From: "Virgils Ghost" 
Newsgroups: uk.finance
Subject: Re: The L17,000 loan that mounted into a debt of L116,000
Date: Thu, 09 Aug 2007 17:45:37 GMT
Bytes: 1975


"Nick"  wrote in message 
news:5i0rulF3lcdcrU1@mid.individual.net...
>M Holmes wrote:
>> Nick  wrote:
>>
>>> It is very easy to say this but once an unfamiliar financial product 
>>> becomes even slightly complicated the financially naive fail to 
>>> appreciate the consequences.  This is definitely true of large financial 
>>> organisations, one only has to look at the financial derivative 
>>> disasters of the 90's, e.g. Orange County etc. So it is unsurprising 
>>> that it is also true of normal old people.
>>
>> Then they should simply avoid taking on such products.
>
>
> Yes but they probably wouldn't realise this.

Exactly why customers were required to seek independent advice and speak to 
their solicitor when applying for SAMS schemes.