
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    Investing in an I S A (twice) in the Japan stock market,quickest way I know of getting rid of money.







    9
  • Henwen
    Henwen Posts: 66 Forumite
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    I hope this post makes people remember to check their financial benefits from work. I took out my first mortgage and thought critical illness sounded a good idea. I paid around £20 a month for three years before twigging that work paid me for a least 6 months. Argh. AND I can't claim againt the broker as I told him I had no such cover - grrr, silly, silly girl.

    Don't get caught out - check what your employer gives you on top of salary - interest free travel ticket loans if your employer goes green?
    - insurance?
    - health cover?
    - deals at gyms etc?
    - pension - free extra money?

    Make sure you read the small print as well as thinking about your salary!

    Henwen


    Feeling the pinch but trying to bring down that mortgage - thank heavens for MSE.com!
    :hello:
  • --Tony--
    --Tony-- Posts: 1,742 Forumite
    Name Dropper First Post Photogenic First Anniversary
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    Henwen wrote: »
    I hope this post makes people remember to check their financial benefits from work. I took out my first mortgage and thought critical illness sounded a good idea. I paid around £20 a month for three years before twigging that work paid me for a least 6 months. Argh. AND I can't claim againt the broker as I told him I had no such cover - grrr, silly, silly girl.

    Don't get caught out - check what your employer gives you on top of salary - interest free travel ticket loans if your employer goes green?
    - insurance?
    - health cover?
    - deals at gyms etc?
    - pension - free extra money?

    Make sure you read the small print as well as thinking about your salary!

    Henwen

    Critical Illness Cover is just that, to payout (normally enough to cover the mortgage) if your diagnosed with a very serious (normally terminal) illness such as cancer.

    Having 6 months cover at work will not help much if you have a terminal illness and need to give up work or find yourself unable to work.

    Life insurance will ensure your loved ones are not left with a huge mortgage, critical Illness is designed to make a payment if you unable to work for a long period.

    If you were diagnosed with cancer and given only a few years to live and needed to go through aggressive treatment, what would you do after the six months if you were still undergoing treatment?

    If its worth it is another question, but comparing it to 6 months sick cover at work is not wise.
    .
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