Peer-to-peer lending sites: MSE guide discussion

jamesd

Rheumatoid wrote: »

As well as 'er indoors I have a son with a bank account and no money living with me

Well, he has a thousand Pounds of investments now that he has to declare when claiming benefits. Unlikely to affect a claim because it's below typical savings limits. A bigger issue if you give him more money to try to circumvent limits at other places.

Rheumatoid

jamesd wrote: »

Well, he has a thousand Pounds of investments now that he has to declare when claiming benefits. Unlikely to affect a claim because it's below typical savings limits. A bigger issue if you give him more money to try to circumvent limits at other places.

He only has that one ratesetter account (that I control and he can't access) and he does have a low paid apprenticeship so not on benefits. He has no savings to take him near the PSA. He also lives at home on very favourable terms and I bunged him a couple of beers for using his account details and will do likewise when he has to transfer the deposit back to me at the end of the term
R.

Rheumatoid

masonic wrote: »

Strictly if you've been paid money into an account that he legally owns, he does have some money.

I guess he does now - although life on the street would be his choice if he tried to get hold of it

masonic

Rheumatoid wrote: »

He only has that one ratesetter account (that I control and he can't access) and he does have a low paid apprenticeship so not on benefits. He has no savings to take him near the PSA. He also lives at home on very favourable terms and I bunged him a couple of beers for using his account details and will do likewise when he has to transfer the deposit back to me at the end of the term
R.

Let's hope HMRC never finds out about this little arrangement if the interest wouldn't fall within your own PSA

greenglide

Let's hope HMRC never finds out about this little arrangement if the interest wouldn't fall within your own PSA

Let's us all hope that HMRC do find out if this arrangement results in tax being due but not paid.

Have no really issue over ratesetter losing out but the last time I checked tax evasion rather than avoidance is illegal in this country.

masonic

greenglide wrote: »

Have no really issue over ratesetter losing out but the last time I checked tax evasion rather than avoidance is illegal in this country.

Fraud is also illegal, so making the necessary declaration to HMRC may be ... problematic.

Rheumatoid

What is wrong with me lending him £1k so he can earn £40 and me getting £150 sign up and referral bonus plus my money back at the end of the term? Doesn't seem problematic in terms of fraud or tax evasion to me.

masonic

Rheumatoid wrote: »

What is wrong with me lending him £1k so he can earn £40 and me getting £150 sign up and referral bonus plus my money back at the end of the term? Doesn't seem problematic in terms of fraud or tax evasion to me.

If he is keeping the interest, then there isn't a tax evasion problem. If he is operating the account himself then there isn't a fraud issue... but that's not how you described it above. Be careful.

TheShape

Made my first investment with MoneyThing today and invested a small amount in a number of loans in the Ablrate Secondary Market.

Would like to invest (and diversify) further through another platform.

Was going to open an account with Collateral but my Internet Security program is not at all happy with their site and I'm not keen to switch it off to Register.

Any recommendations for another platform? I find Ablrate very straightforward to use so a platform with similar functionality to that would be ideal.

masonic

TheShape wrote: »

Any recommendations for another platform? I find Ablrate very straightforward to use so a platform with similar functionality to that would be ideal.

I find FundingSecure to be ok, although you should be careful you understand their secondary market if you want to use it to buy into existing loans. You inherit the income tax liability for the rolled up interest, which makes it unattractive for taxpayers - though it is great for passing on your tax liability when selling.

Interesting you are having problems with their website. I have already made suitably derogatory comments about the web "security" company they have decided to partner with.