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A fool and my money

March 22nd, 2006 at 11:23 am

Last year, I lent my sister some money to pay the tuition fees for her MA. It was money I had from an inheritance. My sister had received the same amount, but couldnít release it until her 25th birthday. It made sense to both of us for me to lend her the money until she could release her inheritance and pay me back in time for the wedding and some other stuff. However she approached the solicitor in December and he still hasnít sorted out the release. When she phoned him (after him not returning her calls for 2 weeks) he told her he forgot. All of this wouldnít be a problem, but for the fact that I wanted to maximise my tax free savings allowance for this year Ė and the deadline is the 5th of April. He has now told her there is no way he can clear the money by that date. So now, I canít decide what to do. Do I miss out on my allowance for this year? Or do I scrape together every penny I can from my current account and the easy access savings I have for emergencies and heap it into my allowance pot? And take a risk that this cash will clear before I incur any other major expenses so that I can pay myself back? Itís not too much of a risk Ė because in a real emergency I can always take this money out of my tax free savings. I just canít put it back again, because the limit is on how much you can pay in any one year and not how much you can have in it. Another advantage would be that once the money cleared, if I found that I had managed to pay back my emergency account out of my regular income, I could put it straight into next yearís allowance. The main downside to this is that apart from my student loan payment I would have to reduce my outgoings to almost nothing until payday in the middle of next month. I pay all my bills the day after pay day so it is only small incidental stuff left to come out, but the idea of having no safety net, for however short a time, worries me! Itís one thing not buying anything for 10 days, itís quite another not being able to!

3 Responses to “A fool and my money”

  1. scottish girl Says:

    Maybe you should try to maximise your allowance if that's okay. Would you be able to manage for 10 days without spending anything?

  2. loubilou Says:

    I think that's what I've decided to do pretty much. I've still got 2 weeks to change my mind though!

  3. kristina moffitt Says:

    Not sure where you are located, but if the request was put in writing the solicitor can be held responsible. Ask your sister how it was requested and if it was not done in writing ask her in the future to put it in writing. Most executors have only a certain time line to reply to a written piece or paper. Phone calls don't count because there is no telling what the conversation was regarding.

    Make sure that the requests are always sent via a mail delivery that requests signatures. He cannot not reply to that. Oh and request a follow up answer in ten business days or less. That will keep a fire under him.

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