ianb
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Post by ianb on Feb 6, 2015 2:21:06 GMT
I ran a set of p2p accounts for my mother as a way of paying for care home bills (I had PoA) - with RS, Z, FC, AC & Rebs, and she passed away in January. I am executor. (1) - make sure you have the log in details and get what you need from the accounts (like tax statement at point of death, current balance) before informing the platform (2) the action taken by the platform differs in some cases (for me its still ongoing and I'm not going to be too specific but if you want more detail PM me) and according to the size of the account whether funds will be released only on probate (3) generally you have a choice between letting the loans run out or liquidating them - for the likes of both Z and RS I'll be liquidating them which will involve paying the 1% or so fees so I can get all the cash out (4) if you can see it coming, like I could, stop reinvesting and start getting the money out beforehand - that way you minimize the fees later. Each platform differs, no prizes which of the above 5 is the worst. After its all over in a month or so when I have probate I can spill all the beans, if I remember...
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baz657
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Post by baz657 on Feb 6, 2015 2:29:34 GMT
The other issue that arises is if when you made a will you were foolishly convinced by your solicitor to name him as you executor. The same applies when banks offer their executor "services", often including a special price for writing and storing the actual will. We had this although we managed to bump them off the executor list (at a cost) only after threatening to remove business and personal bank accounts.
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Post by GSV3MIaC on Feb 6, 2015 7:56:11 GMT
Thirded. A named intelligent individual can subcontract bits to a lawyer if desired/ necessary, but getting a lawyer out of the chair to avoid their ridiculous x% of the estate type charges is a nightmare. Or you could leave your estate to your worst enemy and name your worst solicitor as executor .. Revenge from beyond that grave. 8>.
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adrianc
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Post by adrianc on Feb 6, 2015 8:25:48 GMT
Or you could leave your estate to your worst enemy and name your worst solicitor as executor .. Revenge from beyond that grave. 8>. <waves> That's me, you git. I hate you SOOO much. Now, if you'd just sign here and here and here. Thank you.
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ikorodu
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Post by ikorodu on Feb 6, 2015 8:26:31 GMT
...I would suggest you check out Intestacy rules before assuming you wife gets everything if you die without a will, ... You also have to think about what would happen to your estate if you both died within 28 days of each other. both points are unfortunately frequently not understood. We do actually have wills. But I was using an example of a couple who do not, but say the deceased's estate is less than 250k.
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ikorodu
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Post by ikorodu on Feb 6, 2015 8:30:27 GMT
I ran a set of p2p accounts for my mother as a way of paying for care home bills (I had PoA) - with RS, Z, FC, AC & Rebs, and she passed away in January. I am executor. (1) - make sure you have the log in details and get what you need from the accounts (like tax statement at point of death, current balance) before informing the platform (2) the action taken by the platform differs in some cases (for me its still ongoing and I'm not going to be too specific but if you want more detail PM me) and according to the size of the account whether funds will be released only on probate (3) generally you have a choice between letting the loans run out or liquidating them - for the likes of both Z and RS I'll be liquidating them which will involve paying the 1% or so fees so I can get all the cash out (4) if you can see it coming, like I could, stop reinvesting and start getting the money out beforehand - that way you minimize the fees later. Each platform differs, no prizes which of the above 5 is the worst. After its all over in a month or so when I have probate I can spill all the beans, if I remember... Sorry to hear of your recent loss. Whilst I (and others I'm sure) would be interested in the how you get on dealing with the 5 p2p platforms, you must have a lot to deal with at the moment. If you do remember to post back here in a couple of months, that would be great.
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c88dnf
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Post by c88dnf on Feb 6, 2015 11:08:24 GMT
Or you could leave your estate to your worst enemy and name your worst solicitor as executor .. Revenge from beyond that grave. 8>. That's almost as sublime an idea as Churchill insisting his funeral train left from Waterloo, rather than the obvious choice of Paddington, purely to tweak DeGaulle's sizeable hooter. I tip my hat to you!
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Post by westonkevRS on Feb 6, 2015 18:09:36 GMT
Lender Comrades,
We all know that solicitors, lawyers and bankers will be first against the wall come the revolution. Along with anyone that went to Eton. But in the meantime back to how RateSetter treats deceased customers.
The T&Cs haven't changed much from the early days, which were written in a draconian manner to protect RateSetter against a potential series of unfortunate events (i.e. lots of dead lenders) that could have had a business impact.
