Re: 2020 Potential Economic Collapse
Posted: Tue Jun 16, 2020 2:52 pm
Ysverine have both. Won't go wrong and that way you're covered for any eventuality.
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In the early days of Covid 19, a lot of places shunned cash. Now they will take your hand off for it, because they are on their knees! For the first time ever, I had to use a debit card. Glad to be back to cash. Precious metals and cash *could* be investigated for laundering, but it’s not a bad idea to keep it secure and secret anyway. Problems tend to arise when you try to put a lot of cash INTO the banking system. That’s when awkward questions are asked. When I was paid in readies it was simple to say, “ I get paid in cash.”, but now it’s straight into the bank ( I hate it).My wife still draws pound notes each week for me to load my wallet with. Anything I make in cash, now stays out of the system.ForgeCorvus wrote: ↑Tue Jun 16, 2020 2:39 pm Have an account and use the linked card for purchases and DD for regular bills.
Keep a stash of cash to cover any banking issues (some people put a number on it, others just have a few months worth of 'running costs').
Have a second wad of cash for buying the more obvious survival-prepperist gear..... Because there are watchlists
If you decide to hold PM's (Precious Metals) for whatever reason, remember that these are not immediately available for use
If you do keep a lot of cash at home (or PM's), be ready to prove how you came by it or it could be taken off you under anti-money laundering and proceeds of crime legislation.
Well, I think I'm definitely guilty of being in that category, although I have my Luddite moments Only started using contactless recently because of places insisting on it, and I still point blank refuse to get a banking app on my phone.diamond lil wrote: ↑Tue Jun 16, 2020 3:53 pm Isn't this a fabulous learning curve though? Especially for younger people who have become used to the easy credit/ongoing ways of doing.
Food is the ultimate‘savings’. You cannot eat ten pound notes or sovereigns. Long term grub, rice , pasta, tins. Ultimately the best investment.Ysverine wrote: ↑Tue Jun 16, 2020 7:08 pmWell, I think I'm definitely guilty of being in that category, although I have my Luddite moments Only started using contactless recently because of places insisting on it, and I still point blank refuse to get a banking app on my phone.diamond lil wrote: ↑Tue Jun 16, 2020 3:53 pm Isn't this a fabulous learning curve though? Especially for younger people who have become used to the easy credit/ongoing ways of doing.
So if it's looking like we need to be bracing for a collapse, I guess I need to learn pretty sharpish how to shore up some money despite a limited income. I'm reluctant to put much in a savings account in case the DWP get wind of it and come down on me faster than you can say 'PIP reassessment' Are cash/food/PM the only options out there?
When I changed banks last time I had to exchange my debit card four times until I got what I wanted from them:
Have you any skills or interests you could turn into a second income stream?So if it's looking like we need to be bracing for a collapse, I guess I need to learn pretty sharpish how to shore up some money despite a limited income. I'm reluctant to put much in a savings account in case the DWP get wind of it and come down on me faster than you can say 'PIP reassessment' Are cash/food/PM the only options out there?
I am completely with you on this - Banks all have to have the safety net of £75k per-person tucked away, your money won't vanish any longer like it did (Northern Rock for instance) and if we are in a situation where it does all vanish then we are not using money, not using gold, not using silver, we will be trading items and skills.
Keep your money out of the bank if have even a whiff of a concern about DWP.Ysverine wrote: ↑Tue Jun 16, 2020 7:08 pmWell, I think I'm definitely guilty of being in that category, although I have my Luddite moments Only started using contactless recently because of places insisting on it, and I still point blank refuse to get a banking app on my phone.diamond lil wrote: ↑Tue Jun 16, 2020 3:53 pm Isn't this a fabulous learning curve though? Especially for younger people who have become used to the easy credit/ongoing ways of doing.
So if it's looking like we need to be bracing for a collapse, I guess I need to learn pretty sharpish how to shore up some money despite a limited income. I'm reluctant to put much in a savings account in case the DWP get wind of it and come down on me faster than you can say 'PIP reassessment' Are cash/food/PM the only options out there?
I'm doing the same. Paying for most things in cash then drawing the identical amount back out of the bank. I paid for my recent MOT that way. I was happy, my mechanic was happy, and the bloke who had to do a bit of welding on the sills was also happy. Everyone's a winner.jansman wrote: ↑Tue Jun 16, 2020 3:44 pmIn the early days of Covid 19, a lot of places shunned cash. Now they will take your hand off for it, because they are on their knees! For the first time ever, I had to use a debit card. Glad to be back to cash. Precious metals and cash *could* be investigated for laundering, but it’s not a bad idea to keep it secure and secret anyway. Problems tend to arise when you try to put a lot of cash INTO the banking system. That’s when awkward questions are asked. When I was paid in readies it was simple to say, “ I get paid in cash.”, but now it’s straight into the bank ( I hate it).My wife still draws pound notes each week for me to load my wallet with. Anything I make in cash, now stays out of the system.ForgeCorvus wrote: ↑Tue Jun 16, 2020 2:39 pm Have an account and use the linked card for purchases and DD for regular bills.
Keep a stash of cash to cover any banking issues (some people put a number on it, others just have a few months worth of 'running costs').
Have a second wad of cash for buying the more obvious survival-prepperist gear..... Because there are watchlists
If you decide to hold PM's (Precious Metals) for whatever reason, remember that these are not immediately available for use
If you do keep a lot of cash at home (or PM's), be ready to prove how you came by it or it could be taken off you under anti-money laundering and proceeds of crime legislation.