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  • FIRST POST
    • Former MSE Wendy
    • By Former MSE Wendy 29th Apr 08, 6:52 PM
    • 868Posts
    • 1,782Thanks
    Former MSE Wendy
    0 WOW
    Great ''Financial Mistakes” Hunt. What’s your biggest mistake… help others avoid it.
    • #1
    • 29th Apr 08, 6:52 PM
    0 WOW
    Great ''Financial Mistakes” Hunt. What’s your biggest mistake… help others avoid it. 29th Apr 08 at 6:52 PM
    Learning from others mistakes is one of the most powerful lessons. So if you’ve ever had a financial disaster through a bad decision, what was it?

    Please post below to share your experiences with other MoneySavers.

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Page 1
    • Mrs Boo Boo
    • By Mrs Boo Boo 29th Apr 08, 7:35 PM
    • 480 Posts
    • 1,340 Thanks
    Mrs Boo Boo
    • #2
    • 29th Apr 08, 7:35 PM
    • #2
    • 29th Apr 08, 7:35 PM
    I lost Ł3000 last year when we remortgaged by putting the wrong date for the new mortgage to start. I was one day out so was charged an early redemption fee.Very annoying and frustrating but couldn't do anything about it.
    '
    Does anyone remember Gary Jacobs on Talk Radio before the boring sport got in. He was a legal expert who had a phone in and would regularly tell people they'd 'done their money' or to 'sue 'em'. Mind you I also remember Martin appearing on there in the early hours.
    • eamon
    • By eamon 29th Apr 08, 7:46 PM
    • 1,678 Posts
    • 1,187 Thanks
    eamon
    • #3
    • 29th Apr 08, 7:46 PM
    • #3
    • 29th Apr 08, 7:46 PM
    Surprised that there hasn't been more response to this thread.

    Many years I was talked into buying into a life assurance/saving plan. Didn't exactly lose money (except due to inflation effects) But the admin charges were just high enough to be almost equal to the interest paid.

    It had a plus side though as it put me right off considering an endowment mortgage when I came to buying my first house.

    yours

    Eamon
  • Steve1981
    • #4
    • 29th Apr 08, 7:50 PM
    • #4
    • 29th Apr 08, 7:50 PM
    i signed up for a year with BT for their internet and phone package, a month later I moved (back home so there was a phone there already so could not transfer it) BT said it was a year contract minimum and i had to pay up Ł300 notes. my own fault but I always check stuff like that now
  • neilp
    • #5
    • 29th Apr 08, 9:11 PM
    • #5
    • 29th Apr 08, 9:11 PM
    Making minimum payments on credit cards when outstanding balances were large and I could afford to pay more. A combination of apathy and ignorance.....the cards have been cleared and lessons learned!!!

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    Last edited by Former MSE Natasha; 05-05-2008 at 4:30 PM.
    • bagby
    • By bagby 29th Apr 08, 9:27 PM
    • 771 Posts
    • 426 Thanks
    bagby
    • #6
    • 29th Apr 08, 9:27 PM
    • #6
    • 29th Apr 08, 9:27 PM
    Nearly a mistake. I was buying a new suite and was asked for Ł100 deposit - as I wanted to pay more off I wrote a cheque for Ł300, then, just before handing it over, decided that I would pay the deposit by credit card. I was so glad I did when ten weeks later the firm went into liquidation without me receiving my suite. The credit card company returned my Ł300. I was still getting information about the liquidation process about ten years later and was never offered any of the deposit back so if I had paid by cheque I would have lost it all. Warning to all.

