shipbuilder Posted October 8, 2008 Share Posted October 8, 2008 I think it really depends how bad you think things are going to get, I've spent a year reading about this stuff and now my mind is made up on where we are going.If we end up in a depression gold could go to the moon (It's not the reason I want it though) It's a store of wealth. It's strictly DYOR on this one mate I created this thread a few weeks ago, some great info from posters here in that thread http://www.housepricecrash.co.uk/forum/ind...showtopic=87995 My two cents on this one is that if you have savings to buy a house, do what you will with the savings but when the bottom of the housing market hits, use those savings to buy a home. You may be well researched, but even the so-called experts get it wrong. Everyone really needs to be learning useful skills rather than riding the latest investment wave if the future is to get better for any of us. Quote Link to comment Share on other sites More sharing options...
YoungFTB Posted October 8, 2008 Share Posted October 8, 2008 My two cents on this one is that if you have savings to buy a house, do what you will with the savings but when the bottom of the housing market hits, use those savings to buy a home. You may be well researched, but even the so-called experts get it wrong. Everyone really needs to be learning useful skills rather than riding the latest investment wave if the future is to get better for any of us. Just for the record, I was not trying to claim that I know what I'm talking about because I do not. I've just come to my own conclusions about what will happen over the next few years and will be acting accordingly. Btw I totally agree with what you are saying, I think learning to be as self sufficent as possible is always a good idea along with constantly learning new and useful things. Right now I'm researching as many ways as possible to buy things that will reduce monthly expenses as much as I can (Insulation etc) anything that will help save money. Quote Link to comment Share on other sites More sharing options...
azogar Posted October 8, 2008 Share Posted October 8, 2008 My two cents on this one is that if you have savings to buy a house, do what you will with the savings but when the bottom of the housing market hits, use those savings to buy a home. You may be well researched, but even the so-called experts get it wrong. Everyone really needs to be learning useful skills rather than riding the latest investment wave if the future is to get better for any of us. yep - there's only two certainties in life and one of them is taxes (unless your the CEO of a failed investment bank it seems) Quote Link to comment Share on other sites More sharing options...
Belfast Boy Posted October 8, 2008 Share Posted October 8, 2008 yep - there's only two certainties in life and one of them is taxes ... is the other sure thing student nurses? Quote Link to comment Share on other sites More sharing options...
pootle Posted October 8, 2008 Share Posted October 8, 2008 (edited) ... is the other sure thing student nurses? Reminds me of something ... Edited October 8, 2008 by pootle Quote Link to comment Share on other sites More sharing options...
ravedave Posted October 8, 2008 Author Share Posted October 8, 2008 Just been reading the main thread on Icesave. There seems to be a lot of venomous hatred towards us with Icesave accounts. When I put my money in there initially, I never considered that the country could collapse and default on the protection scheme. I thought it was as guaranteed as things could be. At the time I invested protection schemes were totally untested and unproven. Yes, the information was there if I looked for it, but I never considered checking the solvency of the country. Quote Link to comment Share on other sites More sharing options...
azogar Posted October 8, 2008 Share Posted October 8, 2008 Just been reading the main thread on Icesave. There seems to be a lot of venomous hatred towards us with Icesave accounts. When I put my money in there initially, I never considered that the country could collapse and default on the protection scheme. I thought it was as guaranteed as things could be. At the time I invested protection schemes were totally untested and unproven. Yes, the information was there if I looked for it, but I never considered checking the solvency of the country. ****** em' Quote Link to comment Share on other sites More sharing options...
pootle Posted October 8, 2008 Share Posted October 8, 2008 (edited) I had an argument on a different thread last night where they were having a go at some woman who had about £200K in Icesave. They were saying she deserved to lose it for being so stupid. Its mind boggling to think that savers are coming in for flak. Too many of these around perhaps ... Edited October 8, 2008 by pootle Quote Link to comment Share on other sites More sharing options...
subby Posted October 9, 2008 Share Posted October 9, 2008 ****** em' correct Quote Link to comment Share on other sites More sharing options...
wayoutwest Posted October 9, 2008 Share Posted October 9, 2008 http://news.bbc.co.uk/1/hi/uk_politics/7660438.stm The amount of local authority cash at risk after being deposited in Icelandic banks has now risen to over £550m. I do hope NI local councils are not caught up in this. Quote Link to comment Share on other sites More sharing options...
