Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Apr 7, 2018 9:53:02 GMT
Good morning can anybody tell me what happens to an account when a person dies .Currently my mother has an account which is used to pay for her Care Home needs what happens when she eventually passes on.
My brothers and I the beneficiaries of her estate all have accounts on funding secure.
Would it be possible for all her Loans currently unavailable for sale to be bought by us therby moved into our accounts.
My brother is executor her funding secure loans available for sale could be sold.
Then her funding secure account could be wound up and funds transferred to the executor for distribution.
Does anyone know if this is feasible or does funding secure have a policy regarding the death of lenders?
Would it be possible to give Funding secure the authority before you die to tell them where funds that are unavailable for sale could be distributed or sold to another funding secure account?
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Post by winger on Apr 7, 2018 10:37:21 GMT
I went through a similar process when my mum passed away 16 months ago. I sold the loan parts that I could but, sadly, I am still waiting for the defaulted ones to do something (it's funny how "refinance is imminent" actually means "give us a year or two to arrange something").
I was not offered the opportunity to transfer them to my own account.
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rzys
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Post by rzys on Apr 7, 2018 15:20:02 GMT
Is it possible for the executors /beneficiaries to donate anything recovered from defaulted loans to a charity?
I'd much rather do this than have an estate in limbo for however long it takes.
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Post by fundingsecure on Apr 7, 2018 16:59:58 GMT
For anyone with questions relating to the death of an investor - please contact us for details. Dependant upon the actual position the answer may be quite different - especially in the case of an ISA account.
However, generally speaking, the account is frozen until after probate. At that point any available cash can be sent, under the instructions of the executor, to the appropriate beneficiaries. If those beneficiaries are members themselves it is possible to transfer all available cash and any investments to their account.
Please email or call us direct if you require more detailed or specific information.
FundingSecure
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Apr 7, 2018 21:09:11 GMT
Is it possible for the executors /beneficiaries to donate anything recovered from defaulted loans to a charity? I'd much rather do this than have an estate in limbo for however long it takes. Nice thought but over £100000 in late loans 
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Apr 7, 2018 21:19:43 GMT
For anyone with questions relating to the death of an investor - please contact us for details. Dependant upon the actual position the answer may be quite different - especially in the case of an ISA account. However, generally speaking, the account is frozen until after probate. At that point any available cash can be sent, under the instructions of the executor, to the appropriate beneficiaries. If those beneficiaries are members themselves it is possible to transfer all available cash and any investments to their account. Please email or call us direct if you require more detailed or specific information. FundingSecure Thanks not a problem yet and hopefully not for some time. As you are one of the best (still a few lemons) at recovery and defaulting late loans it is no great problem. Thanks to your good returns she can afford to pay the huge costs of care (That's after Scottish government's contribution). Thanks again for your contribution to the post. Other p2p sites take notice of how to treat lenders.
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btc
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Post by btc on Apr 16, 2018 10:03:42 GMT
All investors will die before they even get a chance to get their capital or interest paid back to them.
Edit: This post is not meant to be insensitive. It's probably not the best sentence.
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09dolphin
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Post by 09dolphin on Apr 16, 2018 17:53:19 GMT
For anyone with questions relating to the death of an investor - please contact us for details. Dependant upon the actual position the answer may be quite different - especially in the case of an ISA account. However, generally speaking, the account is frozen until after probate. At that point any available cash can be sent, under the instructions of the executor, to the appropriate beneficiaries. If those beneficiaries are members themselves it is possible to transfer all available cash and any investments to their account. Please email or call us direct if you require more detailed or specific information. FundingSecure I only have a short time left but I am exceeding the NHS expectations! My understanding is exactly as detailed in the quote above. Specifically if you have some loans that are well past their redemption day ie 1 or 2 years - well tough, you just have to wait and wait and wait. Your executers are stuck with waiting for FS to take action - or as is usually the case no action whilst FS await for repayment from the debtor.
It is my understanding that this may affect probate as assets and debts can't be calculated, tax for death duties assessed, cash distributed etc.