However the practical reality is that all deceased cases have been dealt with quickly and fairly, with I think the monies returned as requested. This customer friendly ethos has always been our way, even if the legal T&Cs don't quite reflect that.
That said it probably is time for change to the legals. Management did briefly discuss this a few months back, but I don't think we changed or agreed anything as there were more pressing concerns. But I'll raise it again, so please leave with me. My view is that the Provision Fund is strong enough to reimburse the family and take control of the loan, taking the risk (as it does anyway) but also the benefit of interest. That way all lenders benefit, including the deceased.
Give me some time, no promises, but I'm sure we'll make a change at some point to be less draconian.
Kevin.
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ikorodu
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Post by ikorodu on Feb 6, 2015 19:09:22 GMT
It's good to hear that rate setter have so far not enforced the t and cs ref death of a lender. I'm not sure what the hold up can be in changing the terms if you have already treated people's estates differently from your defined terms. The quicker you can change this the more likely that those seeking a retirement income will use you. As it stands I don't think I'll be using the terms longer than a year.
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jonbvn
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Post by jonbvn on Feb 6, 2015 19:13:00 GMT
Westonkev,
Given the size of the business you now control, ad-hoc "some-point" measures are simply unacceptable. This has to be in the T&C's NOW!!!!
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ikorodu
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Post by ikorodu on Feb 6, 2015 19:23:31 GMT
Westonkev, Given the size of the business you now control, ad-hoc "some-point" measures are simply unacceptable. This has to be in the T&C's NOW!!!! I must admit the ' give us time' and 'no promises' way of doing things sounds amateurish at best. Surely this should be a real priority!
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bigfoot12
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Post by bigfoot12 on Feb 6, 2015 19:30:03 GMT
Westonkev, Given the size of the business you now control, ad-hoc "some-point" measures are simply unacceptable. This has to be in the T&C's NOW!!!! westonkevRS it is good to hear that you have been able to treat the families/executor of a deceased account holder quickly and fairly. I am pleased that you have been able to do so even if the strict terms and conditions imply something else. Other terms and conditions do give you discretion to do otherwise. I hope you go onto discuss this internally and improve and clarify your terms and conditions lest these deter some from lending in the longer markets, or at all. If you did allow the fund to step in I presume that there would still be discretion of the type if funds allow, in case several large lender die close together (in time) or the death of a lender with a large balance.
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Post by GSV3MIaC on Feb 6, 2015 20:16:26 GMT
I can see why RS might not be in a position to liquidate it, but I can't see the problem with just transferring it (upon proof of death/probate/etc) to the executor, which is what all other financial organizations manage to do (yea verily, even the banks, although they drag it out an unseemly long time).
In the case of ISAs (if such ever appear in P2P form) there is now a legal ability/requirement (?) for the fund (or is it just the allowance?) to be transferable to a spouse or partner AIUI, so RS better get their heads around that one too.
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Post by batchoy on Feb 6, 2015 21:01:08 GMT
I can see why RS might not be in a position to liquidate it, but I can't see the problem with just transferring it (upon proof of death/probate/etc) to the executor, which is what all other financial organizations manage to do (yea verily, even the banks, although they drag it out an unseemly long time). In the case of ISAs (if such ever appear in P2P form) there is now a legal ability/requirement (?) for the fund (or is it just the allowance?) to be transferable to a spouse or partner AIUI, so RS better get their heads around that one too. When dealing with my mother's estate as executor I was given the option on a number of her investments of liquidating them with a reduced return or allowing them to run to term, I see no reason why this cannot be offered by RS et al. It is then down to the executors to decide whether it is more beneficial to the beneficiaries to liquidate with a reduced return or to wait with the promise of a greater return but with the potential issue of estate taxes having to be paid over the intervening period.
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Post by westonkevRS on Feb 7, 2015 6:42:39 GMT
Westonkev, Given the size of the business you now control, ad-hoc "some-point" measures are simply unacceptable. This has to be in the T&C's NOW!!!! I must admit the ' give us time' and 'no promises' way of doing things sounds amateurish at best. Surely this should be a real priority! Perhaps, but I'm only here as a lender unfortunately tagged as a representative. RateSetter doesn't have an official comms point for the forums and probably never will (and don't blame them, considering the relentless questions and accusations some other operations have had to deal with). So in the meantime your stuck with me, and my amateur promises to have a word. And no it isn't a priority. We don't get many and the few deceased we have are dealt with quickly and efficiently. Trust me, looking after 19,000 lenders, £40m lending monthly and £300m outstanding balanced brings other priorities.
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