Shaney’s Personal Debt Reduction Journey Review for April

I successfully paid off my credit card.  Final payment was in March.  Very pleased with myself and then I managed to pay off HMRC this month.  Again, well chuffed with myself.

A major change this month was that I closed down my business.

It’s cheaper to do all the modifications that I want to do with a fresh business.  I need to change the memorandum, set up share status’, set up trusts.  It’s all in my mind at the moment and I have concreted my ideas on paper. I am terrified as I still have problems fully understanding the implications and ongoing of some of my actions.  And if I am going to execute my ideas I would prefer for it to be up by a well known establishment, like a UK bank that I know and hopeful trust that it would be still there for years to come.

Lloyds Bank offers a trust, but in order to do so I would need to be set up as private banking.  Their eligibility for private banking seems unclear.  They say investments/ savings of £250k or wages or £750k of mortgage with held with them.  The investment part is unclear do they also mean property? I phoned them up to find out and it turns out that they are not interested in what you hold in terms of assets they are more concerned with your liquid assets, the £250K has to be some form of cash held with them.  No seriously who the Freak would want to keep that much money in cash?  I am so reluctant to even hold £10 in cash as I know that over time money loses it’s value and the only things that goes up are quality land and quality real estate.  And with the present rise in inflation rate would anybody be sensible enough to hold their money in cash?

I then asked whether they did a trust service and apparently they no longer do that anymore.  What a complete bugger 😕.

I looked at the other banks and found the best alternative, HBSC.  They offer a Premier account. At the time of writing their eligibility criteria is one of the following:

1. Income and Product

Have an individual annual income of at least £75,000 and one of the following with HSBC UK: a mortgage, an investment, life insurance or a protection product.

2. Savings or Investments

Have savings or investments of at least £50,000 with HSBC UK, within 6 months of opening your account.

OK I thought I need a plan to get to that level.  I phoned them up and enquired about whether they have a trust service.  HSBC said yes but it is offered to those who are on the Jade and private banking.

I am like Flipping heck then I asked her what is the eligibility for the Jade account and pri ate banking.  She said that didn’t know the eligibility and the relationship manager would need to recommend you to that status, but for the Jade account it would be and £1m in investment.  She then quickly went on to say that two people can apply to make up the £1m. Duddette I am having a hard time just hooking up with one guy let alone one with half a million lying around in cash.

A million pounds! Who the freak keeps that money in cash!!!!!

I can’t believe it people would keep that in cash instead of investing it in real estate. Utter madness.  I told my mum about and she paused and then said ‘ Who would want to keep that amount of money in cash?’

And I am like, “You know, absolutely insane.  Won’t take into account of property unless they have a charge over it, absolutely madness.”

Anyway the goal to save up to £50k for a Premier account HSBC, will have to go on my to do list.

Shaney’s Personal Debt Reduction Journey Review for April

I successfully paid off my credit card.  Final payment was in March.  Very pleased with myself and then I managed to pay off HMRC this month.  Again, well chuffed with myself.

A major change this month was that I closed down my business.

It’s cheaper to do all the modifications that I want to do with a fresh business.  I need to change the memorandum, set up share status’, set up trusts.  It’s all in my mind at the moment and I have concreted my ideas on paper. I am terrified as I still have problems fully understanding the implications and ongoing of some of my actions.  And if I am going to execute my ideas I would prefer for it to be up by a well known establishment, like a UK bank that I know and hopeful trust that it would be still there for years to come.

Lloyds Bank offers a trust, but in order to do so I would need to be set up as private banking.  Their eligibility for private banking seems unclear.  They say investments/ savings of £250k or wages or £750k of mortgage with held with them.  The investment part is unclear do they also mean property? I phoned them up to find out and it turns out that they are not interested in what you hold in terms of assets they are more concerned with your liquid assets, the £250K has to be some form of cash held with them.  No seriously who the Freak would want to keep that much money in cash?  I am so reluctant to even hold £10 in cash as I know that over time money loses it’s value and the only things that goes up are quality land and quality real estate.  And with the present rise in inflation rate would anybody be sensible enough to hold their money in cash?

I then asked whether they did a trust service and apparently they no longer do that anymore.  What a complete bugger 😕.

I looked at the other banks and found the best alternative, HBSC.  They offer a Premier account. At the time of writing their eligibility criteria is one of the following:

1. Income and Product

Have an individual annual income of at least £75,000 and one of the following with HSBC UK: a mortgage, an investment, life insurance or a protection product.

2. Savings or Investments

Have savings or investments of at least £50,000 with HSBC UK, within 6 months of opening your account.

OK I thought I need a plan to get to that level.  I phoned them up and enquired about whether they have a trust service.  HSBC said yes but it is offered to those who are on the Jade and private banking.

I am like Flipping heck then I asked her what is the eligibility for the Jade account and pri ate banking.  She said that didn’t know the eligibility and the relationship manager would need to recommend you to that status, but for the Jade account it would be and £1m in investment.  She then quickly went on to say that two people can apply to make up the £1m. Duddette I am having a hard time just hooking up with one guy let alone one with half a million lying around in cash.

A million pounds! Who the freak keeps that money in cash!!!!!

I can’t believe it people would keep that in cash instead of investing it in real estate. Utter madness.  I told my mum about and she paused and then said ‘ Who would want to keep that amount of money in cash?’

And I am like, “You know, absolutely insane.  Won’t take into account of property unless they have a charge over it, absolutely madness.”

Anyway the goal to save up to £50k for a Premier account HSBC, will have to go on my to do list.

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