Preparedness for when

maryb

Hmmm, I suspect that post about money missing from her account may just have been normal bank incompetence and next time she logs on it will have sorted itself out. If it was general, there would be a lot more people howling with rage and I haven't found any more references to it

And she needs to be a bit careful - if it did set off a bank run she could find herself in all sorts of trouble

[Deleted User]

nuatha wrote: »

The initial proposal in Cyrus was 6.7% of all deposits under 100,000 and 9.9% over.

So, if you had just 10 Euros in the Bank, they would have left you with 9.33 Euros?

calicocat

jk0 wrote: »

I believe they keep emphasising the £85k protection so that people don't take out their cash. (Otherwise given zero rate interest, you might just as well keep it under your mattress.)

Well it does the opposite with me, it just reminds me how untrustworthy they really are.....so have promptly gone and got some out tonight.

Frugalsod

nuatha wrote: »

The average Briton is worth nearly £150,000, according to a study.
This includes an average current pension pot of £30,000 and mortgage equity of £75,000.
Yet the survey found nearly half of us have no idea how much we are worth, while 42 per cent do not think they are worth very much at all.
However, the average adult has £1,348.16 in a current account, £5,603.98 stored away in a savings account and a further £3,712.65 in an ISA.
With a car valued at £6,706.55 and home contents worth £15,077.90, average net worth tots up to £147,134.

Source:http://www.dailymail.co.uk/news/article-2591175/Pension-pot-mortgage-savings-mean-average-Briton-worth-150-000.html#ixzz3AOZiIPAv

Though a survey for HSBC late last year found that 8.8 million people have £250 or less in savings.
Source: http://www.newsroom.hsbc.co.uk/press/release/88_million_households_would_no

Yes but how safe is that apparent wealth? Poland seized all the private pensions recently.

http://www.ft.com/cms/s/0/8ddeb5bc-6293-11e3-bba5-00144feabdc0.html

Also a £30 000 pension buys a pittance via an annuity. You will still rely on that state pension.

House equity is only worth it if you can find a mug to buy your place when the values are collapsing. It will take a significant drop to wipe out most peoples equity. Though personally I suspect that without floods of liquidity and foreign money how much are our homes really worth. They have traditionally being three times average incomes. Yet people are still buying homes at much higher multiples of 4 times income. These might be unaffordable if a reset happened. Also that excludes newer buyers who might have little or no equity or be very vulnerable to a fall in house prices. I think a third of home owners have no mortgage at all.

In the US even after the recent boom there are still many million home owners in negative equity. It might be as much as 25% of all homes. And the US property market is turning down again.

Other financial assets like bank accounts might be worthless if the true nature of the banks liabilities were realised. Barclays has huge liabilities in derivatives. They might claim these are hedged or balanced, but if they have a failure of any of their counter-parties there will be a credit crunch again.

I do not have a car, and my home contents are possibly worth in excess of £200 000 but I would not sell them and if I did the value would depend on the market at the time. If there was a depression these items would be worth far less. Though I do not care about that.

Frugalsod

Bedsit_Bob wrote: »

So, if you had just 10 Euros in the Bank, they would have left you with 9.33 Euros?

No. €0.00 rounding errors. :rotfl:

Butterfly_Brain

Reminds me I must go and get some more cash out tomorrow and leave as little as I possibly can out of the banksters thieving grasp.
Got rid of Barclays account
a) because they are as bent as a butchers hook
b) because they are doing away with all cashiers in their branches.

nuatha

Bedsit_Bob wrote: »

So, if you had just 10 Euros in the Bank, they would have left you with 9.33 Euros?

Which you would be unable to withdraw from an ATM.
£67 per £1000 might not seem huge, but the principle was this sidestepped the guaranteed safe deposit regulations and did so with the connivance of other European banks.

calicocat wrote: »

Well it does the opposite with me, it just reminds me how untrustworthy they really are.....so have promptly gone and got some out tonight.

I wonder if banks will ever earn our trust again.

GreyQueen

calicocat wrote: »

Well it does the opposite with me, it just reminds me how untrustworthy they really are.....so have promptly gone and got some out tonight.

:T Spoken like a true contrarian.

Re net worth, mine is below the average; tenant not homeowner, cyclist not a motorist, small flat with secondhand furniture and no real belongings with big ticket value. I carry £12k home contents insurance (gotta protect the tinned pies etc ).

The trouble with wealth is that its illusory and relies on the vast majority of other people, as individuals and organisations, believeing in the same illusion.

As an exercise, I just looked at a street in this city where a pal used to own a house. He bought in in 1993 for £40k. This street is 2-up 2-down Edwardian terraces, pocket hankie front garden, skinny-strip back garden, 2 beds, 1 bathroom. Generic kind of thing you can find in most cities in the UK.

A couple of years later he contemplated selling, and got an estate agent around. As the retail neighbourhood a quarter of a mile away was being redeveloped, it was now estimated to be work £4-£5 more. When he eventually sold ten years after buying, it was for £140k. They're now selling in the £170k range.

They're still the same houses. Wages haven't increased several-fold. It's illusory wealth. Although he made a 'profit' it wasn't what it seemed as he bought another house, whose price had also increased proportionately. Rising house prices are only good news for those who have a spare house, such as an inheritance, or those who will be moving from a very expensive area like London to a much-cheaper area.

And governments could easily move to seize private wealth held in NS & I (premium bonds, savings bonds), to raid pension pots, increase taxation, allow more inflation to rob our currency of its value.

The potentialities are endless. I think a pitchfork may just be the essential accessory for the coming years. Gotta get me mine.:p

calicocat

Note to self to get a pitchfork.

Got a hold of some free logs yesterday for chimenea , need to go get an axe and chop them up, but will be good to use next year, and more coming saturday. Need to erect some kind of shelter to weather them in.

Have dried lots of herbs for the winter too in the porch. My porch looks like a witch lives here....lol.


Might nip to shops today and stock up on a few more prep things then sort the shed out....somehow it looks like a bomb has gone off in there.

[Deleted User]

GreyQueen wrote: »

it was now estimated to be work £4-£5 more.

His house was worth a whole fiver more?

Wow, result. :cool: