Miscellaneous advice

The issue is so rife in this age of DIY. Do it ourselves. I'm hopeless at home DIY. I rely on someone that knows what they are doing. Have you ever seen my plaster work? No & your not likely to either, there isn't any. We so think that we can do anyone else's job, but I tell you, I can't. I've spent my entire working life in all aspects of finance, insurance, risk & so on. So if I can't look after my own financial affairs, what was someone paying me to look after theirs for forty years. Some folk can never be told. I will finish with an amusing story, Helen. Some of you know that I come from a Methodist tradition. Some Methodists don't approve of gambling. Another Methodist jibed me one sunny day with a criticism, because I enjoyed putting a few bob on a horse now & again. Sadly, I replied with a hint of anger, that unlike him, I hadn't bet my house roof on the stock market. Just a few months later, when he thought that he had finishing his mortgage, he had to go cap in hand, back to to the bank to ask for a fifteen year repayment mortgage. I've grown up a bit since then. Endowment mortgages, equity release, wills, insurance & so on all have their place, & can work well, if they are understood. Three quarters of the UK adult population haven't a clue on financial strategy.

My dad was my financial advisor - as kids he didn't give us money but instead wrote an IOU a bit like a bank statement. If we wanted to buy something, we had to make the case that it was worthwhile and value for money. Even now a little voice asks 'but do you really want it?' Often the answer is 'no' and I walk away. Sometimes it's very annoying

PhilipInCoventry, Very wise advice given in your posts! I have always viewed equity release with great suspicion. The television adverts are extremely clever at tapping into most people's desires - be that those expensive home improvements, such as an extension or conservatory, or helping your children onto the property ladder. The salesperson is portrayed as almost a family friend, as he/she sits down and apparently explains everything to you - how straightforward and easy the process is, how the salesperson will 'search for the best deal' for you, etc, etc! In the most recent one, the salesman even arrives in the pouring rain, clutching his case over his head! However, by the time he leaves, the sun has come out and dried up all the rain... and everyone is smiling !!... especially him as he drives off calculating his commission no doubt?! The whole thing reminds me of the old double-glazing salesmen - they would always "phone their manager" to get you the best deal!! I, for one, fully expect equity release to become another mis-selling scandal within the next few years.

Hello Oddsock, A thumb rule for equity release, is: If the release value is 20%, all equity will be gone in twenty years. If it's 40%, (the average) then all equity will be gone in nine years. Another aspect is the finance company. Had the Nuneaton couple chosen a building society, the cost of the release for the twenty years would have been £121k whereas they used a finance company, which cost them £181k for the same amounts.

I've just started reading a book by Andrew Craig, who goes even further and says many rich people don't either, including millionaires; some professional footballers, earning more in a week than most do in a year, mishandle money so badly they get into debt, turn to crime and end up in jail. The two main things that we should all be aware of, he says, are that, i) anyone thinking that the government will look after them in retirement, i.e. via state pension, is going to be in for a rude awakening, and ii) since the year dot, governments try to pull the wool over our eyes by claiming that inflation is very low; over the last 10 years, CPI is 1.1%, whereas the average price of things like wheat, corn, heating oil, gas, meat, copper, coffee, gold, silver and so on has risen by over 30%. So the real value of the pound in your pocket (or damn-all interest rate bank account) is steadily eroded over the years. Little wonder that a few decades ago, it took the average FTB 3 years to save the deposit on their first home, whereas now it's 23 years!

It's all down to circumstances, and the figures. If one knew exactly how much longer one had on this planet, one could calculate how much money would be needed over that period. Then, assuming that one had no other relatives, nor anyone to leave anything to willside, equity release could allow one to live it up for the reminder of one's life, e.g. flash car, mansion, cruise, holidays, life of hedonism or debauchery if so inclined, or vast amounts of donations to good causes like charities if so altruistically inclined... and so on. But most of us do not live under those circumstances; nor do we have the all-important figure for fiscal calculation. Thank goodness. So I'll give equity release the same swerve I gave endowment mortgages all those year ago.

