Household paperwork

Hornchurch

My mother-in-law is downsizing, moving from 3 bed semi-detached to a 2 bedroom flat. She isn't going to have anywhere near as much storage, in the new place, so we are having to rationalise everything.

We have found boxes and boxes of paperwork. Bank statements, gas and electricity bills, going back 50 years. Car insurance documents on cars, long since gone.

So, Charlton Life gurus, how long do you keep your paperwork like this? Is there any need to keep anything more than a year old?

Finally, can anyone recommend a good shredder?

Baldybonce

Hornchurch said:

My mother-in-law is downsizing, moving from 3 bed semi-detached to a 2 bedroom flat. She isn't going to have anywhere near as much storage, in the new place, so we are having to rationalise everything.

We have found boxes and boxes of paperwork. Bank statements, gas and electricity bills, going back 50 years. Car insurance documents on cars, long since gone.

So, Charlton Life gurus, how long do you keep your paperwork like this? Is there any need to keep anything more than a year old?

Finally, can anyone recommend a good shredder?

Theres a security firm in Greenwich. Top of Blackwall lane.

Lombard recycling
Unit 2
Peterboat close

eaststandmike

I normally keep for 5 x years and then shread it.

LenGlover

As a rule of thumb 7 years is a good time for business documents. 

HMRC can only go back more than 6 years where fraud is suspected

Contractual statute of limitations tends to be 6 years

Warranties tend to be 5 years

Etc.

LargeAddick

Don't keep bank statements - all on line.
keep payslips for two years
keep P60's for ever
keep all my pension stuff
anything else shredded after a year unless it's say a 2 year guarantee on something or a receipt for something major

took a load of stuff to be shredded once to a place in Erith

man_at_milletts

Hornchurch said:

My mother-in-law is downsizing, moving from 3 bed semi-detached to a 2 bedroom flat. She isn't going to have anywhere near as much storage, in the new place, so we are having to rationalise everything.

We have found boxes and boxes of paperwork. Bank statements, gas and electricity bills, going back 50 years. Car insurance documents on cars, long since gone.

So, Charlton Life gurus, how long do you keep your paperwork like this? Is there any need to keep anything more than a year old?

Finally, can anyone recommend a good shredder?

I'm sure someone from East Street Investments could help you out with a shredder, Rick. ;-)

golfaddick

As a financial adviser I'm often going through clients paperwork & finding statements going back years  - esp when companies change names (Norwich Union to Aviva, Scottish Life to Royal London for example).  Usually I tell them to keep just the last years statement. HMRC say keep self assessment stuff for 7 years but apart  from that everything else can be binned after a year. I usually do my financial stuff once a year when doing my tax returns & keep the latest council tax, electric, water & gas bills etc. 

AddicksAddict

There was a spate a while ago of a company, may even have been a solicitor, sending out bills for stuff many, many years old saying it hadn't been paid and court action would be following if the bill wasn't paid.  Of course, no one had receipts from stuff they'd paid so long ago.

LenGlover

LargeAddick said:

Don't keep bank statements - all on line.
keep payslips for two years
keep P60's for ever
keep all my pension stuff
anything else shredded after a year unless it's say a 2 year guarantee on something or a receipt for something major

took a load of stuff to be shredded once to a place in Erith

How far back?

I assume the OPs mother is elderly and may not bank online so how far back can someone like that go?

I know you were a banker (not rhyming slang )

To_Be_Franck

golfaddick said:

As a financial adviser I'm often going through clients paperwork & finding statements going back years  - esp when companies change names (Norwich Union to Aviva, Scottish Life to Royal London for example).  Usually I tell them to keep just the last years statement. HMRC say keep self assessment stuff for 7 years but apart  from that everything else can be binned after a year. I usually do my financial stuff once a year when doing my tax returns & keep the latest council tax, electric, water & gas bills etc. 

And as a financial advisor, that advice has just cost @Hornchurch 300 quid

orpingtonRED

Bonfire in autumn, i chuck mine in. If you have boxes of stuff burn it...cheaper than a shredder.

soapy_jones

It is a sad reality of life I know. But my step-mum has warned us lads that my dad has every bank statement he has ever had in boxes upstairs in the loft and he is 83 years old!!!