Debts

[DimPrawn]

Re: debts

It's true you can boast about your zero debts and large assets, but it only take one or two divorces to make things look very different.

[sasguru]

Re: debts

Over 250K outstanding on mortgages for various properties - nominal value of them is 600K though.
6K on a zero interest credit card.

[WageSlave1]

Re: debts

SG, I thought you were loaded?

[dazza12]

Re: debts

About 8 grand. Was up to about 25 a few years ago. 3 CCJs, 2 satisfied, and about 10 defaults, 8 satisfied.

Still stitched up though, can't get a business bank account. Unless of course anyone know anybody who specialises in non status accounts?

I know things are bad, when even companies like Capital One turn me down for a guaranteed card.

[sasguru]

Re: debts

Well WS, theoretically. If I sold my flats.
The 6K is being cleared this month.

Unfortunately any wealth I have is dependent on the property market

[AtW]

bank accounts

dazza12 - this is pretty fecked up, surely one can't do anything wrong with a bank account that has zero overdraft and a debit card?

[DimPrawn]

Re: debts

Interesting point for those with a large property portfolio. When you come to sell you will be hit with capital gains.

Now if you are not-ordinary resident (i.e. you bugger off) in Cyprus for example, you don't pay CGT in the UK and there is no liability in Cyprus either.

You can buy a cheap apartment out there for £60K, so when the time comes, move out there for a few yrs, sell you properties and pay no tax.

HTH (somebody).

[sasguru]

Re: debts

DP was thinking along those lines myself, if I can persuade the missus to move. Was thinking South Greece though. Fell in love with the islands a long time ago.
Does this dodge work if you are in Greece as well?

[Debbie Reinvented]

Re: debts

Interesting point for those with a large property portfolio. When you come to sell you will be hit with capital gains.

Start talking to your IFA about self administered pension plans. From next April you can shelter residential property in a SIPP.

[dazza12]

Re: bank accounts

surely one can't do anything wrong with a bank account that has zero overdraft and a debit card

That's all I'm after. The timing of this thread couldn't be more appropriate. I was in the bank this morning, getting various things done, and moaning at them because despite having an account with them for 17 years, I still can't get a business account, or anything more than a basic Solo debit card.

If I want to trade any shares, I've got to do it in the branch, and pay the higher charges. If I want to buy something in the shops, I can only do this with companies who take Solo. I can't have my expenses put on a credit card as I can't have one. And because I can't have one, I can't book hotels or hire cars, or even purchase items from abroad like software. Even my Xbox Live account is in the Mrs name, because they only take Visa or Mastercard.

At the moment, I'm putting all business transactions through a separate personal account, that's only there for business use. It's apparently ok with the IR, but I'd still be happier with a specific business account. Even a passbook account, or one that guarantees an account opened with an opening balance would be ok. So long as they aren't looking for too much, say a grand or two.

I've seen a couple of companies that claim to guarantee accounts opened if you bung them a few quid, but nobody seems to know anything about them.