what can i do with £400,000. PLEASE HELP

dunstonh

Lokolo wrote: »

Was that aimed at me?

hmm. Premium bonds..... let me think about that :whistle:

Lokolo

Hehe

You're on so late! I can't believe you start work late, so don't you get tired?!

greenface

Jogster wrote: »

Is the payout as a result of a personal injury claim? If so then consider setting up a personal injury trust and paying the money into it. It will safeguard your benefits as the money in the trust will be disregarded when assessing means tested benefits. Obviously you will need to take legal advice to make sure you fit all the criteria

If this is your first post welcome to the forum:beer: spot on with your advice.
Take advice from your solicitor and speak to a few IFAs not banks ask them questions and get to know what answers you are looking for Half a mill is life changing but look after it only tell them you trust and tell them to keep it shut.
The personal injury trust can only be accessed if its a personal injury payout (i know you have said it is but sometime they run into another avenue and settled on different factors. Good luck for your future and dont rush into anything esp at this mad time:beer:

ed123_2

...I'd blow it on wine, women & song...if I was you...

ed123_2

.....with £500k....I think your income support & council tax & housing benefit will be safe............not............you should inform the powers that be as soon as you get the bread or you could be done...as it were...as to the £400k...place in high interest savings accounts...many paying 7%/or near...don't go near so called independent financial advisers who will direct you into the stock markets and earn themselves a nice commision..in my view the stock markets have a long way to fall(re the credit crunch).I see the ftse at 2500...so if you hand your money over to the city boys you may lose half your money...only my opinion..dyor...etc etc.

shining4

Hi I dont have much advice to give you on this but something you may want to read is this site below, its information for people who experience sudden wealth. Many people who receive a large sum of money after living a life with a lot less dont know how to handle it emotional or financially.

Im sure everyone here will give you great advice but be aware about the huge changes this is going to make in your life.

The site is from an American lady but the reactions and experiences you may have will probably be the same.

http://www.maxoutsavings.com/handling_sudden_wealth.html


Kelly x

dunstonh

don't go near so called independent financial advisers who will direct you into the stock markets and earn themselves a nice commision

You do know that the net interest charge on savings accounts is around 1% at the moment. So, leaving it in savings (in full) will not only see it eroded by inflation but earn the banks more money than if it was placed into investments. If you are paranoid about commission then pay by fee. All IFAs offer that option and on an amount of this size it would be better to go fee basis.

Your "advice" is poor as it fails to take account of any of the needs the OP may have (and which we dont know). Of course, if income is required, your option is basically guaranteeing a loss in real terms of around 40% every 10 years.

Dont touch the "advice" of unknowns on the internet who are unqualified, unregulated and clearly from their answers show their lack of knowledge yet want to be judgementmental and biased against others.

You're on so late! I can't believe you start work late, so don't you get tired?!

School holidays Lok. Working and leisure time goes all back to front this time of the year.

Ashlion

I think it wouldn't hurt to ask your solicitor's advice on injury trust funds or IFAs, as well as looking for yourself. Your solicitors will have dealt with other injury claims and therefore payouts, so may well have some helpful advice. i.e. they probably have tranferred money to such accounts. You won't know if you don't ask. I'm sure they wouldn't mind pointing you in the right direction. You don't have to take their advice after all.

I don't know if they are allowed to do this for security reasons, but if they could put you in touch with others who have received big payouts in similar circumstances, advice from those people might help you.

You can find an IFA at this site but I don't know if it's the best one to use. http://msn.unbiased.co.uk/index.asp

dunstonh

You can find an IFA at this site but I don't know if it's the best one to use. http://msn.unbiased.co.uk/index.asp

that site is a MSN sponsered front end for www.unbiased.co.uk which is the main UK database for IFAs.

TH1878

ashsin wrote: »

wow its alot to take in lol. thank you everyone for all of your advise its much appreciated. from what you have all said figuring out what i want for my self is the first step and the trust is a must in my circumstances and the rest i will have to learn and talk about with from an independent financial advisor, would it be a good idea for me to ask my solicitor ( brown turners ) who have been dealing with the compensation if they know a good financial adviser and should i keep them, or should i do my home work and look around myself ?

Your solicitor may have professional connections with a financial adviser, but they are also likely to take a cut of any commission the financial adviser makes so probably won't be too impartial.

I'd speak to 2 or 3 advisers and see which one you like the best.

www.unbiased.co.uk