Wife & TL

johnerebus · Post by **johnerebus** » Mon 09 Mar 2015 5:48 pm

My wife is panicking. She's working in the UK and is 60 this year but is unable to retire with a comfortable pension now because because THEY changed the goalposts. She cannot retire now until she's 67.
She has money in a high interest account with Iktisatbank and says she's lost more than £12,000 over the past six months because of the the state of the TL and wants to withdraw her cash.
Can anyone give advice that I can pass to her regarding what she can / must / could do please, to ensure she doesn't lose more money?

Thanks

Mollie the cat · Post by **Mollie the cat** » Mon 09 Mar 2015 6:33 pm

She hasn't actually "lost" the money unless of course she does what she would like and withdraw the money to change back to Sterling. A lot of people including me are in exactly the same position, if we had a crystal ball we would all be better off.

For what its worth I am sitting on my hands, I too cannot afford to pull out just yet.

What consoles me is that for the past few years I have earned some nice interest out of it, "cake and eat it" springs to mind here.

I may add that I not a financial expert, there are people on here far more qualified to advise/comment.

PapaBravo · Post by **PapaBravo** » Mon 09 Mar 2015 6:53 pm

Relax everyone. I have sorted the problem of the weakening TL.

How did I do that? Simple, I changed a 'bunch' of TL back to real money last week and immediately the TL began to strengthen!

Rosehillgirl · Post by **Rosehillgirl** » Mon 09 Mar 2015 7:29 pm

PapaBravo wrote:Relax everyone. I have sorted the problem of the weakening TL.

How did I do that? Simple, I changed a 'bunch' of TL back to real money last week and immediately the TL began to strengthen!

But the TL has seriously weakened since last week-hasn't really begun to strengthen at all-still sitting at 3.90+ ????

Rosie

ttoli · Post by **ttoli** » Mon 09 Mar 2015 8:21 pm

As Mollie says unless you intend changing back into Sterling you haven't lost anything . 99% of my expenditure here is in TL so makes no real difference to me

PapaBravo · Post by **PapaBravo** » Tue 10 Mar 2015 8:41 am

Rosie,

But the TL has seriously weakened since last week-hasn't really begun to strengthen at all-still sitting at 3.90+ ????

Rosie

If the TL was down to 3.97 last week, and it is now up to 3.93, then in my book it has strengthened.

Johnny Lee · Post by **Johnny Lee** » Tue 10 Mar 2015 8:59 am

Yes the UK government's great pension rip off, and there is Jack that we can do about it, my wife's pension has also been put back around 6 years and mine 2 years.

Yet when I left school I was told if you pay into this fund you will get a pension at age 65 and 60 for Ladies. I call this fraud.

But back to the Lira, many of us are in this position, I am around 50 thousand down on my initial investment here from 8 years ago, and sorry if you think by having your money all in Lira you are not affected,think again.

Have you not seen the massive inflation here ? even the much welcomed Kibtec price reduction will probably have to be readjusted after only one month.

If you live here then yes you are affected by it.

wanderer · Post by **wanderer** » Tue 10 Mar 2015 9:35 am

December 2013 the Lira weakened and i lost a chunk of value I bailed at 2.68 into sterling I think Crystallised my loss
As Johnny Lee points out the inflation in Lira prices follows on behind in the shops and restaurants
Yes the pound is rising and can fall as well
Oil prices are low and non oil countries will suffer when oil price rises
Your first loss is your best loss

stellasstar1 · Post by **stellasstar1** » Tue 10 Mar 2015 10:04 am

Unfortunately no one knows what is best. I had heard when the lira was 3.35 to the pound,many Cypriots where changing their lira into pounds and I wondered why they were taking a loss, now I know why. It's a problem for all of us that have savings here in lira, and do not plan on spending the rest of their lives here. At one time I thought I would have a moderate nest egg to take back to England when I eventually decide to go back, and now it has halved. Unfortunately the interest I have received on it over the years has been good, but not enough to cover my loss, and of course the question is what to do. I wish I knew the answer.

