DEAR TRICIA

money@mirror.co.uk Need some practical financial advice? YOUR MONEY Editor Tricia Phillips and her team can help

QHow long do I need to keep copies of old utility bills, receipts, bank statements and HMRC paperwork before shredding them?

To be honest, here’s no hard and fast rule. But it’s a good idea to keep hold of bills and bank statements for at least two years, and car, home and other insurance documents for as long as they are valid. However, any information relating to HM Revenue & Customs, I would keep indefinitely.

AQWe’re pensioners and have recently received a chunky

inheritance. We each have ISAs and wondered where we could invest the money to get the best rate, without tying it up?

In the current savings climate, it’s difficult to get any sort of return on your cash without locking it away in a fixed-rate bond for two or three years. If you are not prepared to lock it away, it will be a matter of looking for the best easy-access account you can find. Or maybe consider Premium Bonds, where you can access your cash within a few days. While you won’t receive any interest, you will have the chance of winning a

Aprize each month. You can each invest up to £50,000 in them.

QMy credit card firm has just increased the minimum amount I have to pay each month by over £100. They said if I don’t pay this, they will cancel my card. Can they do this?

Yes, they can. Companies began doing this for people who have been paying off more in interest and charges than the balance for 18 months or longer. This is classed as “persistent debt” and takes a long time to reduce because only interest is being paid off, or just a very small

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