TSB, overdraft and loans

cleverinvestor

What is EF? Yes I'm holding gold. It's for my kids. No fiat currency in the system means no inheritance tax when I die. I leave metals to the kids and they can drip feed it back into the system when they need it after I'm dead.
But I rarely have currency in the bank so if TSB now want theirs back, this is what I'll do. Sell it back to where I got it from years ago

Thrugelmir

Overdrafts are repayable on demand. Now that you've transferred the credit card balance to TSB. The TSB's exposure has greatly increased. By moving to a loan. TSB are in effect getting you to repay the debt. Whereas at the moment the overdraft has turned into a permanent facility.

Wilkins

cleverinvestor wrote: »

What is EF? Yes I'm holding gold. It's for my kids. No fiat currency in the system means no inheritance tax when I die. I leave metals to the kids and they can drip feed it back into the system when they need it after I'm dead.
But I rarely have currency in the bank so if TSB now want theirs back, this is what I'll do. Sell it back to where I got it from years ago

EF = Emergency Fund. Something you should have BEFORE holding any other financial assets. If you had one you would not be in this pickle now. Nothing wrong in holding gold (along with other stuff) when you have that in place.

I don't get your inheritance reasoning. Your gold holdings will be valued as part of your estate when you die. It is not (legally) outside the system.

cleverinvestor

Thanks for the EF acronym!

Slightly off topic then, if I hold metals and only my close family know where they are. No third party involved, I've been buying and holding for years, I have no record of my purchases, I hold physical, I have no record of how much i paid, we don't know how much they will sell for in the future, no mention in my will , how will anybody be able to tax that? I have many pre 1933 USA gold, 24k coins and bars, 22k coins krugs and sovs etc.

Nobody knows they are in my estate. I'm i in an illegal position? Many people I work with do this

eastanglian1

cleverinvestor wrote: »

Thanks for the EF acronym!

Slightly off topic then, if I hold metals and only my close family know where they are. No third party involved, I've been buying and holding for years, I have no record of my purchases, I hold physical, I have no record of how much i paid, we don't know how much they will sell for in the future, no mention in my will , how will anybody be able to tax that? I have many pre 1933 USA gold, 24k coins and bars, 22k coins krugs and sovs etc.

Nobody knows they are in my estate. I'm i in an illegal position? Many people I work with do this

Why don't you forget about playing Harrison Ford with your treasure and start thinking about selling some of it and getting your finances in order.

cleverinvestor

That's exactly what I'll do Monday. Cheers

jonesMUFCforever

cleverinvestor - this is sales driven pure and simple - if you are within your overdraft facility, pay in regularly and do likewise with your credit card then they will not pull your overdraft.

If you are not happy about the way they are treating you complain using the contact details on the website. Do not go into the branch as in my opinion it is probably a managerial decision to contact you in the first place.

If all else fails consider moving to a different bank.

CKhalvashi

Jones, once again, has hit the nail on the head.

If the debt each month is going down, it may be worth mentioning this to them.

How long (realistically) do you think you can pay the OD off in?

Bear in mind Martin's shopping challenge (we averaged 42% off our shopping bills) and anything unnecessary for few months when I say this.

CK

CherlokHomes

jonesMUFCforever wrote: »

cleverinvestor - this is sales driven pure and simple - if you are within your overdraft facility, pay in regularly and do likewise with your credit card then they will not pull your overdraft.

If you are not happy about the way they are treating you complain using the contact details on the website. Do not go into the branch as in my opinion it is probably a managerial decision to contact you in the first place.

If all else fails consider moving to a different bank.

I also have to agree with this where staying in your agreed overdraft and getting money going in on a regular basis doesn't normally result in have your overdraft being withdrawn.

Wilkins

cleverinvestor wrote: »

Nobody knows they are in my estate. I'm i in an illegal position? Many people I work with do this

The only illegality involved would arise if the executor(s) of your estate knew of the gold and failed to declare it. If you gave the gold away seven years before you died no tax would be due. If you do not do that, how are you going to ensure that it goes to the people you want? If by verbal agreement, then you are making the beneficiaries complicit and, without a will, they may quarrel over the spoils. Not that it will be any concern of yours.