Lottidotti · Post by **Lottidotti** » Tue 10 Mar 2015 2:13 pm

I am sure some people will take this the wrong way but it's not meant to upset anyone.
A number of years ago ,about twelve or so I sat round tables having a drink with people who had moved over at a similar time to me.Around the table were a number of people who had sold their property in the UK and put their excess funds in excess of 100K into Turkish Lira,others had large amount of savings circa 300K who did the same.Their argument and what they tried telling everyone else was put the money in TL and live of the interest as at that time the interest rate was good.
I was horrified at this suggestion these people who I thought were sensible people would put their hard earned money in a highly volatile currency such as TL.The exchange rate at that time was about 2.50 to the pound.
I did point out to these people although I am not an expert that unless they were prepared to lose all or most of it they should not gamble with their money.
Guess what ,they laughed and said,'you keep your money in the UK,I am doing very well by living off the interest'
As I've said I am not wanting to upset anyone just pointing out what everyone knows, that if it seems to good to be true it usually is.

Johnny Lee · Post by **Johnny Lee** » Tue 10 Mar 2015 3:17 pm

Stellarsstar1 if any of us new the best move we would all be wealthy, I would imagine the chosen few who control these situations, do get very rich quickly.

Lottidotti, You are correct I suppose that wonderful word hindsight steps in, but hey ho, plenty of us stepped off that plane and part of our brain went out the window.

I am a supposedly a fairly savvy businessman, yet I parted with 93 grand stg for a piece of land and I needed a Cyp director whom I hardly knew. Big plans to build 2 blocks of apartments and pools etc. then the bottom dropped put of the market.

I don't know if it was the heat or the Efes that affected my brain. But you know what they say, The man who never made a mistake never did anything

Only 1 hour ago we chatted to a German couple who are on holiday here and they are amazed by how cheap everything is for them , with the exchange rate, and they asked me how can business survive, but the answer is with very very great difficulty and they probably won't survive .

They also said they could not believe the blatant poverty.

johnny1 · Post by **johnny1** » Tue 10 Mar 2015 3:26 pm

i too have lost money here....thats what you get when you trust people....it was business

woodspeckie · Post by **woodspeckie** » Tue 10 Mar 2015 4:21 pm

A conversation a few weeks ago in a coffee shop between a couple who had lived NC 8 years to a 36ish aged woman and her 12 year old son selling her house in UK to move to NC. She had two weeks holiday there in the Summer this was a two week visit to find a rented apartment and enrol her Son in a school - went like this. You will find
the cost of living cheaper here than UK, the crime rate is NIL, if you invest the money from your house here and rent you will be able to live off the interest but if you want to work you will get a job if you don't mind what you do, there is plenty of things to do for your son. True?

Owl Lady · Post by **Owl Lady** » Tue 10 Mar 2015 7:59 pm

Ok tin hat at the ready, here goes! I first came on holiday 1972 and loved it. Still do, after DECIDING after frequent visits, to live here. My late husband Rod and I came to live here in 2005.The bank interest was, from memory 23%.We sold up completely in the UK.I have never regretted anything. In a previous posting I mentioned that I could not afford to live in the UK again. I don't have a large amount of capital and the interest rate is in the region of 9/10%,but weighing up the pros and cons, IMO I am far better off here, than I would ever be in the UK.I accept that whatever happens lira wise, I personally can do sod all about it, so just accept it and enjoy life, here in the sun! Rod's quote was " there are no pockets in shrouds", so IF you have it spend it, you can't take it with you. I have no kids to leave it to ,and WHY SHOULD YOU?? Be Happy!!

mrsgee · Post by **mrsgee** » Tue 10 Mar 2015 10:16 pm

Owl lady remove your tin hat, that's the most sensible thing I have heard for ages. We also chose to sell up and live here. Have never regretted or looked back. We go back to UK regularly to visit family and can't wait to get back. People can say what they like about the cost of living going up here....it's gone up everywhere! Get real folks....for starters we were paying 1300 pounds a year council tax here we pay nothing like that and get two yes TWO rubbish collections a week. There is no way that we could have the lifestyle in the UK that we have here. We can afford to go back to UK 4 times a year, if we had stayed in UK we would not be able to afford so much travel. Yes we invested in tl, and yes on paper we have 'lost' but in reality the interest we earn gives us more than adequate to live on and enjoy many luxuries in life. Owl lady clearly you and I are singing from the same sheet and living on the same planet!! Now lend me your tin hat!!

