Shouldn't have been an issue...
I've had some inheritance going through probate. It's taken seven years due to some seriously cack-handed lawyering and involves some property and shares. Finally, it all came through like the denouement of a nasty case of constipation. Just in time for the recession to give it the serious smack down.

Even worse, I now live in the States while the estate is in the UK. Since just after the probate process started until fairly recently, the exchange rate was hovering around 2 dollars to the pound. I thought the US economy tanking would improve the situation even more. I didn't count on Blair/Brown fucking things up even worse than the idiots here. 1.371 to the pound this morning. I try not to think about it too much...

Lawyers? Fuck em.

Also, word to anyone who cares about their relatives: Make a will.
(Richy_T hundreds if not thousands of dollars, Thu 22 Jan 2009, 15:22, 7 replies)

woohoo
1.371 dollars to the pound is AWESOME when you are getting paid in dollars and are sending your money back to the UK :-)
( ascorbate, Thu 22 Jan 2009, 15:30, closed)

I get paid in dollars
And spend my money here.

My job is fairly secure and I haven't much to fear if I did lose it. I was hoping to use this money to get out of the rat race and go my own way though. I still may but I'll have a substantially smaller buffer to do it with if I do.
(Richy_T hundreds if not thousands of dollars, Thu 22 Jan 2009, 15:45, closed)

solution
Leave the money in a bank in the UK then, until the exchange rate improves to your liking.

Recent changes to UK law mean your savings are backed by the government, so no fear even if the bank hits a problem.
(golddust QOTW now revolves around being a cunt, Thu 22 Jan 2009, 16:48, closed)

Two Problems
Firstly, there's no guarantee that the exchange rate will revert. In fact, quite possibly it could get a lot worse and perhaps never recover. No guarantees.

Secondly, that means the money is locked up in the bank and not available for me to use to improve my life. I could pay off my mortgage (6%) or invest in shares (very good price at the moment :) ). Bank rates are pretty crappy at the moment in any case.

The truth is, it just makes sense to go ahead and move the money over. I just hate to lock in the losses like that.

As for the government backing the banks... Well, that assumes the government has the money. If they don't, they'll just print it. Cue inflation and my money (and yours) becoming worth even less. Look forward to taking your money home in wheelbarrows, people.

Oh well... Plan is to transfer the money in monthly packets. That'll allow for some recovery in the exchange rate whilst allowing an infusion of cash. I'll just have to try not to choke on what I have lost. I can't really complain though compared to what some have lost (proportionally, even if not in absolute terms).
(Richy_T hundreds if not thousands of dollars, Thu 22 Jan 2009, 17:39, closed)

Did I understand right when I took that to mean you only have 6% outstanding on your mortgage?

Your only worry is that you might not be able to get out of the "rat race"? That you might not be able to invest in shares?

I'd get out my tiny violin to play a sad tune for you, but I had to sell it. I'll get some Palestinian orphans to club together and buy you a sympathy card.
(Musuko, Thu 22 Jan 2009, 17:54, closed)

No
The interest rate is 6%. That is a fair whack over what it's possible to get from saving. Therefore it would make sense to pay of the mortgage. Except that would lock in the 30% drop in the value of the money.

Really, you can put the violin away, I'm still doing OK. But I have never been someone who's had all that much money and the amount that's been wiped out from what I would have had if the lawyers had removed their thumbs from their asses is stunning to me.
(Richy_T hundreds if not thousands of dollars, Thu 22 Jan 2009, 21:54, closed)

I told you, I had to sell it. :P

In all seriousness anyway, surely if the money you're getting is decent you'll be able to get it into one of those high interest accounts available for people with lots of money to save.

6% isn't that high for a mortgage. Mine's higher than that.

You can't blame Blair/Brown for fucking up Britain's economy...to do that would assume the government has way more power and influence over economic affairs than they actually do.

In any case, 70% of money for nothing is still money for nothing.

As for governments printing money when they don't have any, that doesn't happen; for a start, the Bank of England has that job, and by and large it does what it likes, not what the government tells it to do. If the government needs more money, it comes out of our pocket through taxes, or they sell off something, or they borrow it from a bank that has got money.

So it won't be wheelbarrows full of money; it'll be years of us lot paying off the government's debts. Possibly a small price to pay to put a boot up the arse of irresponsible lending and borrowing.
(Musuko, Fri 23 Jan 2009, 0:37, closed)