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    Last edited by Former MSE Natasha; 06-05-2008 at 7:44 PM.
    • whitewing
    • By whitewing 29th Apr 08, 9:33 PM
    • 11,541 Posts
    • 48,331 Thanks
    whitewing
    • #7
    • 29th Apr 08, 9:33 PM
    • #7
    • 29th Apr 08, 9:33 PM
    *Spending ridiculous amounts on supermarket shopping
    *Not having any idea that it was possible to overpay a mortgage
    *Not knowing Tax Credit rules has changed so it was possible to have savings
    *Thinking that it's a man's job to deal with finance (still actually feel embarrassed to talk about money to anyone)
    *Closing my eyes when I used the cashpoint so I couldn't see the balance!
    *Not applying for Tax Credits because I was too worried about the prospect of being overpaid
    *Not having a clue about how to budget

    Oh, I could go on and on and on

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    Last edited by Former MSE Natasha; 05-05-2008 at 4:33 PM.
    When you find people who not only tolerate your quirks but celebrate them with glad cries of "Me too!" be sure to cherish them. Because these weirdos are your true family.
  • emu1986
    • #8
    • 29th Apr 08, 9:49 PM
    • #8
    • 29th Apr 08, 9:49 PM
    Where to start....taking out buidings and contents insurance through my mortgage company (i was paying double what i'm paying now) likewise with life and critical illness, Cataloges .... the worst mistake so far! buying things on credit... credit cards... store cards, and not discovering this site sooner!!!
    April total debt = Ł21610.00
    April paid off = Ł400.00
    xXx xXx
  • WillyWonka2
    • #9
    • 29th Apr 08, 10:00 PM
    • #9
    • 29th Apr 08, 10:00 PM
    Getting married. It cost me a fortune!

    Seriously, people, stay single and stay financially happy.
  • johnllew
    NEVER NEVER NEVER lend money to a friend. Not only are you likely to lose the money, in the process you'll lose the friend as well.
    • stingyscot
    • By stingyscot 29th Apr 08, 10:31 PM
    • 81 Posts
    • 71 Thanks
    stingyscot
    Property - Buying a house in Aberdeen in early 1977 at the height of the oil boom, when prices were higher than in London. Selling in 2006 when the oil boom was over and prices were among the lowest in the country, having made virtually no profit over inflation on property. Waiting for nearly 30 years for prices to improve in Aberdeen and finally giving up, not staying 1 more year until 2007 when there was a second oil boom and property prices rocketed again. Buying in the south of England in 2007, at the height of the English house price boom - just in time for the downturn in 2008.
    Oh yes, and buying a 'precipice bond' just before the last market crash.
    My advice: watch what I do ...and then do the opposite!
    • brownbabygirl
    • By brownbabygirl 29th Apr 08, 10:53 PM
    • 1,298 Posts
    • 531 Thanks
    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
    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

    PS - Student DD is now paying rent on a property in the same road
    • Decorian
    • By Decorian 30th Apr 08, 12:27 AM
    • 28 Posts
    • 15 Thanks
    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
    Contract con
    Going to Fones4U or whatever they're called.

    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,
    AND they added VAT to everything.
    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!
    • weegie.geek
    • By weegie.geek 30th Apr 08, 2:27 AM
    • 3,148 Posts
    • 2,981 Thanks
    weegie.geek
    Going to Fones4U or whatever they're called.

    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 Ł30 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 Ł17 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 Ł49 each month because I was on an evening and weekend plan,
    AND they added VAT to everything.
    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 Ł35 a month more than i was paying on pay as you go, instead of Ł3, and I have to very careful when I use my phone now.
    Originally posted by Kernow Kid
    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
    • By noody123 30th Apr 08, 7:43 AM
    • 14 Posts
    • 35 Thanks
    noody123
    STD Sexually Transmitted Debt
    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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    Last edited by Former MSE Natasha; 05-05-2008 at 4:23 PM.
  • 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!!
    • 1998jjb
    • By 1998jjb 30th Apr 08, 9:02 AM
    • 11 Posts
    • 15 Thanks
    1998jjb
    Easily the biggest mistake........
    Marriage!! It cost me a fortune on my divorce!
  • Mandog
    Mortgage term
    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.
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