exxos's Atari, Amiga & retro forum

stephen_usher wrote: 07 Oct 2024 15:43 Yeah, one less thing...

The next is the Schroedinger redundancy situation. We still don't know if it's going ahead or not and if it does we're most likely out the door a week Thursday.

Still, with the house money coming I don't have any financial worries.

That's a very poor situation, I really hope you're not out of the door, but it does help with the house money coming.

As soon as we got the money from my parents inheritance we cleared the mortgage, best thing we ever did. Oddly though, not having a mortgage can affect your credit rating...

rubber_jonnie wrote: 07 Oct 2024 16:58 That's a very poor situation, I really hope you're not out of the door, but it does help with the house money coming.

Yeah, not knowing is the issue. I'm guessing that it's 99% certain that I'm out the door so why not just say so?

As soon as we got the money from my parents inheritance we cleared the mortgage, best thing we ever did. Oddly though, not having a mortgage can affect your credit rating...

Indeed... Because you don't have a "credit history of paying" it's a problem. Though having a credit card and paying it off monthly seems to counteract that.

stephen_usher wrote: 07 Oct 2024 18:13
Indeed... Because you don't have a "credit history of paying" it's a problem. Though having a credit card and paying it off monthly seems to counteract that.

Yeah, I have a credit card I use regularly to try and reduce the problem, but it isn't perfect, plus we have savings and I don't want to ad that account just yet. So far credit isn't an issue, so I'll hang on for now.

My Dad's house sale has completed. *phew*

Cornwall Council informed, so I shouldn't have to pay them ~£200 a month now.

Then the solicitor's fees will have to be paid out of the sale, then pay an accountant to write a letter to the Inland Revenue to lodge the capital loss.

Dunno when I will get the money though.

stephen_usher wrote: 08 Oct 2024 14:14 My Dad's house sale has completed. *phew*

Cornwall Council informed, so I shouldn't have to pay them ~£200 a month now.

Then the solicitor's fees will have to be paid out of the sale, then pay an accountant to write a letter to the Inland Revenue to lodge the capital loss.

Dunno when I will get the money though.

Great news, it's a weight off when these things are done and dusted.

It took a few months for the money from my parents house to come through IIRC.

Regarding Wills and Inheritance, someone recently told me about a 'Deed of Variation'.

Which in summary allows you to redirect your share or part share of inheritance to others without having to worry about the 7 year gift rule.

Now it obviously won't be a benefit to everyone, but it can be very useful. Case being if the person who died was very old and the Will recipient is also older, and would prefer their children to have the money instead.

Pretty much everyone I spoke to had not heard of this.

Well, given that the property had already been transferred to me the money will arrive in my account tomorrow. I then just have to find an appropriate place to put it. So I need to pop into the building society on Saturday.

Indeed... Because you don't have a "credit history of paying" it's a problem. Though having a credit card and paying it off monthly seems to counteract that.

?!? You have credit ratings in the UK ?? I thought it was a US only thing…
Luckily, the French system is much simpler, we may be spoiled…

stephen_usher wrote: 08 Oct 2024 16:54 Well, given that the property had already been transferred to me the money will arrive in my account tomorrow. I then just have to find an appropriate place to put it. So I need to pop into the building society on Saturday.

Ah, that puts a different complexion on things. Because my parents died within 2 months of each other the money had to go into a probate account first as it was part of their estate.

Since the property was effectively yours already then it's just like a normal sale. Be aware (I'm sure you already are) that there is a limit for insurance purposes of £85,000 per person per bank account/organisation and any more won't be covered in the event of fraud/theft etc.

olivier.jan wrote: 08 Oct 2024 20:44

Indeed... Because you don't have a "credit history of paying" it's a problem. Though having a credit card and paying it off monthly seems to counteract that.

?!? You have credit ratings in the UK ?? I thought it was a US only thing…
Luckily, the French system is much simpler, we may be spoiled…

We do indeed have credit ratings, but IMHO they are not very well done and one organisations ratings won't necessarily match another.