What to do with £50.000

JACKdaLAD

I just wona insurance claim for £135.000 :T i realy want to invest atleast £50.000 in to somthing i see a profit from in the future.

Ive never owned so much money befor and i have no idear what to do. Ive been told to go on a holiday for a couple of weeks and think about how this money can change my life i just dont know where to start.

So advice and idears are more than welcome.

Oh yeah this is my first ever post so try to word your answer so evan a idiot like me can understand them

chesky369

If you want to invest £50,000, what are you going to do with the other £85,000?

[Deleted User]

chesky369 wrote: »

what are you going to do with the other £85,000?

Go on holiday! :rotfl:

greenface

Enjoy your holiday
See a couple of IFAs
Dont rush into anything


Do you have a mortgage ? job? income ? pay tax

What would you like to happen with your money ?

JACKdaLAD

no job since my accident the £85.000 can also be invested and im in the process of sorting out a mortgage joint with my girlfriend was going to pay for my half with the £85.000

ide like to change my life ive had nothing since 2003 and now i have all this cash and been told its tax free dunno if thats true.

i cant see £135.000 going that far myself how can it change my life how can i turn this money in to more money. i just want to live a happy life we no money worrys like i have had.

Joey122

Can you just share what kind of insurance claim this was - I m intrigued..

JACKdaLAD

I was in a hit and run accident in 2003 i went to a companie called bollin legal they are personal injury solicitors

I just received £180.000 but have to pay bollin 25% and the DWP £11.500 for the disibility allowence i was on for the first 3 years of the claim. works out at around £135.000 give or take a grand or two.

People keep saying this is a life changing situation in my case anyway as ive been in dept up to my eye balls since the accident i just need to know how i can change it if you get my drift

Joey122

hit and run? So this was paid out by the MIB? Motorist Insurance Company?

greenface

DLA isnt means tested but Income support is have a word with your benifits agency to check your entitlements. You will still be entitled to DLA & incapacity your award can be life changng if protected/invested/saved/spent wisely.First thought is dont tell too many people you dont really know too much .

And dont listen to the "if i was you"friends and family that know it all :beer:

JACKdaLAD

Yeah thats correct the M.I.B

I havnt told no one aprt from my mum and girlfriend.

richev

hi jack.
i would take note of the above posts.
take your time and dont rush.. also keep it between your gf and your mum.
and well done on your claim !!!

it is a lot of money and will help you in the future... maybe visit a few ifa's and see what they suggest.
dont sign up to anything if your not sure and use this web site / forum as much as poss..

There is a lot of helpful and clever people on here.
It is a good idea to invest the 50 grand but you want your money secure. i.e. not risk of losing it !!

what would a high interest account give jack roughly for 50 grand ?
any 1 know ?