Lottidotti · Post by **Lottidotti** » Tue 10 Mar 2015 11:40 pm

Owl Lady I understand your sentiments with regard to getting on with life.But to some people there will be worrying times ahead.A weak currency will lead to high inflation as a lot of people have found to their cost.
You say you could not afford to live in the UK again and you don't have a lot of capital.That is typical for a lot of people in the TRNC.However continuing inflation will lead to ridiculous prices in the shops,prices of goods that people will not be able to afford.The wholesalers would stop buying goods because of the cost, leading to shortages.
Think back to Argentina who had hyper inflation a number of years ago,the country in turmoil.now it's the turn of Venezuela.What would people in the TRNC do in those circumstances if their money has run out and no escape from the country.
Of course the scenario might not come true,but again it might so always have a plan B.

seaview · Post by **seaview** » Wed 11 Mar 2015 7:13 am

I find this an interesting thread and am prompted to comment! If you live in TRNC and have brought a chunk of money to put in a local bank to live off the superb interest rates then this is a perfectly valid choice. You cannot keep on comparing the exchange rates; you never be happy if you do.

In my view, you should only move a chunk of money into TL if you are indeed spending most of your time in TRNC. Moving it ahead of emigrating is risky if there is doubt that you will actually come over. You cannot have your cake and eat it: keep your money in UK and accept the poor interest rates; move it to TRNC and get great interest rates and risk any residual funds being 'trapped' here if there is a big change in exchange rates.

I am with the two people who were swapping tin hats; make a decision, live with it and try to enjoy life!

Mint1955 · Post by **Mint1955** » Wed 11 Mar 2015 8:05 am

https://you.38degrees.org.uk/petitions/ ... -2016-2012

For all women affected by the pension changes please share and sign the petition.

Johnny Lee · Post by **Johnny Lee** » Wed 11 Mar 2015 8:28 am

Hey that's a bit sexist !!!!!How about the men affected by It ?

Also agree our life style here and cost of living, very little crime etc, and of course sunshine ls the bees knee's and I would never wnat to return to the UK to live.

Mint1955 · Post by **Mint1955** » Wed 11 Mar 2015 9:22 am

Sorry should have said all affected

The main thing is share and get everyone to sign the petition please.

Johnny Lee · Post by **Johnny Lee** » Wed 11 Mar 2015 9:46 am

Thank You , we will sign and try to forward to as many people as possible.

waddo · Post by **waddo** » Wed 11 Mar 2015 10:53 am

Made it here in 2007 - forever - there is no going back for us, we have nothing there and not a lot here but what we have here is far better than anything we might have been able to have there. Arrived skint and managed to stay that way till late last year when another pension gave us a little bit more to be able to actually save some money. Made the choice to save it in TL in a local bank and have since watched its £ value drop but hey - its TL value has remained the same and even increased a tad with the interest rate. As we only spend in TL we consider we still have the same or even more than we managed to save so we are with the Tin Hat bunch and will live a happy life for as long as life gives us. Prices all over the world go up and never down, we have a good life here and our only concern is the cost of health services but that now seems to be the same no matter where you live. We have enough cash in the bank to buy our respective holes in the ground out here so that is covered. We even have enough cash in the bank to cover semi major illness. What more can we ask for really? For sure if we had to leave and throw ourselves on the mercy of the UK services then whatever savings we do have would be rapidly taken into account and we would have to live on a meagre income for what remained of our lives.

Staying put and happy - best decision we ever made was to come here to the warts and all.

Owl Lady · Post by **Owl Lady** » Wed 11 Mar 2015 11:25 am

Feel better now with the tin hat off, weight off my mind Thanks Mrsgee and my other supporters! Incidentally I forgot to mention the LAST time I went to the UK, 7 years ago,was the LAST, no family other than 2 brother-in-laws. They can come for a holiday, anytime. Not too sure what they'd think of the Cyprus weather today!!!

wanderer · Post by **wanderer** » Wed 11 Mar 2015 11:27 am

http://www.exchangerates.org.uk/GBP-TRY ... -full.html

Johnny Lee · Post by **Johnny Lee** » Wed 11 Mar 2015 1:29 pm

Thanks Wanderer, it's up and down more than the Wolves.

wanderer · Post by **wanderer** » Wed 11 Mar 2015 1:40 pm

The babbies ave bin doin good last 18 months

iv_cyprus · Post by **iv_cyprus** » Thu 12 Mar 2015 12:41 pm

Common sense advise:

