Blues Chick Posted June 7, 2006 Share Posted June 7, 2006 Hi All I've sold my house and have put the money into high interest accounts (no more than £35K in each so that I'm covered by the compensation scheme should the banks go bust). However, I am still worried that should the banks go bust (i.e., are unable to recover monies from those who go bankcrupt, bad debtors, etc.) that I will lose my money. Am I being overtly cautious, or should I consider putting my money elsewhere? Your comments would be appreciated. Best wishes Blues Chick Quote Link to comment Share on other sites More sharing options...
keepwatching Posted June 7, 2006 Share Posted June 7, 2006 (edited) Afternoon..... Start by finding out as much as you can about economics and money supply (that type of thing).... Keep finding and balancing that information until you understand what it is all about, by then you may have a good idea about your personal situation and where you feel safe with your own money....... You are not alone on this one........ There are some very clever investors on here, and some real idiots......... Tread with caution. Edited June 7, 2006 by keepwatching Quote Link to comment Share on other sites More sharing options...
needle Posted June 7, 2006 Share Posted June 7, 2006 Hi All I've sold my house and have put the money into high interest accounts (no more than £35K in each so that I'm covered by the compensation scheme should the banks go bust). However, I am still worried that should the banks go bust (i.e., are unable to recover monies from those who go bankcrupt, bad debtors, etc.) that I will lose my money. Am I being overtly cautious, or should I consider putting my money elsewhere? Your comments would be appreciated. Best wishes Blues Chick Its a potential recession, not armageddon. Dont sweat so much. If you lose money, so will everyone else so you'll still be in the same relative position. Personally, while there are very able people on here and other boards, I always take their advice with a pinch of salt. If a stranger came up to you in a shop and advised you to buy shares in Tinned Beans or Cardboard Boxes - would you follow that advice? No. So why is the internet different? Its not. Like the post above says, if youre that worried seek professional financial advice. Quote Link to comment Share on other sites More sharing options...
penbat1 Posted June 7, 2006 Share Posted June 7, 2006 Maybe put all your dosh into ICICI bank. I don't think they will have an HPC in India Quote Link to comment Share on other sites More sharing options...
theChuz Posted June 7, 2006 Share Posted June 7, 2006 take a very very very small bit of the money you got for free and speak to a financial advisor/planner/consultant ? Quote Link to comment Share on other sites More sharing options...
Unexpected Posted June 7, 2006 Share Posted June 7, 2006 Hi All I've sold my house and have put the money into high interest accounts (no more than £35K in each so that I'm covered by the compensation scheme should the banks go bust). However, I am still worried that should the banks go bust (i.e., are unable to recover monies from those who go bankcrupt, bad debtors, etc.) that I will lose my money. Am I being overtly cautious, or should I consider putting my money elsewhere? Your comments would be appreciated. Best wishes Blues Chick If you have chosen some main banks in the UK, I would guess that you'll get a reasonable warning before these banks start to experience problems. Banks in the higher risk lending business will start to go under first and that would be the point when you have to start worrying about your money. You seem to have done the sensible thing already by splitting up your cash so apart from that, the only thing I would recommend would be a small amount of physical gold in case of the unlikely even of the whole system going belly up. Quote Link to comment Share on other sites More sharing options...
Guest Alright Jack Posted June 7, 2006 Share Posted June 7, 2006 If you have chosen some main banks in the UK, I would guess that you'll get a reasonable warning before these banks start to experience problems. Banks in the higher risk lending business will start to go under first and that would be the point when you have to start worrying about your money. You seem to have done the sensible thing already by splitting up your cash so apart from that, the only thing I would recommend would be a small amount of physical gold in case of the unlikely even of the whole system going belly up. Ignore this idiot! By the time it is on the front pages... it is too late. Quote Link to comment Share on other sites More sharing options...
Unexpected Posted June 8, 2006 Share Posted June 8, 2006 Ignore this idiot! By the time it is on the front pages... it is too late. So you dont think that the smaller and higher risk banks would go under first then? I am not talking about front pages. It is obvious to many here that there will be economic problems yet they are not in the front pages are they? One thing is for sure is that you dont need to look on a forum to find an idiot. Quote Link to comment Share on other sites More sharing options...
verolution Posted June 8, 2006 Share Posted June 8, 2006 Buy some Gilts? If it ever got to the point that the UK defaulted on its debt your money in the bank would be worthless anyway Quote Link to comment Share on other sites More sharing options...
zag2me Posted June 9, 2006 Share Posted June 9, 2006 "Safe as houses" Quote Link to comment Share on other sites More sharing options...
onionpie Posted June 15, 2006 Share Posted June 15, 2006 Hi All I've sold my house and have put the money into high interest accounts (no more than £35K in each so that I'm covered by the compensation scheme should the banks go bust). However, I am still worried that should the banks go bust (i.e., are unable to recover monies from those who go bankcrupt, bad debtors, etc.) that I will lose my money. Am I being overtly cautious, or should I consider putting my money elsewhere? Your comments would be appreciated. National Savings Investment Account. The interest rate is almost as high as the best retail bank and mutual high interest accounts. The banks' compensation scheme is something of a confidence measure, it's only guaranteed by other banks, not the Government. If there's a systemic failure of the banking system, you could lose the whole lot. Quote Link to comment Share on other sites More sharing options...
malco Posted June 15, 2006 Share Posted June 15, 2006 Hi All I've sold my house and have put the money into high interest accounts (no more than £35K in each so that I'm covered by the compensation scheme should the banks go bust). However, I am still worried that should the banks go bust (i.e., are unable to recover monies from those who go bankcrupt, bad debtors, etc.) that I will lose my money. Am I being overtly cautious, or should I consider putting my money elsewhere? Your comments would be appreciated. Best wishes Blues Chick I think your worries are justified, and I share them. The concurrance of Peak Oil and a banking system deeply extended into property bubbles is a potent combination. You will not get advanced warning from the newspapers. You're on your own. I would keep an eye on Stuart Staniford's analysis of IEA global oil production. He releases these month by month at the blog The Oil Drum. He is the best leading indicator of real trouble. If global production continues to plateau for say, another year, I suspect that it would be wise to call the peak and get your money into precious metals (you should start at least some buying now). Strange to think that an amateur posting on a blog may be the canary for the global economy, given all the thousands of specialists who ought to be telling us, but there it is. Of course something else may happen before the oil peak - the derivatives storm that has already been mentioned for instance. I haven't the slightest idea what the risk of that is. If you want to protect a large amount of wealth, I must say it is quite hard to know where to put it aside from bullion. Perhaps some in Swiss Francs and the rest in energy and utilities stocks is the best advice I can give. But I am just another Joe, I'm just passing on my own thinking. Quote Link to comment Share on other sites More sharing options...
TWT Posted June 17, 2006 Share Posted June 17, 2006 take a very very very small bit of the money you got for free and speak to a financial advisor/planner/consultant ? Financial adviser? I know three, and to be honest I found them useless. First apart from one they did not know much more than I do. Second they do not have a crystal ball. Third, their aim to have bonuses and their performance is to place various products and if they have to make a bad product rosier they will (one did in my case) I am sure they are amazing ones around but they are probably a rare type of person TWT Quote Link to comment Share on other sites More sharing options...
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