M
mercman
Guest
A number of years ago I attended a presentation from an Irish Bank where they were marketing an Investment Product.
I reluctantly sat through the presentation but at the time declined the invitation to invest, as the funds available at the time did not meet the required level for Investment. Senior Management (Directors) of the Bank told me that there was a minimum entry level and same could not be reduced under any circumstances.
The following day the Manager contacted me and advised he was coming to my house that evening. He arrived and after small talk, took out a loan offer for a large amount of money. The matter was discussed with him, my wife and self and when I declared that the Investment product was satisfactory for the times we were in at the time.
He then handed us the loan offer, which was signed. He then asked us to deliver the offer to a different branch miles away, which was done.
At no time was an offer ever requested verbally or in writing but on his arrival at the house was the only time that the Investment was discussed as he was fully aware of the idle amount in our account.
The loan in the main was repaid other than approx 20% at the end of the term which was then charged at penal interest.
The question is if the Banks are allowed sell their Investment product by arranging non requested loans and then arriving at ones home to sign for something that was never requested and then to deliver same to a different office, (some 50 miles away).
The loan was repaid and the Investment did not do very well at all.
Looking for an opinion as to whether a Bank can mis-sell loans and Investment product in this manner.
I reluctantly sat through the presentation but at the time declined the invitation to invest, as the funds available at the time did not meet the required level for Investment. Senior Management (Directors) of the Bank told me that there was a minimum entry level and same could not be reduced under any circumstances.
The following day the Manager contacted me and advised he was coming to my house that evening. He arrived and after small talk, took out a loan offer for a large amount of money. The matter was discussed with him, my wife and self and when I declared that the Investment product was satisfactory for the times we were in at the time.
He then handed us the loan offer, which was signed. He then asked us to deliver the offer to a different branch miles away, which was done.
At no time was an offer ever requested verbally or in writing but on his arrival at the house was the only time that the Investment was discussed as he was fully aware of the idle amount in our account.
The loan in the main was repaid other than approx 20% at the end of the term which was then charged at penal interest.
The question is if the Banks are allowed sell their Investment product by arranging non requested loans and then arriving at ones home to sign for something that was never requested and then to deliver same to a different office, (some 50 miles away).
The loan was repaid and the Investment did not do very well at all.
Looking for an opinion as to whether a Bank can mis-sell loans and Investment product in this manner.