Believe we were missold 1Plan and RIPs in2007, when we were enquiring about a pension from PTSB and were advised by PTSB advisor to release equity in our home and take interest only RIPs, on the assurance that it was a good investment. Never in a position to make repayments but advisor told us to use 1plan for deposits and shortfall in payments and sell in two years time and we would be able to pay off all mortgages including home. Sounded great at the time.
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we do realise we are not banking geniuses, .
...................................................................Just to be clear, the reason I put the comment about banking geniuses in brackets was that my point was directed at bankers. I'd be banned on here if I wrote my reall opinion of bankers, and I met a choice one only 2 months ago (manager). Nothing has changed there.
Every word of what you've written rings true, I've no doubt on that. But that is not going to help you get out of this mess. Salmon seems to think you have a case for mis selling. But I don't think a banks fiduciary duties run that deep, at the end of the day you unfortunatly decided to do what the bankers advised, it's this sort of thing that ought to be changed, so that customers are not duped, or innocent people are not let down by people they trust. In my world, I've a list of people not to trust, bankers, politicians and auctioneers would be in rank 1 etc.
Maybe we need a debate on personal responsibility and how that ties in with the state's obligations to regulate and prevent mis selling. But we cannot have the nanny state either.
You can be sure the bank agent who told you to take a mortgage will deny your story. He's probably fired if the bank is smart and want to get rid of those who knew what went on, or else instead of commissions on mortgages me is probably in debt collection hounding people for their stupidity.
Maz, REf your response to Bronte.
And you say YOU WERE STUPID !!. I am tired of people internalizing blame onto themselves.
EG: You go to a Professional eg a Doctor, he tells you take Drug A , if YOU didn,t take his advice you WOULD be stupid..
You went to a REGULATED Professional Banker , he sold you property and even told you, you would be STUPID not to buy.
Add on the fact that Mr Banker had a vested interest in you taking this on , so I reckon from what you wrote you were ill-advised.
In my book ANY PROFESSIONAL in ANY PROFESSION that is Regulated needs to CLEARLY abide by their Code.
Hope this makes sense.
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