is this a viable idea????

kevsadie82

here is an idea-im crap with money(obviously!!) and crapper with maths and decimal points etc!!
i read back along that 2 million people have signed up to martins weekly email so that must mean around the same amount must be registered on this site(could be more could be less i know)
so what if.............everyone donated £5(or more) that would make.....(lots of money!!) and if mse put this into an account(a high interest account) the interest it would make in say a year would be alot what if then the money was dipersed between all donators to help(if not completely) pay off their debts would that work? i know it would need a bit of fine tuning and working out and that but like i said im not good with all that.
so it would work kind of like a kitty but would gain interest.please dont be nasty in any replies i know i might be being nieve,and in any replies please put it in simple terms for me!!

in2deep_2

Nice idea i wonder how far 10million will go.

The funny thing is most people my self included would just use a CC or similar credit to raise the £5 in the first place, so if it worked the CC companies would be paying off our debts....Errrrr sort of.!!

LilacPixie

Nope not viable.

Firstly who would police who paid what, it isn't fair that some pay in and some others don't and don't get a cut. secondly tax implications?? MSE is not a charity therefor I presume they would have to account for the cash in their own company returns.

Thirdly 2 million members x £5 makes 10 million. even in a 10% interest account that gives 11 million at the end of a year. which equals roughly £5.50. An awful lot of effort for a 50p gross return.

Daz1

You would get the same return as if you had put away the £5 yourself in your own high interest savings account. ie there are no benefits to having a larger pool of money. Also, don't forget, the first (I think) £33000 of any savings are protected in case of the bank collapsing therefore having millions in an account is slightly more risky than doing it yourself and keeping the amount under £33000

Poosmate

Oh Kevsadie82 bless your little heart!

Your post made me laugh. I'm crap with money too so you're not alone there!

It was a lovely idea anyway, just a shame that it wouldn't work.

Nevermind

Poo