Changing To Polymer Notes?

coyrls

Frank99 wrote: »

he is unlike any other pensioner in that he never falls for scams etc.

I hope you don't really think that every pensioner falls for scams apart from your father.

Bravepants

My experience of my own family is that the oldies have no concept of the word "inflation"! My grandmother told me that her father kept his money in a metal tin under his bed because he didn't trust banks, and he thought that if there was a raging house fire the metal tin would save his money! She thought that was quite sensible. She also thought it was sensible, in 1978, to accept her late husband's pension as a flat payment, rather than index linked, because she got more! She completely failed the marshmallow test! No idea!

Malthusian

Tell him you can sort it out for him if he completes Lasting Powers of Attorney (preferably naming you and one other trusted person). If he grants you LPoA, open a bank account in his name and deposit the cash there. If he doesn't want to grant you LPoA then he can sort it out himself. He can't have it both ways. Either he wants you to do the job for free, in which case he shouldn't hamstring you and should allow you to do the job properly, or he doesn't.

You can avoid being the bad guy by saying that money laundering regs have been tightened and it's no longer possible for you to do it the way you did last time (which is close enough to true).

You can't accept an offer to clean your house for free and then demand that they clean the entire house by hand because you don't trust hoovers. Same applies to an offer to sort out thousands of pounds of banknotes. It's called looking a gift horse in the mouth.

If he's dead set against "banks" you could move the money into NS&I Income Bonds (although you will have to go via a bank as I don't believe NS&I accepts notes).

His age is not the issue. While you haven't stated his age, I can guarantee you that most people his age don't have thousands of pounds in paper. Plus if he's got up to £40,000 in banknotes when he's elderly, there's a high chance he was accumulating that pile of cash when he was late-middle-aged or even middle-aged.

Bravepants wrote: »

She also thought it was sensible, in 1978, to accept her late husband's pension as a flat payment, rather than index linked, because she got more!

Nowadays that would be perfectly sensible for the vast majority, although things were different in the 1970s and I can easily imagine the uplift wasn't enough to compensate.

NedS

Frank99 wrote: »

When i changed the tens over it ended being about 30k so i'm dreading how many 20's he might have, whenever i get any poly tens in my change i swap a few with him top get the ball rolling but when i draw out my wages i am getting 20's back mostly so it defeats the object.

Why bother? If he's currently sat of £30k of new £10s he's not short of new notes to spend. Why not wait until he departs and take all the old notes into Bank of England in one go (perfectly legitimate - pile of old notes found as part of estate). What difference does it make if he's sat on old notes or new, unless he plans on spending them, and it doesn't sound like he is planning on spending them any time soon?

Flobberchops

Frank99 wrote: »

i agree with the idea of cashing it all in however, i partly did this last time and kept getting old notes back from the bank

That's odd; after the change over date the banks should be doing everything they can to take old notes out of circulation and put new notes into circulation. They will have been provided with higher than usual volumes of notes to enable this. I'm not saying what your bank did was against the rules (although it may have been!) but a better run place wouldn't have handed you demonetised cash after the deadline!

couriervanman

Wife's best friend was clearing some rubbish from her dads house......"Whats in this shoe box dad"......"Just an old pair of shoes to throw out".........£6K in 20s

capital0ne

coyrls wrote: »

I hope you don't really think that every pensioner falls for scams apart from your father.

More youngsters are caught out by financial scams than older people!
https://metro.co.uk/2018/09/12/young-people-are-more-likely-to-be-scammed-than-pensioners-7937830/
"Surprising new figures show that people aged 18 to 24 are five and a half times more likely to fall victim to scams than those over 65."

Flobberchops

capital0ne wrote: »

More youngsters are caught out by financial scams than older people!

Perhaps, but I believe older people are usually scammed for considerably larger amounts.

Buffythedebtslayer

Bloody hell that is a lot of money.

Wow.

I am quite lucky in that although Mum drives me crackers in many ways she is 82 and loves online banking and shopping!

I will say tho she has loads of "ways of doing things" that drive me mental cos they are always more difficult than the normal way!

I would realistically have a row. Not helpful but honestly that is how it ends up. Or lying and saying I needed to borrow the money??? And then repay in legal tender. I know it isn't right or grown up but it is very hard to manage some older people.

lozzy1965

NedS wrote: »

Why bother? If he's currently sat of £30k of new £10s he's not short of new notes to spend. Why not wait until he departs and take all the old notes into Bank of England in one go (perfectly legitimate - pile of old notes found as part of estate). What difference does it make if he's sat on old notes or new, unless he plans on spending them, and it doesn't sound like he is planning on spending them any time soon?

Exactly what I wanted to say. And I also wonder why you are even suggesting doing this for him? Does he live off his in-comings, draw from his pile of cash or keep adding to his cash? If it's the former or the latter then there is no issue.