Discussion about mis-selling of endowment mortgages in the 80s and 90s

[Rroff]

What is their website? Are they the guys who managed to help lose a bungalow for some guy who thought he'd paid the bank "enough" on the mortgage...

I remember that, silly interest only mortgage situation - I almost had sympathy except they'd had chances to sort it before it came to a head.

 

[Rroff]

I'm just glad I wasn't one of these people who were fooled in the 1980s/90s, nor so I know anyone who was. Maybe we were all just lucky.

I think a good number of people who were "fooled" by it willingly ignored the danger signs.

 

[Rroff]

For goodness sake. How many times do we need to say it? There were no danger signs.



I’m getting to the stage where I wish I’d just left all the posts deleted and not moved them to a new thread.

Quite frankly not my memory of it - but my grandad was very switched on with that kind of stuff and his sister, my great aunt, worked in that industry (finance and insurance) so might be harder for me to see it from a different perspective.

Though strangely enough for someone so switched on in that regard, he was a sucker for any cold caller offering to save him money - we had to talk him out of a few scams with solar, etc.

 

[Rroff]

This is what I hate about finances, peoples egos mean they can't admit when they didn't understand something or misinterpreted.

Its also the problem since many of these things are complicated compared to the ability of many people to understand them.

I don't know what is worse TBH, to have to admit your easily fooled, or you couldn't take in detail to understand something.

It isn't just finance - personally I have a motivation to at least generally understand the world in a wide variety of areas so I can better weigh the potential for pitfalls, etc. but it makes it hard sometimes to see it from other people's perspectives. I often feel like people are willingly closing their eyes to the potential negatives in a lot of things.

When I bought my pickup the salesman (this was a VW authorised commercial dealer as well not some backstreet place) blatantly lied over several aspects to get the sale, more so even than I'd seen through - but in that instance I knew what I was getting into so it didn't affect my decision making - but for someone else they could have easily been misled. (Ultimately I probably did someone else a favour LOL buying it).