Help

husseyhippo

Hi. I'm new to all of this, so please be gentle. I'm in a fortunate position to have inherited about £30,000. I wish to invest this amount and I'm totally confused. I have paid off all my credit cards, loans and unwanted bills. Unfortunately I do have a poor credit rating so I'm worried that I won't be able to open up new accounts. I bank with the HSBC and they have organised a meeting with their financial advisor on Thursday but I would like to go armed with some knowledge. Can anyone out there be of assistance.

dwileflunker

I agree entirely with 'loaner'. I would suggest you look for an IFA (independant financial advisor) who should, for a fixed fee, give you impartial advice. You won't get impartial advice from HSBC because it will all be based around their products.

husseyhippo

Thanks for your prompt reply. Yeah I thought that would be the case.I've had numerous phone calls from them already. I earn roughly £1000 pm and end up with about £850 after tax, pension and union etc. This money pays the bills. My husband is not well so can't earn. The £30,000 is the amount I want to invest. I inherited more than that and that money paid off all our debts and we've enjoyed spending it but this amount is what I want to put away. Woudl it be easier to go into banks/building societies with a cheque book or cash. If the money is in front of them would I still be refused as I have a history of bad credit.

ed123_2

These banks are really something (I've seen a similar post on another site where a man's son, whose father had just been diagnosed with cancer, had tried to get him to sign up to one of their financial products ,thus earning themselves a nice commission.) You say "invest" hh but I suspect you mean save. If you don't mind locking the money away for three years I would use Kaupthing Edge (internet account) 3 year fixed rate account paying 7.15% aer. I say this as in my view interest rates will be cut hard next year. This is only my opinion DYOR....etc etc