Keep your savings and bigger amounts of money in foreign currency (dollars, euros or pounds) and regardless of the changes, you will not lose anything. The initiator of the topic stated that his wife keeps her money in Iktisat. Well...I keep mine in iktisat as well (in foreign currency) in a monthly savings account. The annual interest rate of a monthly savings account is 2.75% (and this is just for monthly!! 3,6, 12 months accounts' interest rates can reach almost 6%). For example:

If you have your assets in pounds, and you own 10 000 pounds, which are in a monthly savings account with 2.75% interest rate, they will become 10275 pounds in one year. Even a monthly savings account with such a low interest rate in foreign currency beats inflation and the currency rates changes. Simple banking...that's all .

mrsgee · Post by **mrsgee** » Thu 12 Mar 2015 1:06 pm

But if you are living permanently in TRNC and have no intention moving back to UK, why put your money in foreign currency?????? Beats me!!!! Its like saying if you are living in UK change your sterling into euros (actually that would have been a BIG mistake) or dollars, or even TL......you have lost me iv_cyprus.

mrsgee · Post by **mrsgee** » Thu 12 Mar 2015 1:58 pm

And simple banking it obviously is not...if you have a monthly savings account that offers 2.75%, and you are talking about the gains within a year, then you have to compound the interest each month, so you would actually end up with more than 10,275 after one year.....although still not as much as if you were in a TL account.

iv_cyprus · Post by **iv_cyprus** » Thu 12 Mar 2015 2:00 pm

@mrsgee

Common sense again - the instability of the Turkish Lira. You can have your pocket cash account with several thousands turkish liras, which you use for your expenses. Whenever you need more, you can withdraw them from your savings (once per month if on monthly savings account). In this way you will not lose anything from the lira failing all the time + you will benefit from the good interest rate, applied to your savings account.

mrsgee · Post by **mrsgee** » Thu 12 Mar 2015 2:27 pm

Iv_cyprus I hear what you are saying but don't necessarily agree.

topten · Post by **topten** » Thu 12 Mar 2015 2:29 pm

OK, tin hat is firmly on my head, because we have recently moved back to the UK after nearly 8yrs in the TRNC, the reason being health care and I am not just talking of the cost although it was big part of the reason. I paid quite a substantial amount of money in trying to remedy health problems in a period of 18 months to 2yrs. My wife said enough and we put our home up for sale and sold it quite quick, we bought a property in the UK and came back in January of this year, I found a GP almost at once and was diagnosed as having heart failure he started me on tablets and I have improved 10 fold. And as for the cost of living being higher here, is nonsense you have competition in supermarkets so while you have this you will always pay reasonable prices for your goods. Plus try buying a LEATHER suite in the TRNC or a decent TV or any electrical item you will pay top dollar. I don't regret moving to the TRNC we loved our time there, but we are so glad we returned home.

RAZR63 · Post by **RAZR63** » Thu 12 Mar 2015 2:58 pm

iv_cyprus wrote:@mrsgee

Common sense again - the . You can have your pocket cash account with several thousands turkish liras, which you use for your expenses. Whenever you need more, you can withdraw them from your savings (once per month if on monthly savings account). In this way you will not lose anything from the lira failing all the time + you will benefit from the good interest rate, applied to your savings account.

In order to have your pocket cash you would have to reduce your savings and whenever you dip into your savings to top it up it would reduce your savings. Your savings are therefore reduced and you earn less interest. Unless you have a source topping up your savings?
Whereas I'm sure that some people here live on the high interest from their Lira accounts. Their savings would I guess increase, less their cost of living. But they are at risk due to the "instability of the Turkish Lira" and may then take a hit (or increase???) depending on the Lira rate they got when they converted £s to TL. However, over a period of time it should hopefully balance out. But then again it depends when and if they need to convert it back to sterling and also what you cost of living is here!
Santander pay 3% interest on their UK accounts up to £20K!

topten · Post by **topten** » Fri 13 Mar 2015 7:55 am

If alcohol is in the cost of living then yes it is cheaper in the TRNC, but food products are more expensive in the TRNC than in my part of the UK.

waddo · Post by **waddo** » Fri 13 Mar 2015 8:28 am

topten, out of interest - what food products are you talking about that are more expensive here than in the UK?

