hector
Member of DD Central
Posts: 122 
Likes: 162
|
Post by hector on Feb 12, 2018 9:27:21 GMT
I have no plan to pass any time soon and expect to see out all my current P2P loans. However, I am unsure what happens if should unexpectedly have to "repay my loan on life" (i.e. die) early. I imagine that the mechanics for each P2P platform would be a bit different, but wonder if there are any general principles that would apply for the trustees of my estate to follow. For long term loans without any secondary market I suppose it means it could be some years before everything could be wrapped up. For ones with a secondary market I would expect that trustees could sell them on and distribute the cash. If anyone knows then I'd be grateful for guidance. See my post further down General P2P discussions headed ‘Its not just when you die .......’ Some experiences there might be an Alert to others
|
|
|
|
Post by many38 on Feb 12, 2018 9:54:38 GMT
When I reached my 3 score years and 10 I asked The House Crowd (where I have by far the largest proportion of my P2P funds) whether I could add my daughter's name to the account and whether by doing so she could take over the account in just her name when my end came. They were extremely helpful and said when proof of death was provided the account would just be in her name. I can't see why other P2P sites couldn't do the same. If there is only one beneficiary this would seem the simplest solution. I haven't enquired whether any of the other P2P sites I use would do the same as I am winding most of them down.
|
|
djg
Posts: 18
Likes: 16
|
Post by djg on Feb 12, 2018 16:12:22 GMT
ceejay, I like your attempt to co-ordinate info from p2p platforms. Having reached a stage in life where the grim reaper may soon beckon, and being heavily invested in a few platforms, I'd like some answers myself, and may be able to help with your study. Initially, I've got some thoughts on your list of questions. Tried to PM you, but it tells me I can only PM "staff members" (whatever they are). This could explain why you've not had much response? Or maybe I'm doing something wrong? Is it possible for you to PM me? (I'm fairly new to this game and the forum, so please excuse my ignorance).
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
Likes: 945
|
Post by stub8535 on Feb 12, 2018 16:52:32 GMT
ceejay, I like your attempt to co-ordinate info from p2p platforms. Having reached a stage in life where the grim reaper may soon beckon, and being heavily invested in a few platforms, I'd like some answers myself, and may be able to help with your study. Initially, I've got some thoughts on your list of questions. Tried to PM you, but it tells me I can only PM "staff members" (whatever they are). This could explain why you've not had much response? Or maybe I'm doing something wrong? Is it possible for you to PM me? (I'm fairly new to this game and the forum, so please excuse my ignorance). Anyone else in djg situation please identify. Mods, can anything be done to help? Many hands make light work.
|
|
treeman
Member of DD Central
Posts: 1,026
Likes: 557
|
Post by treeman on Feb 12, 2018 18:01:42 GMT
ceejay, I like your attempt to co-ordinate info from p2p platforms. Having reached a stage in life where the grim reaper may soon beckon, and being heavily invested in a few platforms, I'd like some answers myself, and may be able to help with your study. Initially, I've got some thoughts on your list of questions. Tried to PM you, but it tells me I can only PM "staff members" (whatever they are). This could explain why you've not had much response? Or maybe I'm doing something wrong? Is it possible for you to PM me? (I'm fairly new to this game and the forum, so please excuse my ignorance). iirc - you can only send a PM once your New Member status has gone - 5 posts needed I think
|
|
|
|
Post by eascogo on Feb 12, 2018 21:51:50 GMT
|
|
|
|
Post by devonlad on Feb 13, 2018 12:39:56 GMT
To my mind some of this would be greatly simplified (between spouses at least) if P2P platforms would allow joint accounts. It is common knowledge that, for example, with 'either to sign' joint bank accounts the account simply converts to a sole account in the surviving spouse's name. As far as I know the same applies to other jointly held assets, so why not P2P platforms? There may well be valid tax reasons why couples may choose to have separate accounts, but that is a different matter and would be a matter of identifying your priorities. And with ISAs there is now provision for such accounts to be transferred from the deceased spouse to the survivor: www.gov.uk/government/uploads/system/uploads/attachment_data/file/603261/ISA_Lifetime_ISA.pdf. Does any P2P platform permit this? Apparently they don't have to do so. Definitely this subject is important, and will obviously become an increasingly common headache until platforms give some serious thought to the matter. |
|
|
|
Post by many38 on Feb 13, 2018 12:44:54 GMT
Devonlad. I've already done it with my daughter on House Crowd. See my post yesterday.
|
|
|
|
Post by devonlad on Feb 13, 2018 13:14:38 GMT
Devonlad. I've already done it with my daughter on House Crowd. See my post yesterday. Yes, I read your post. I don't use House Crowd, so let's just now hope that we can persuade some of the others to understand this very simple point. As far as I am concerned those are AC, Collateral, Bond Mason, FC, FdSec, Lendy, MT, RateSetter, LandBay, and Wellesley. We can live in hope, I suppose.
|
|
ceejay
Posts: 975
Likes: 1,149
|
Post by ceejay on Feb 14, 2018 19:57:50 GMT
We're just starting to engage on the survey mentioned earlier and some interesting conversations are starting up. It will take a while, but I think we will be able to cast some light on the subject. Just hang on in there ... and, if you'd like to join in, its not too late to PM me with a list of the platforms you'd be up for talking to.
|
|
