Feeling utterly overwhelmed and not sure where to go for advice

faerielight

aww thanks for both of those suggestions.. I've been panicking about where to put it temporarily. I have a basic halifax account and an isa with £20 in I did a debt relief order in 2011 and the ccjs don't clear for another year.. do you think I will be allowed to open any other accounts other than my basic ones? I also really only want to be able to spend as much as I need , and to not have access to the rest of the money, as I'm worried about my impulse control issues with overspending.. I think I need to start looking for flats out there and see a few to get an inkling of what's out there.. I 'm still confused as to how to invest the remainder after I've bought a home, as it would be good to get some profit to stretch the money further.. the idea of a buy to let after reading your comments has put me off, as it would be too much for me.

Yorkshireman99

faerielight wrote: »

aww thanks for both of those suggestions.. I've been panicking about where to put it temporarily. I have a basic halifax account and an isa with £20 in I did a debt relief order in 2011 and the ccjs don't clear for another year.. do you think I will be allowed to open any other accounts other than my basic ones? I also really only want to be able to spend as much as I need , and to not have access to the rest of the money, as I'm worried about my impulse control issues with overspending.. I think I need to start looking for flats out there and see a few to get an inkling of what's out there.. I 'm still confused as to how to invest the remainder after I've bought a home, as it would be good to get some profit to stretch the money further.. the idea of a buy to let after reading your comments has put me off, as it would be too much for me.

The reality is that no major bank is going to be alllowed to fail.
Despite the EU £75,000 limit. Savings accounts are unlikely to be a problem as far as CCJs are concerned.

Owain_Moneysaver

faerielight wrote: »

I also really only want to be able to spend as much as I need , and to not have access to the rest of the money, as I'm worried about my impulse control issues with overspending..

Speak to your local Halifax branch and make an appointment to see a private banking advisor to deal with your inheritance in the short term. They can help you put the money in various accounts so you can't spend it accidentally!

It's quite possible to invest the money in an account or fund with no instant access but have a fixed monthly transfer to your current account for living expenses, etc.

Malthusian

Avoid bank advisers. The last thing faerielight needs is some rubbish structured products. The money is 100% safe for six months after the inheritance, and she can keep it 100% safe after that by filling in a form for NS&I Income Bonds and sending them a cheque.

That's all that's needed in the short term and for the long term an IFA will be able to help.

As she wants to buy a house suitable for her needs, locking the money away may not be a good idea.

SevenOfNine

OMG take Malthusian's advice. We saw a 'specialist advisor' in Nationwide, fair addled my brain & came up with ridiculous investment plans, locking money away for far, far too long, suggestions that were totally unsuitable for us.

Fair enough, you may want to consider dropping a bit fairly quickly into maybe a 1 year fixed rate, fixed term savings account (though it has to be said that interest rates are poor), it will stop you spending some of it while you get to grips with the newfound wealth.

But it seems you have your priorities right at the moment while you wait. Do look at properties you might want to live in. Get a feel for what's out there & how much it costs to purchase. You'll be in a good position as a first time, cash, buyer.

This money should be enjoyed, not feared, baby steps faerielight, don't put yourself on mental overload. A financial advisor can help you later, an independent one as suggested by Yorkshireman99 & Malthusian.

No rush for 6 months from the money arriving, & you may well on the way to being a homeowner by then!

Good luck.

faerielight

Aww thanks everyone