Johnny Lee · Post by **Johnny Lee** » Fri 13 Mar 2015 8:58 am

Top Ten hope you are OK in the UK and good luck to you and Liz. xx

Food prices here are very often far cheaper than the UK. I still run a business there (food) and go back on a very regular basis and I compare.

Yes some things are cheaper of course in UK. But I have purchased many many brand name goods here and checked them on the internet at Asda,Tesco, etc. etc and very often cheaper here.

Our cost of living here is much less than the UK.

Also the veg and salad tastes like what it is supposed to, like food from the 60s.

Regards Lee

mrsgee · Post by **mrsgee** » Fri 13 Mar 2015 9:24 am

Agree with you Johnny Lee. We regularly go back to visit UK, and also compare prices. If you constantly want to buy 'UK' groceries here then they are going to be more expensive, if you buy the local goods, then they are cheaper. Depends what you want to buy, but overall, the cost of living here is cheaper than UK. You cannot class Leather Suites and TV as cost of living items anyway, they are luxury goods. Cost of living is food, utility bills, petrol etc....And yes, the fresh produce might look a bit mishapen sometimes but tomatoes taste like tomatoes......

topten · Post by **topten** » Fri 13 Mar 2015 10:09 am

Butter, Milk, cheese, baked beans, sliced bread, edible beef etc. mainly your basics, if I was you Lee I would check my supplier all I know is our weekly shop is costing less and there is more variety.

Johnny Lee · Post by **Johnny Lee** » Fri 13 Mar 2015 12:37 pm

Most of the items you mention Ken I manage to find here on special and stock up if the item permits. Also with regards to beef if you find the right butchers here some of the beef is superb. Fast food butchers Alsancak the steak is wicked.

But I think you learn to cook differently here. You do not actually need the amount of meat that we tend to consume in the UK. I know you are a great cook because I tasted your food and your pork pies. But I make a curry now with half the amount of meat or chicken that I would use in the UK.

There is a lot of cheap crap and stodge in the UK just go to any shopping center and look at the people.

BOERBOEL · Post by **BOERBOEL** » Fri 13 Mar 2015 1:55 pm

Topten - We are in total agreement with you, if circumstances allowed, we would be on the first plane out tomorrow. The choice and variety of food wins hands down in the UK and if you price check against one of the big supermarkets for 'basics' then there is no contest. The only thing I will say that is noticeably cheaper here is toilet rolls and soap powders. If as most other posters say it is cheaper here, why do so many of you go trotting off to the South for cheaper meat and more variety, there are always folks asking how to get to Lidls etc.
As well as the food side, Topten is correct regarding electrical goods, leather furniture etc, clothing is also a problem for me and have to get things brought over from UK.
Also, having drinkeable water on tap would be great and never having to lug 19ltr water bottles certainly wouldn't be missed. Gas on tap, not from a container, the list is endless if you sit and think about it. And most of all a warm dry house in the winter.
Yes, of course, we all like to see the sunshine and would be a miss in UK, but think the pros out do the cons for us.
Now like you, better get the tin hat on

topten · Post by **topten** » Fri 13 Mar 2015 2:04 pm

There is a lot of cheap crap and stodge in the UK just go to any shopping center and look at the people.

Lee what is the statement you are making with this sentence? how will looking at people tell me how good the produce is, because if you mean that the people are not wearing the right clothes or they are in shell suits, just wander round any shopping centre in Cyprus even down town Girne and I know you will see the equivalent of their British counterpart. And Asda, Tesco etc are far cleaner than shops there.

Geoff1131 · Post by **Geoff1131** » Fri 13 Mar 2015 2:17 pm

I find it strange to see some posters who believe it is cheaper to live in the UK, they seem to want to leave the TRNC, but are still living here. As someone on the old 44 site once said, there is a plane leaving every day so there is no reason to stay here and be unhappy.

topten · Post by **topten** » Fri 13 Mar 2015 2:21 pm

Also Lee as you know we lived there for nearly 8yrs and we have been friends for nearly all that time, but never once have you pointed me in the direction of this shop where things, ok, sometimes are cheaper. Because we have shopped in Starling, Illeli, Lemar etc. all of our time there and we have never bought beans, cheese etc. at a price less than UK prices.

