Financial Advice please

[BBROWN1664]

I don't really know if banks are still on commission like they were years ago,

I was talking to a TSB bank manager a few weeks ago and she was saying how much better her job is not that they do not get paid commission like some of the other banks still do. Because people aren't constantly chasing a commission cheque, they actually speak to people and get the customer the best deal rather than the one that gives the bank staff the biggest cheque.

[Oldgit]

Don't let social work get involved--then they will leave him with F*** all--arseholes.

[sinto]

Don't let social work get involved--then they will leave him with F*** all--arseholes.

They're not involved with any other money he has, that was all put into trust before my mum died years ago, this was money he had in a couple of building society accounts and as he just does things on a whim as his brain isn't working as it should. But, thankfully we got it sorted for him.

[midden]

Silly question but why did he want to transfer it from BS to bank current account? 
Does he intend going on a spending spree,  I would be quicker to question why the building society was so happy to allow him the withdrawal with seemingly no regard.  Is the bond giving a competitive rate,  check money saving expert.com   he calculates some accounts are worth paying the early redemption after 1 or 2 yrs because interest still better than competition.

[sinto]

Not a silly question midden,
I asked him that exact question myself.
I'm still none the wiser as to the reasons he gave me...
He wanted all his 'available' money in one account and this would make it easier for my brother and myself to sort it out once he dies.
He is 88, 89 next month, so maybe he's not in the right frame of mind.
He's not interested in what % rate is, he just wanted it all together I reckon.

[fazersharp]

with the sadlonelygit

Power of attorney is the way to go even before you get this individual issue sorted out. My Mrs and her brother (plus someone who I cannot remember) have had this arranged by her parents already for when it happens. The in-laws arranged it because they know the trouble they both had trying to get it sorted when their mothers minds went west.

Another one here for POA do it now as he needs to be of sound mind to sign the POA agreement too. He can do it and then forget it knowing all is inplace for you to act on his behalf - without it no one will speak to you.
There is also enduring power of attorney, cant remember now -- was a few years ago for me   

[sinto]

Yep, I'm with that too.
My bro is coming beginning of Aug and we're going to sort it then

[midden]

Personally I'd be inclined to leave where it is, doubt he needs the stress of complaints. Sounds like you and your brother will get a nice amount regardless of any interest loss and who knows, your dad may live to see its maturity. Fingers crossed   

[sinto]

Don't think you understood the outcome from earlier posts midden, the bank transfered all the monies and admitted they were wrong, (in my view) as they even gave £25 to compensate.
All's good now, and yes my bro will sort out the POA as mentioned above.
He may well live to what would of been the maturity date, but it's all sorted now
And yes, we will get a reasonable amount but that wasn't the point really, it was down to moral and principles

Just a wee add....
Been looking through the paperwork etc to find out the 'bond' account was only giving 1.4% AER,  Surely this isn't the best % rate out there,  I know banks etc don't give much but to tie someone into thus over 3 years is utterly ridiculous

[AndyL]

I can see how someone wanted there money all in one place. It can be a nightmare trying to find everything when it's all over the place.


I'm glad you got it sorted.

[sinto]

Yeah Andy, he was trying to do his best to get it sorted, but his wee old brain couldn't understand what was happening,  he swears blind he didn't take the cheques to the bank, but bank says he arrived with them, he also says he went to bank days after the BS, but looking at the dates, I figure he went straight to bank from BS.
Bit of a shame he's had to think he had to do all this to save my bro and me sorting, which wouldn't of been difficult for us but he doesn't see it like that

Yes, it did get sorted but only because of my interventions, otherwise he would of been stuck with the 'bond' acvount.

As said before, I'm glad I posted this, as if it stops one person that we care about getting treated like this, it's done it's job

[JoeRock]

Know I'm about to play devil's advocate a bit here, but to be fair to the bank if your father doesn't come across as not being entirely sure what's going on, then they might well have just recommended him a product that seemed to suit - if he said he wasn't interested in getting hold of the money but just wanted it all in one place then a bond account is pretty much what he would want even with that low interest rate (assuming better than a current/savings account)?


I'd be a bit more pissed off that after you explained to them that he was "getting on a bit" they tried to charge you £453, but at least it got sorted out properly in the end!

[VNA - BMW Wank]

If he has some money make sure it is not all in a current account.
Current accounts are vulnerable.
My parents were defrauded of a considerable amount from their current account at the start of the year.

POA is for your father to sort out.  It will be his business with his solicitor, but yes you can assist him in getting this sorted out.

It can take months to come through.  But my mother has just ditched her existing POA document as it has a springing clause in it (means it cannot be used until she is declared incapacitated) but we need a new document like yesterday (without the springing clause).  She was recently been diagnosed with dementia and needs help with all sorts of stuff, so solicitor has asked for the document to be expedited, so should have a certificate in around three weeks. (Scotland)

I can use my fathers existing document as he has been declared incapacitated.  Though it's a joint attorney document - I suggest you run a mile from a joint attorney document.

You also need to seek advice from a solicitor or from the Office of Public Guardian as to what your responsibilities will be and what you have to do.  There is a guide on their web site.

It can bust yer heid a bit but once you have a handle on it it's quite simple (I think!) - as long as you are not stuck with a joint attorney who has different ideas from you.

[DILLIGAFF]

Glad its all sorted.


My dad was cajoled into an "Equity Release" scheme and signed away half the value of his house. I clearly remember him being so proud when he told me and showed me the contract.
The bastards had carefully worded it along the lines of............


" You will receive every year the sum of £ 3600 paid monthly "


He was heartbroken when I explained the actual deal to him. My brother and I tried to cancel but were too late. The salesman had even added a note on Dad's Fact find to say he had discussed it with his sons who were both in agreement. Lying bastard.


On the plus side your Dad's money was safe, though tied up for 3 years.


Have a look at the NSI pensioner bonds. Good interest rates and a one or three year term.