09dolphin
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Post by 09dolphin on May 31, 2017 6:40:36 GMT
Sorry if I am a cause of stress to anyone by asking this question but I really do need some guidance or help.
I've recently received notice that it's probable I'll not be around in 3 months time (and please don't feel sorry as I've had a happy and fulfilled life). My investments in FS amount are less than 10% of my total investments (stocks and shares, cash etc) but it's still a significant amount.
I am concerned about what happens to my FS investments that are grossly overdue as I do have "unfortunate" investments such as in the Scottish boatyard, the Welsh hotel and the Knaresborough property, Whilst I hope these will be settled before my demise I am concerned about these and other potential "unfortunate" investments.
I have advised my executors to sell everything that still has over 30 days but I don't want them to be unduly burdened by loans that just drag on for many months.
Obviously I will change my investment strategy by selling loans that have more than 30 days before they are due. But is there anything I can do about loans that are now up to 30 days from maturity or are overdue?
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archie
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Post by archie on May 31, 2017 7:50:04 GMT
Sorry to hear your news. There doesn't seem to be much information about this situation. I'm not sure if your executors would be allowed to sell for you. I did find an article here which may help a bit. I'd advise you to contact each platform involved to get specific advice. |
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gurberly
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Post by gurberly on May 31, 2017 14:33:14 GMT
Likewise, sorry to hear your news. From a practical point, if three months is a fairly defined point in time for you, then I would suggest you start thinking about selling what you can sell now. It will take executors some time to get into a position to start dealing with any assets let alone a complicated loan portfolio. On a rolling 6 month loan book, many of your current loans could well be reaching expected end dates. As archie suggests, do contact the sites now to understand how they deal with such issues. |
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markm
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Post by markm on Jun 1, 2017 10:32:55 GMT
I don’t have any overly-specific advice other than that mentioned above.
However, having dealt (and currently dealing) with being an executor of an estate of a relative who was in your situation I do have some general advice which may, or may not, help and I hope doesn’t come across as patronising in any way (if so feel free to ignore!).
Have a clear record of where all your investments are : individually and grouped by platform/broker/institution.
For any matters (financial or otherwise) that seem complicated to try and resolve at this stage – don’t try. There’s quite a bit of work to do in sorting out the affairs of an estate, no matter how much preparation you carry out. As an executor you accept that responsibility and workload. As long as records are clear that’s more than sufficient.
Appreciate the time you have remaining with friends and family without overly worrying about trying to resolve minor issues: that is something they will be hoping you are able to do.
All the best
(It might be worth posting this on the General discussion board if you want wider feedback)?
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Post by bonfemme on Jun 1, 2017 12:17:20 GMT
Hi 09dolphinI know your name quite well as a member of this forum (not least possibly because you are the very first person listed in the members' list) and was really sad to read your post. I've wondered what I should be doing about the complicated P2P world should I find myself in your situation and one thing I thought worthwhile doing was to record all the relevant information I have in a spreadsheet detailing all platforms; usernames; approx. balance of accounts etc. I have printed it and included it with other important documents. It should then be up to the executors to contact the platforms and inform them they are dealing with your affairs. The various platforms should then be left to worry about what has to be done going forward to resolve the outstanding amounts and make sure any proceeds due are sent to your estate. That's really the best you can do and, as Mark said above, don't worry about it any more and try to make the most of the rest of your life - which hopefully is going to be a lot longer than some may have predicted. I hope to see you around for a long time. |
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09dolphin
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Post by 09dolphin on Jun 1, 2017 16:20:59 GMT
Thank you for all the kind thoughts and advice. I consider myself fortunate in having some sort of timescale (albeit flexible) before I go as it would have been so much more complicated for my executors if I'd had no notice at all.
I have listed all my property loans (that have more than 30 days to run) on the secondary market. Some have already sold and I will review the situation and possible discounts at the end of June. My problem is the 20 or so loans that are presently past their redemption date, some significantly. Presently I am liquidating my assets where this seems sensible and hopefully this will help my executors. However I am concerned that some loans can be extended by 12+ months, or even longer, so my possible exposure is up to 35 loans.
It's really good advice for anyone to print out a list of the location of assets (and a rough estimate of their value) along with their relevant location and access details regardless of if you expect to die in the near future or not. Especially so if you no longer have a spouse, and it will be an enormous help to executors. My list of assets is something I have kept in my safe for the past 10 years or so but is now updated on a regular basis - can't think why!!
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treeman
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Post by treeman on Jun 1, 2017 17:07:57 GMT
Hi 09dolphin, Sorry to read your news ....... A thread of a while back - similar advice, no great revelations - if you were interested : p2pindependentforum.com/thread/4937/help-older-p2p-investorI'm sure most (all?) of the platforms have processes in place and would be very helpful to executors. There may even be some benefit giving an overview to your executors in advance ? As for the 'complicated' loans - don't worry about what you can't change. Peace T |
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Post by martin44 on Jun 1, 2017 19:13:30 GMT
09dolphinBeing a long time p2p investor and of an age where 'your' situation may well come my or anyone's way all too soon, i will say i think you are extremely brave, and indeed thoughtful for sharing your situation. I wish i had something more constructive to offer than my sincerest best wish's . Martin.
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