#11



Initially it was great but I couldn't afford it and keep up with payments. I defaulted and I'm still paying it back today.

Originally posted by Changing


In other words you would defaulted on the original debt that was refinanced anyway.

#12



Just to be clear, as I said I have learnt my lesson. At the time if I was good with money I wouldn't of taken the loan. The majority of the loan paid of joint debt so I could financially split from my ex. My question wasn't asking for it to be pointed out how stupid I had been, I'm very aware of that, it was just to see if I had a case against Barclays Mis-selling as they were told I couldn't afford the repayments but authorised it anyway.



Thanks for answering the question. I'm sure you didn't mean to but people feel rubbish enough about debt without it needing to be pointed out again and again that they made a mistake. I did learn from my mistake which is how we are almost debt free.
Originally posted by Changing




This is the main bit, as long as you learned from the episode, that is where it counts,

#13
Are we allowed to point out that it is stupid to think this loan is mis sold just because you were stupid in the past?



Miss sold is when you agree to take a product but they give you something completely different, such as payment protection insurance which fails to protect your payments.



Getting exactly what you ask for is not the same thing at all

#14
There seems to be a tremendous amount of confusion on this site between the term mis-sold and something else entirely different. Mis-bought, which can lead to buyer's remorse. Mis-buying something is always your own fault, but looking at the causes of buyer's remorse indicate some ways to prevent this sort of own-goal happening again.



That you are offered a product in the marketplace does not mean that it's suitable for you. That is for you to determine.

#16
At least you have realise the mistake you have made, I too was young and not so young but foolish with money myself.



Have you seen if you have PPI on the loan? and a case for PPI being miss-sold?



I've managed to claim back miss-sold PPI from several loans/credit cards.



On a £10k loan any PPI would be a sizeable amount and although any refund would go against the current debt, it could make it a lot less and more manageable.

#17
I'm really disappointed with this. I was asking for advice not judgement. I clearly didn't know much about what has been Mis-sold and what hasn't, hence the reason for the question. I can't and won't explain my full financial situation all those years ago. I had a simple question and had always thought this sight was for people who could ask for help and advice without having your mistakes thrown back at you. Another lesson learnt.

#18



I'm really disappointed with this. I was asking for advice not judgement. I clearly didn't know much about what has been Mis-sold and what hasn't, hence the reason for the question. I can't and won't explain my full financial situation all those years ago. I had a simple question and had always thought this sight was for people who could ask for help and advice without having your mistakes thrown back at you. Another lesson learnt.
Originally posted by Changing


The simple answer is that no, you were not mis-sold the loan.

#19
You were not mis-sold the loan. You were just given the opportunity to make a mistake. You have obviously learn't not to make that mistake again.

So well worth the money

#20



I'm really disappointed with this. I was asking for advice not judgement. I clearly didn't know much about what has been Mis-sold and what hasn't, hence the reason for the question.
Originally posted by Changing


If it makes you feel any better about judgement, it's the only way you learn. I was stupid enough to buy a house as a single man without dependents in 1988 at a 5x income multiple - with an endowment mortgage.



Only once I had accepted the judgement of those wiser than I was that this was a damn fool thing to have done, because the value of an endowment to look after dependents had no value to me and risked falling short, did I start to improve my connection with the world of finance. I wasted far too much nervous energy feeling sore about it. Eventually I learned effective action, and discharged my mortgage in 20 years not 25.



If you sense of self esteem is so precious to you that it prevents you learning from the judgement of the marketplace and of others then you will keep on repeating the same mistakes. You have learned not to indulge in debt and live above your means, which is an excellent lesson to have learned and I tip my hat to you. You will become truly powerful once you take responsibility for the choices you make in life. As a hint, seeking to blame somebody else for your own mistakes takes you further away from that goal.



It's heartening that you learned the most important lesson. But if you come on here asking 'how can I make my mistake somebody else's fault' then you will receive judgement. And deserve it



Don't let a delicate self-esteem keep you from effective action to improve your lot in life.

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