Preparedness for when

RAS

thriftwizard wrote: »

What about those who are not "eligible" for bank accounts? I've seen people I know, who do have regular wages coming in, being turned down because of long-ago errors or wayward ex-es causing CCJs. Even people whose address doesn't yet appear on computers, because of having been built within the last year. How are people in that position to survive without some kind of cash?

A lot of people do not know that they can get a basic bank account; no credit check required http://www.moneysavingexpert.com/banking/basic-bank-accounts

No overdraft so they need keeping an eye on but direct debits and a debit card on most of them.

fuddle

Barclays offer bankrupts a very basic account for the 6 years it effects banking. I moved all my direct debits over the minute I walked out of the court room. How the heck I didn't pass out with the shame I don't know but thats another story. Although there's no credit facility or overdraft etc they used to run a 3 strikes and you're out rule if anything bounced etc dropping you below the zero line. I don't know how strict or true it is as I very quickly learned to budget from then on.

The difficult part now is trying to stop the bank from upgrading the account now Im out of the 6 years.

daz278

its funny how consciously call /deride MPs , yet subconsciously rely on TPTB to manage society and provide a safe and stable environment(Well maybe we on here are a little bit more skeptical) Had a dull ache in my arm all day really annoying.... carrying heavy bags at work i think.....ok im off dads turn for takeaway.....you all take care

fuddle

I think we have no choice but to rely on TPTB to some extent. I do question democracy at times and don't like leaders of unions getting into bed with politicians etc or the media moguls so neatly attached to Sir this or Lord thatbut I guess everyone is in something for themselves.

mardatha

Politicians arent held in high esteem - or any esteem - in this house.
And I have a RBS basic bank acc that I don't pay for and that gives me an £800 overdraft. I complained that they had switched us onto the Royalties acc without asking, and they put me back on the basic one but let me keep the overdraft. Which I don't use but you never know..

Frugalsod

thriftwizard wrote: »

I still have an inkling that TS that hits TF might come from an environmental direction. I'd never underestimate an Icelandic volcano, for example, bearing in mind what effect the Skaftar fires of 1783 had in the UK; Eyjafjallajokull was a little smoky bonfire compared to that one. But they are well-behaved compared to some elsewhere in the world, which have literally blotted out the sun for a couple of years - imagine the effect that'd have on our monocrop agriculture and just-in-time delivery systems.

There are a number of other worrying possibilities, many of them involving ice - or the lack thereof! - but none of them keep me awake at night. There's no use worrying about things that may never happen, but the sheer number of things that may never happen kind of means that sooner or later, at least one of them will! So a well-stocked store cupboard, a good first aid kit and a head full of ideas and useful knowledge & skills will never go amiss.

Environmental of the type you describe are definitely a probability but I am not making any special provision for such events as I think the risks are low, but I hope that my plans will include significant amounts of food to get through any such crisis should it happen. So while I might not prep specifically for this event I think many peoples preps would get them through with relatively few problems. If you design your plans with flexibility then you should cope significantly better than most. This is a good approach to take. I would also think that your preps for environmental disasters would also provide good protection against economic disasters.

Add in the additional skills you mention and you probably find that they could cover nearly every event that could happen to you.

Frugalsod

MrsLurcherwalker wrote: »

Premium Bonds and ISA's serve us well as we get £25 from the premium bonds most months and the ISA's give an acceptable rate of growth for our savings. Not huge money but better than none at all? I think that banks and financial institutions would find themselves in very, very deep water should there be a charge to keep your money in their systems, big business might need to keep their accounts but I rather think that those with small amounts will just withdraw their cash and close them down should such a thing be implemented!

In many ways I think you have found a perfect solution to the banking crisis. If premium bonds were ever to be defaulted on then the public would be up in arms. Maybe not so for a banking collapse. I suspect that the banks would bail in the customers but could the government bail in premium bond holders?

moneyistooshorttomention

Frugalsod wrote: »

could the government bail in premium bond holders?

A question I've been wanting an answer to for some time...so I do wonder if anyone knows ...

jk0

moneyistooshorttomention wrote: »

A question I've been wanting an answer to for some time...so I do wonder if anyone knows ...

Hmm. Well really we've already been bailed in by virtue of inflation. Some of my premium bonds were bought the year I was born, 1965. I'd guess the money is worth about 10% of its value now.

Edit: Maybe even that's an overestimate. Anyone remember the 1965 film 'Alfie'? Someone asks the bus conductor for 'two sixpennies'. That means a bus fare was 2.5 new pence. Here in Reading the cheapest bus fare is £1.20, so that's 48 times as much.

Frugalsod

moneyistooshorttomention wrote: »

A question I've been wanting an answer to for some time...so I do wonder if anyone knows ...

In theory they could but that would require the government to default generally and that would create far greater problems. In a world of negative interest rates what would they pay out? Though in general government National Savings bonds are probably the safest option for most of us. They would not necessarily be at risk like a bank deposit and would be a safer place to keep any wealth even up to the limits of the products, which is still more than most peoples savings anyway, and far safer than deposits in a big bank.