Guest vicmac64 Posted October 10, 2008 Share Posted October 10, 2008 Rave Dave - very pleased to hear you did not lose your savings - like I say - have we heard any of our politician say they will be pushing for proper regulation of banks operating in Northern Ireland.. Whats to stop these great defender of the people enquiring into the affairs of the banks? This is a democracy after all.. I know I'm having a go again at them - but only because they are economic imbeciles. Quote Link to comment Share on other sites More sharing options...
paul65 Posted October 13, 2008 Share Posted October 13, 2008 (edited) Rave Dave - very pleased to hear you did not lose your savings - like I say - have we heard any of our politician say they will be pushing for proper regulation of banks operating in Northern Ireland.. Whats to stop these great defender of the people enquiring into the affairs of the banks? This is a democracy after all..I know I'm having a go again at them - but only because they are economic imbeciles. Yes Rave Dave - really glad to hear that your money is protected. As for our MLA's well if you ever wanted to know what involvement any of them have in property/construction or other matters you only need to look here: Register of Members’ Interests (last updated 09 October 2008) It is quite interesting. And now for my joke du jour .... Q. What is the capital of Iceland? A. About £2.40 Boom boom. I thank you. I'm here all week. Try the veal. Edited October 13, 2008 by paul65 Quote Link to comment Share on other sites More sharing options...
subby Posted October 13, 2008 Share Posted October 13, 2008 Quote Link to comment Share on other sites More sharing options...
ravedave Posted November 16, 2008 Author Share Posted November 16, 2008 Well, I've got my confirmation emailo from FSCS inviting me to take my money out of Icesave - I've £30k in a fixed term interest account maturing in March 09. They have also provided me with the opportunity to wait until the end of the term and receive all accrued interest up until then - with the possibility of delayed completion as it will be paper based. My question is this - I've now got the opportunity to get 7% on my savings from the FSCS or take the money and put it somewhere else - i.e. NS&I. Which is a safer investment and wiser choice? I'm not trying to be greedy I am just wondering which option is the best to take: If you hold an Icesave fixed rate savings account, you will be offered the option of payment of your deposit through the electronic payment process. Alternatively, you will be able to opt to receive the principal amount of your deposit, together with accrued interest up to the maturity date, at the end of the fixed term. If you choose this latter option, then the electronic process option is not available to you. However, you should still log on to the website and tick the appropriate box to confirm that this is your wish. At that time, we will be notified that you wish to wait until the end of the fixed term and we will then send you an application form to complete and return to the FSCS. This process will be slower, although we aim to complete this process so far as possible within 6 weeks of receipt of a completed application form, with payment following the maturity date of the account. You should also be aware that if you hold a fixed rate savings account that pays interest on a monthly, quarterly, or annual basis, and you decide to hold that account until maturity, you will not be paid any interest prior to maturity. Quote Link to comment Share on other sites More sharing options...
Traktion Posted November 16, 2008 Share Posted November 16, 2008 Rock and hard place ravedave. I'm a bird in the hand kind of person so I go for safety. Its your decision though but sometimes the worry of not getting it is not worth the extra interest. You know how you felt when it went titsup. This would reflect my view too. Who knows what state the financial system will be like in March? Having sold my car recently to give me some cash to weather any bad times ahead, I can vouch for how good it feels not to be as stressed! Quote Link to comment Share on other sites More sharing options...
ravedave Posted November 17, 2008 Author Share Posted November 17, 2008 So NS&I then are the sensible choice it would seem. I'll need to see what they have on offer as I've got a few things with them already... Thanks. Quote Link to comment Share on other sites More sharing options...
MrFox Posted November 17, 2008 Share Posted November 17, 2008 So NS&I then are the sensible choice it would seem. I'll need to see what they have on offer as I've got a few things with them already...Thanks. Another 4 months though and you'll be 2.5k or so better off.....if it works out. Has the Gov. not gauranteed all monies in these accounts anyway? Tough decision.. Quote Link to comment Share on other sites More sharing options...
RockyBalboa Posted November 17, 2008 Share Posted November 17, 2008 I have a one year bond with Icesave which I opened around 3 months ago.....they paid some interest on it shortly after they went belly up so I was intending on taking the money back as soon as I got the chance. Have you not had some interest paid? Quote Link to comment Share on other sites More sharing options...
ravedave Posted November 19, 2008 Author Share Posted November 19, 2008 Just read in yesterdays Irish News that Iceland are covering their portion of the amounts deposited with Icesave. They will cover the first €20,887 (or whatever the actual value was). I believe they received a loan from IMF. Quote Link to comment Share on other sites More sharing options...
ravedave Posted December 1, 2008 Author Share Posted December 1, 2008 Money is back home Although some of the threads on the main board today are not very appealing. £ tanking, moving to €. I really don't know what to do in the current climate. Are people with cash in danger of having it totally wiped out in terms of value? Quote Link to comment Share on other sites More sharing options...
shipbuilder Posted December 1, 2008 Share Posted December 1, 2008 (edited) Money is back home Although some of the threads on the main board today are not very appealing. £ tanking, moving to €. I really don't know what to do in the current climate. Are people with cash in danger of having it totally wiped out in terms of value? Technically it seems like £ cash is losing its value in comparison to the $ and Euro and it would seem to make sense that this devaluation will filter through as price inflation eventually. However at the moment looking at cash value in terms of what the average person spends most of their money on - fuel, car, house - these are still going down in price so to me cash still makes sense at the moment. OK if I wanted to 'preserve my wealth' then perhaps I would be gaining more by buying gold or the like, but for me that seems too much of a gamble. To be honest I think the best investment is in my own knowledge and skills which I would prefer to rely on for my living than the whims of any market. Edited December 1, 2008 by shipbuilder Quote Link to comment Share on other sites More sharing options...
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