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

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24567…11

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  • brownbabygirl
    brownbabygirl Posts: 1,356 Forumite
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    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
    QUIDCO £2827 paid out since October 2007:D
  • looby-loo_2
    looby-loo_2 Posts: 1,566 Forumite
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    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:
    Doing voluntary work overseas for as long as it takes .......
    My DD might make the odd post for me
  • Decorian
    Decorian Posts: 28 Forumite
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    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.
    All posts made are simply my own opinions and are not professional advice.
  • Kernow_Kid
    Kernow_Kid Posts: 96 Forumite
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    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,:confused:
    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.
    Be Pure, Be Vigilant, Behave!:A
  • weegie.geek
    weegie.geek Posts: 3,432 Forumite
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    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,:confused:
    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?
    They say it's genetic, they say he can't help it, they say you can catch it - but sometimes you're born with it
  • noody123
    noody123 Posts: 16 Forumite
    First Post First Anniversary Combo Breaker
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    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
    cake21 Posts: 1,039 Forumite
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    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
    1998jjb Posts: 12 Forumite
    First Post First Anniversary Combo Breaker
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    Marriage!! It cost me a fortune on my divorce!
  • Mandog
    Mandog Posts: 88 Forumite
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    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
    sdooley Posts: 918 Forumite
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    Bought a PC from Tiny. It was never delivered - they went bust - and stupid me had paid by debit card.
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