mrsgee · Post by **mrsgee** » Fri 13 Mar 2015 2:22 pm

Spot on Geoff1131

Lottidotti · Post by **Lottidotti** » Fri 13 Mar 2015 2:30 pm

What I can't understand is,That when people come to the TRNC they know what they are getting into( or should do)
When they leave they pull the place apart.It is as if they have to justify their leaving.
Some people have been here since the border opened and complain.I don't know how these people would have coped
Before the border opened,I think some would have had nervous breakdowns.
If they closed the border tomorrow I for one would be quite pleased.
When people come to the TRNC they should realise it's a high inflation country and should make sure they can afford to live here in ten to twenty years,because if they turn up with 100k and a state pension with no other income they will find it very hard going in the future.

mrsgee · Post by **mrsgee** » Fri 13 Mar 2015 2:40 pm

We shop in Erdener, and find the offers in there very good. Heinz Baked Beans were on offer the other week so I stocked up, likewise tins of chopped tomatoes, although really I prefer to use fresh. I buy whatever is on offer, washing powder, toilet rolls, etc etc, mainly I like to get the Turkish Brands which are cheaper. Yes sometimes pop to the south for meat, don't see anything wrong in that, and the pork is far cheaper than in UK. Chicken and Lamb I find quite expensive, but hey ho. Petrol is cheaper which counts for a lot if you are comparing prices between here and UK. It's swings and roundabouts, and if you are prepared to buy the items that are produced locally or in Turkey rather than Kellogs Cornflakes for example then I still find it cheaper overall taking into account everything....the fact I can normally dry my washing outside most of the time, so don't have the expense of a tumble dryer every week as I did in UK. But horses for courses I guess. We are more than happy living here and doing without Warburtons sliced bread, and all that good stuff. Six years ago we were both able to take early retirement. If we had stayed in UK we would both still be working, paying out a huge amount just to buy petrol to get to our jobs.....you have to consider the whole package. We would not change a thing and love it here and are better off both financially and healthwise.

waddo · Post by **waddo** » Fri 13 Mar 2015 2:46 pm

Strange you mention baked beans, I have a friend who comes visiting from the UK and she takes back tins of beans because they are cheaper here - that is Heinz beans through, don't know what price the others are. I am one of the people who make a fairly irregular trip to Lidl, would not bother at all if I could get a decent croissant here but they are just not available. Did not manage to bring 100k with us but have got pensions instead so no lump sum just reasonable income - not enough to go out every other night but it has done for us for the past 8 years.

BOERBOEL · Post by **BOERBOEL** » Fri 13 Mar 2015 3:44 pm

Geoff1131 - If you read my post you will see I stated I am not able to return at the moment otherwise I would. I have a new first grandchild that I am missing being with but I have an elderly dog who would not survive the journey back to the UK so while we still have her there is no way we are going back as we would certainly never leave her here.

Lottidotti I am not pulling the place apart we have enjoyed our time here, I, like Topten are just comparing prices and convenience. As regards the boarder, we have been here 8 years and have never set foot in the South so the boarder being closed would be of no consequence to us if it happened.

As regards shopping in the South Mrs.Gee, I didn't say there was anything wrong with that, only pointing out the reason you and thousands of others go is because it's cheaper and more variety which was the whole point of Toptens original post.

wanderer · Post by **wanderer** » Fri 13 Mar 2015 3:57 pm

I have the best and worst of both worlds 25% of my time in the TRNC the rest in the UK
When I'm in the UK I miss the TRNC and in the TRNC i miss the UK
Standing charges in the UK
Rates £1600 pa
Water £ 680 pa
Gas/Electric £1400 pa
TV Internet £ 600pa
£4280

TRNC
rates 100 tl pa
council/water500 tl pa
Kibtec 600tl pa
internet 1000 tl pa
2200 tl pa =£1100

Vegetables far cheaper TRNC
Eating out far cheaper TRNC
Cars dearer
Public transport cheaper TRNC unless you have a pensioner pass

wanderer · Post by **wanderer** » Fri 13 Mar 2015 3:59 pm

The costs are for a band D house in the UK and a flat in the TRNC but the standing costs before you eat in the uk would take 2/3 rds of a state pension and no food accounted for

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