TelBoy

And many people don't, especially when they think they're Scott free and then this nasty letter flops on the doormat telling them they've got to pay every damn penny back!

tony de wonderful

With the way QE is going...leading to maybe hyper-inflation, that 50k might only buy a packet of crisps when your bank goes bust.

mamoon2

Check

Check
Generator - Check just need fuel

pslewis

Remember when there was a run on the Icelandic Banks?

I do - as I was part of the run .... got about 75% of my money out - 25% was stuck in Karpthung Edge.

I put my money there as the Icelandic Government gave an absolute guarantee that my money was safe ...... they walked away from that guarantee!

And that is EXACTLY what any Government would do - they cannot, simply cannot, guarantee £85,000 for each and every person who's Bank goes under!!

The guarantee will be worthless - it is a con, we all know it! Once one Bank goes (like Northern Rock) there will be runs on all the others ........ and, as I said, there isn't enough money to rescue everyone to the tune of £85,000!! Not even £1,000 each!!

The result will be an offer of 25p in the £1 ..... you will get back 25% of your savings.

That's my reading of the situation and why I am very nervous indeed .... I want to put my money into something I can touch, hold, enjoy (because its value will collapse too - but at least you have something).

It's not good if you have savings!

To anyone with savings and debt - I would strongly suggest that you pay off your debts now!

EddScott

Greed put your money there as they were offering better rates than in the UK.

jef

iTrader: (13)

ie property?

thats value would also drop, altho at a less extreme rate than paper cash value?

is that correct?

genuine question as im not educated in this area atall

pslewis

Yes, it was a desire to make my money work as hard as possible for me and to maximise my returns ..... that's called common sense.

I also put it in Iceland as it was 'safe' - I am risk averse - that's called intelligence.

I do not, for any reward, risk my money!

pslewis

Property is a risk at the moment ... but, yes, I have a great desire to buy a seaside property to enjoy at the weekends. If the value halves, that's better than losing 75% of my cash (or ALL of it!).

The reason I say it is a risk is because buyers stepped into the market in July/August and started buying again ..... September saw the buyers disappear in the main - October has made buyers run in the opposite direction - but, it takes a while for sellers to adjust their expectations down to my buy price!

I have just been contacted by an Agent who holds a property I have expressed and interest in - indeed I offered on it in June this year (which was turned down, it was 15% OFF asking) ..... he now says that the vendor is willing to talk at my offer price, I responded by saying that my sentiment had ebbed away, the reply was that they may well drop further as the are very, very, keen to sell .................... give it 2 months and it may well be going for a song

EddScott

Common sense would have been to ask why they were offering such rates. To win your money. You took a risk using non uk banks.

EddScott

Lol, you'll be on Dragons Den next!!!

craigyp

iTrader: (5)

What about premium bonds?? Are they a safe investment???

pslewis

1. The Icelandic Government, a Sovreign power, stated that 100% of investors money was safe.

2. Iceland wanted to attract lots of foreign cash - hence the higher returns.

3. The returns were not that much higher than mainland UK rates ....

4. My risk antenna did flicker into life - but the above reassured me

There was no risk as far as I could see ...

Thankfully we had a Labour Government to bail us out - the Tory Clowns wouldn't have, you can be certain of that!

pslewis

I have the maximum in those, so has the wife .... that only takes care of £60,000 though

And, yes, should be safer than a Bank - as it would mean the UK Government was bankrupt like Greece if they failed

dpb

your such a wheeze , if you really had this much spare cash youd have it invested in property to let out

pslewis

I'm out, sorry ...

Funkii Munkii

Because the Labour clowns pissed what money was left up the wall


Bailed us out ?, is that code for totally mismanaged the country and it's finances and got us deeper in the **** than even they could have imagined over their tenure.

pslewis

I am at an age where I do not need income, I haven't time to invest for the next 20 years!

However, I could easily buy a property overlooking the sea!!

We are at different stages in lifes cycle ..... if I was 30 something I would have more BTL's of that there is no doubt!

pslewis

EH?

Where were you when we were all lapping up the wealth that was there between 1997 and 2007?

The WORLD went **** up and took us with it .... it was NOT a UK generated doom!

EddScott

Labour have really done what Greece did but whilst Greece used EU money to pay for a bloated and overpaid public sector, Labour used our countries own reserves and when that ran out borrowed and borrowed.

Labours biggest mistake was being more tory than the tories. Should have weened us off the financial addiction brought on by the Thatcher years.