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Post by anotherinvestor on Apr 19, 2018 8:16:03 GMT
My feeling is that FS and other companies will do as much as they can to assist in the event of death.
A matter of more concern on other platforms is what happens if you have a SIPP containing worthless (or near worthless) investments and are required to pay an annual admin cost?
I am in discussions about this one.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Apr 19, 2018 22:30:21 GMT
For anyone with questions relating to the death of an investor - please contact us for details. Dependant upon the actual position the answer may be quite different - especially in the case of an ISA account. However, generally speaking, the account is frozen until after probate. At that point any available cash can be sent, under the instructions of the executor, to the appropriate beneficiaries. If those beneficiaries are members themselves it is possible to transfer all available cash and any investments to their account. Please email or call us direct if you require more detailed or specific information. FundingSecure I only have a short time left but I am exceeding the NHS expectations! My understanding is exactly as detailed in the quote above. Specifically if you have some loans that are well past their redemption day ie 1 or 2 years - well tough, you just have to wait and wait and wait. Your executers are stuck with waiting for FS to take action - or as is usually the case no action whilst FS await for repayment from the debtor.
It is my understanding that this may affect probate as assets and debts can't be calculated, tax for death duties assessed, cash distributed etc.
Thanks for you contribution. I was thinking if you specifically left your P2P investments to one specific person or charity who would wait for either loans to repay or after a year or so could be deemed defaulted. You could pay HMRC based on the current values and recover any over paid tax at a later date. This would allow the executor to pay out to all the other beneficiaries as any recovered funds would be payable to aforementioned person to do with as they please which may be distribute to previous beneficiaries although this might have to be an informal arrangement with a trusted person.
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macro
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Post by macro on Apr 20, 2018 3:10:18 GMT
All investors will die before they even get a chance to get their capital or interest paid back to them. Edit: This post is not meant to be insensitive. It's probably not the best sentence. No, it's not the best sentence. Although it feels like a life sentence. 
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jo
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Post by jo on Apr 20, 2018 11:24:25 GMT
Regular reminder klaxon that this is why you should be able to sell loans at whatever the discount price discovery determines smh.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Nov 19, 2018 17:22:32 GMT
Sadly my dear mother passed away yesterday with investments in FS,FC and Lendy. 2 of 3 beneficiaries have accounts with Lendy FC and all 3 have FS accounts. I gather FS may be able to divide loans which would then mature/ default as usual. Not sure on Lendy.
I will keep you all informed of process and outcome and how helpful each platform is. They all have the opportunity to prove they have lenders interests in mind and not just the bottom line.
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arby
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Post by arby on Nov 19, 2018 18:50:30 GMT
Sadly my dear mother passed away yesterday with investments in FS,FC and Lendy. 2 of 3 beneficiaries have accounts with Lendy FC and all 3 have FS accounts. I gather FS may be able to divide loans which would then mature/ default as usual. Not sure on Lendy. I will keep you all informed of process and outcome and how helpful each platform is. They all have the opportunity to prove they have lenders interests in mind and not just the bottom line. Very sorry to hear that. All the best over the next period. Hopefully all the lenders make this as easy as is practical.
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Post by charliebrown on Nov 20, 2018 1:50:43 GMT
Sadly my dear mother passed away yesterday with investments in FS,FC and Lendy. 2 of 3 beneficiaries have accounts with Lendy FC and all 3 have FS accounts. I gather FS may be able to divide loans which would then mature/ default as usual. Not sure on Lendy. I will keep you all informed of process and outcome and how helpful each platform is. They all have the opportunity to prove they have lenders interests in mind and not just the bottom line. Sorry for your loss , Godanubis. It raises an important topic. It’s not just in death but also in life, just how long we might wait for closure on loans. The p2p sector is quite new and we are already seeing platforms with 1000+ days overdue loans. Platforms and the system they operate within are incredibly slow. This is why I don’t like p2p, you invest and receive 12% for 6 months (happy days) the loan defaults and you wait 4 years to get 50% of your capital back. I have concluded that I prefer and earn more on the platforms like RS with the benefit of fast exit if required.
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