Have the funds to clear my debt, just need a little advice

gfplux

I suggest the following.
The day the funds are cleared into your savings account make an appointment and visit the bank where the money is (Halifax I believe)
Tell the person that you want to clear all your debts and let them help you do it. (Take all your papers in with you) do this with them in real time. I imagine if you have all the correct papers this will take 25 minutes or less. (With £100000 sitting in your account don't worry the other person working for Halifax will have all the time in the world for you.
After you have done this you will have £92000 ish left.
They will then try and sell you lots of things.
First you have to say no.
First you want some things, like a current account a debit card etc. think what you want.
After that and during that's part of the conversation you must and will introduce what else you want to do with the money.
I assume you have changed your spending habits and no longer spend more than your income.
You should be thinking about the medium and long term. £92000 is a lot of money but you can spend that actually ANYONE can spend that very quickly.
Some you will have to put in your current account to cover your debit card. You probably want to feed into that account a monthly sum you have decided you want and can spend on the debit card.
The rest you should listen but do nothing.
£80000 will burn a hole in any ones pocket.
Think about locking some, part or all of it away in savings accounts.
DO NOT BUY ANY FINANCIAL PRODUCTS
A person who has been in debt should not invest other than in simple locked/easy access accounts.
By locking money away it will put it out of your reach on a day to day basis.
Good luck, and be very careful.
This is a life changing opportunity, DON'T WASTE IT.

I should add that the Bank will have lots of red lights flashing when the £100k hits your account.
First they will want to know the money is legitimate as they will have to report the arrival of the money to the FSA (or others) so take in with you papers that prove it is an inheritance and the money is clean.
Second their sales department will be alerted to BIG opportunities to sell this new rich customer things so don't worry they will WANT to talk to you.

Good luck and best wishes

Abc_123_2

Thank you all for the advice, it has been really helpful to have advice with out criticism!

These forums are really helpful to people who need financial guidance.