Warning for eBay Coventry shoppers. I'm seeing a lot of original images being bought up and then resold as copies. While the former comes with (potential) copyright and antiquity, the other doesn't.

There has been a lot of posts when people mention buying on eBay, but not much about selling. How many out there are sellers and how do you get on with it? Personally, I think the selling fees are too high.

Although mostly buying, I have sold quite a few things on eBay over the last 20 years. Unlike with buying - where you can choose who you buy from - with selling you have no idea what sort of idiots you'll end up dealing with! 99% of the time it's fine, and a great way to clear some space - but I have had one or two bad transactions. The worst I had was about 15 years ago, selling a guitar. It was bid up, and ended at £360.... and then all went quiet. After several messages, I eventually heard from the buyer 3 days later, with an apology that he'd had some car trouble and could no longer afford it. Fair enough - a quicker response would've been nice, but these things happen. But then I decided to check his feedback! He had recently had 7 negative feedbacks from angry sellers who had not been paid for their guitars that he'd "bought"!!! Seems this guy had a dislike for guitar sellers and was determined to make their lives a misery. So, I relisted the guitar.... and next day, unbelievably, had a message from the same buyer again, saying that he had the money now, and asking if he could bid again! I blocked him. That time the guitar only went for £300, but to a decent buyer who was very grateful. We live and learn. And yes, the 10% charges are a bit steep, but a lot less than "real" auctions, apparently.

Likewise Rob, I have had a few bad experiences, particularly with non-payers. Like you, I just report them and then block them from bidding on my parts again. 10% on the items is OK, but I object to the 10% on the postage as well!

When I started buying books on Coventry from Amazon, they were 1p plus postage and it was obvious that the seller was making a living on the postage and avoiding paying a fee on the sale price. Perhaps eBay was the same. A lot of books came from two sources - house clearances and remaindered stock - both of which would be a cost to dispose of to landfill. Selling the books, even for a £1 out of postage cost would bring in 2 streams of income. I think the publishers cottoned on to this and now flog their own remainders online but there is the Magpie style companies that buy cheap second hand and then flog for more online. Books have gone up considerably.

I have purchased a lot of books on eBay and always try and go for the free delivery option. The cheapest way to post books with Royal Mail is as a "small parcel", 2nd class @ £3.20 (most books are too thick to go as a large letter). It is difficult these days to sell books with these postal rates, what makes it worse is that eBay takes 32p of the postage, so you lose out already without any packaging!

I prefer free postage too but I always factor that into the total price. A lot of stuff now comes in grey plastic to reduce weight and costs. Easier to be damaged in transit though. The post are inclined to stuff it through a letter box, even if it doesn't properly fit. I've had at least 2 books with broken spines that way.

I have sold quite a lot on eBay. Before leaving Australia to return to the UK in 2012, I sold everything from cars and photo-studio equipment to furniture and exercise machines. There wasn't one transaction that I had trouble with and both the buyers and myself were happy with the outcomes. I tried selling some items locally and this was very time consuming and with poor results. Back in the UK I'm gradually reducing my 'clutter' and have sold my old 35mm photo equipment (Nikon prime lenses and accessories) for more than the purchase price in the late 70's and 80's (not taking inflation into account). Other sold items include a nearly new oil burner unit for a central heating boiler and a holiday club membership. The latter was slightly more involved as Paypal does not cover services and memberships, so a holding process needed to be put in place to cover both parties. I've had a few problems when buying but they were all sorted out either by eBay, before I knew there was a problem, or by the seller without needing to go through the arbitration process. Maybe I've just been lucky so far, but I do check the description and sellers statistics very carefully before pushing the button. I've even bought a classic car through eBay without inspecting it first! I would (obviously) like the fees to be less, however, I am quite happy with the overall results. I think it is most important to be totally honest and open in the description and provide good quality photographs. I do, however, think the pandemic has depressed the market slightly, opposite to my initial thoughts, so my listings have been put on hold until there appears to be more activity. It hasn't stopped me buying and accumulating even more 'clutter'!