HELP!!banks won't take my money

ColdIron

LR67 wrote: »

6 years ago I had a turning point in my life after living on the streets without two pennies to rub together

Blimey!

Reaper

LR67 wrote: »

when I go into a bank I tell them the truth so I can get products that suits my needs. There are an awful lot of products which are available if you have a certain amount of assets.

Sounds like you are asking the bank where to save/invest your money. That's a mistake. If you need advice use an IFA not the bank's tied advisor.

Thank you HappyMJ, I have recently spoke to a FA and will be seeing them very soon.

Is that an IFA? As I say a bank FA is not a good idea.

Caprylate, I have checked my file, I have 2 defaults and 1 partial default on it but this was from quite a few years ago when I was in debt, there about 5 years old and each under £400.

You also said you tried to open loads of accounts. If they have overdraft facilities then each search and rejection gets put on your file. If there are lots then you look desperate and it will count against you.

nidO

LR67 wrote: »

I relied on no one but myself

Not being judgemental here but the house you've been living in for the past few years and are now buying at a massive discount didn't pop into existence from nowhere, you've been relying fairly heavily on the taxpayer for that rather cushty benefit.


You are likely having problems because you have recently been in debt and suddenly have a suspicious amount of money to do something with for someone in that position - If your story raises any flags like this, the banks most likely won't want to know because it's easier to turn down a deposit than dealing with taking on potentially fraudulent/criminal money.

As suggested a few times in the thread your best bet will be to go and speak to an independent financial advisor (not a financial advisor/planner aka salesman in a bank), your pot of investment money is plenty big enough and you'll then be discussing your situation with someone who's going to investigate options for you properly and assess your money as a person, rather than a bank's computer just refusing you as suspicious.

LR67

Thank you Reaper, yes I have got access to an IFA, I actually went to see a FA at a well-known bank and they wanted nearly a grand to prepare a report and give advice, so lucky enough I found an IFA who works for a charity dealing with financial advice. Yes some accounts have credit searched me such as the Santander 123 account and I knew it would fail, but as originally stated even after explaining my situation in an appeal I was still rejected, that’s what baffles me as I carry no risk what so ever.

nidO, thank you also for your reply, I kind of understand what you mean by my previous debt, but as I said I don’t want credit I just want a good deal on my cash in terms of savings etc. The money is not really what I would call sudden, it’s just been piling up and I’m useless when it comes to managing my money. I’m very frugal when it comes to spending, I don’t even own a car or anything like that. I have also just left my job this month as I want to peruse other interests so I’ve come to realise that I need my money to work for me. I will go and speak to an IFA though. Oh and I don’t rely on the taxpayer, I don't get benefits and I pay all the rent on my property.

Thanks all!!!

moneyfoolish

Masomnia wrote: »

I'm 25 and I've got beggar all

Which makes you just like most 25 year olds!

[Deleted User]

LR67 wrote: »

[...] I'm buying my property under RTB this year and the fact that I'm going to rent it out [...] Oh and the reason I've amounted such as large amount is through my own making, I relied on no one but myself and yes I can prove where the funds came from. 6 years ago I had a turning point in my life after living on the streets without two pennies to rub together, I vowed to pick myself up and get on with life. Oh and before anyone comments I didn't get my council house due to homelessness, I was actually working and earning when I obtained it and said from day one I was going to buy it, the 5 year waiting period kicks in this year.

To amass £400,000 in savings in 5 years you'll need to have earned at least £150,000 per year -- and that is if you're frugal -- so what you're suggesting is exceptionally unlikely, how could you possibly have been eligible for a council house while earning at least £150,000 and why when earning £150,000 would you have chosen to live in a council house?

Let's say hypothetically you have indeed managed that feat, in which case why on earth are you reducing the available social housing for personal profit? You could purchase any house you like with that sort of income yet you're choosing to take a council house at a discount, taking that council house away from someone who hasn't had your supposed good fortune.

Your story is assumed to be fiction because it contains all of the elements of a story designed to annoy people, you're a suddenly rich young person that is taking a tax payer subsidised property for personal profit, it's quite clear why that would annoy tax payers don't you think? Take your fiction elsewhere.

gadgetmind

I earned a whole load of money at age 25 and 26 but I did the honourable thing and blew it all on ephemera rather than saving it up.

puk999

ColdIron wrote: »

What is it with 20 somethings and large amounts of cash?

DeadLine wrote: »

What is it with 20 somethings and large amounts of cash?

What is it with multiple messages about 20 somethings and large amounts of cash?

bsms1147

I think the Building Society Matinee Service (BSMS) should probably be able to provide you with an account. If you wish I can provide you with their account number and sort code for you to transfer the funds into. It promises 11.47% interest too, which as I'm sure you will agree, is quite something.

SG27

bsms1147 wrote: »

I think the Building Society Matinee Service (BSMS) should probably be able to provide you with an account. If you wish I can provide you with their account number and sort code for you to transfer the funds into. It promises 11.47% interest too, which as I'm sure you will agree, is quite something.

Gross or net?