Is there such a thing as a peer-to-peer bond type lending website?I'm the sole carer for my chronica

Sevila · 9 November 2018 at 11:08PM

Hi everyone, I'm the sole carer for my chronically ill and elderly mum and also a full-time police officer. I have no other family apart from her. Due to mum's condition, and due to the fact that I'm exhausted performing both roles, I think the only option is for me is to go part-time as she really won't accept help from anyone else. (After almost 24 years of frontline service in one form or another I had hoped for a bit of support from work but this has not been forthcoming). To allow me to go part-time, perhaps 16 hours less per week of a 40 hour rostered week, I will need about £25,000 to maintain something near to my current lifestyle until March 2020 when I will be retiring after 25 years pensionable service. (I’m confident of getting another job shortly thereafter). 10 months later, in January 2021, I will receive a commutation lump sum of about £50,000. I have a sizeable fund portfolio under the ISA wrapper with Hargreaves Lansdown that is doing very well so I don't really want to sell any of these funds and 'lend myself money' from that. I also have other investments but these are not readily available to draw upon. My ideal funding solution would be a bond type IOU agreement where 'someone' lends me the money and I either pay them back in full plus an agreed interest rate in January 2021 or pay them the interest on a monthly basis and the lump sum back on that date. Are you aware of a peer-to-peer site that could assist as I've not been able to find any? Such a site would probably be preferable to trying to seek out an individual who may be interested in this type of arrangement. (That I would obviously get drawn up legally via a solicitor at my own expense). Thanks

HappyHarry · 10 November 2018 at 5:44AM

Sevila wrote: »

Hi everyone, I'm the sole carer for my chronically ill and elderly mum and also a full-time police officer. I have no other family apart from her. Due to mum's condition, and due to the fact that I'm exhausted performing both roles, I think the only option is for me is to go part-time as she really won't accept help from anyone else. (After almost 24 years of frontline service in one form or another I had hoped for a bit of support from work but this has not been forthcoming). To allow me to go part-time, perhaps 16 hours less per week of a 40 hour rostered week, I will need about £25,000 to maintain something near to my current lifestyle until March 2020 when I will be retiring after 25 years pensionable service. (I’m confident of getting another job shortly thereafter). 10 months later, in January 2021, I will receive a commutation lump sum of about £50,000. I have a sizeable fund portfolio under the ISA wrapper with Hargreaves Lansdown that is doing very well so I don't really want to sell any of these funds and 'lend myself money' from that. I also have other investments but these are not readily available to draw upon. My ideal funding solution would be a bond type IOU agreement where 'someone' lends me the money and I either pay them back in full plus an agreed interest rate in January 2021 or pay them the interest on a monthly basis and the lump sum back on that date. Are you aware of a peer-to-peer site that could assist as I've not been able to find any? Such a site would probably be preferable to trying to seek out an individual who may be interested in this type of arrangement. (That I would obviously get drawn up legally via a solicitor at my own expense). Thanks

Surely this is exactly the kind of thing that you should be using your ISAs for? Why on earth would you want to go into debt for a few years when you already have the assets to pay for what you need?

BrassicWoman · 10 November 2018 at 9:18AM

Sevila wrote: »

I think the only option is for me is to go part-time as she really won't accept help from anyone else.

Is that really, truly what you want?

I was under pressure to do the same and refused; social workers kicked in; help arrived; she'd no option but to take it.

I'm just saying, you dont have kids so they will sacrifice their lives for yours. If you want to that's great; but you don't sound convinced.

If you are unsure, find someone to talk to. Please.

Sevila · 10 November 2018 at 8:48PM

Hi HappyHarry, thanks for your comment. In short, I'm up by about 60% on my funds over the medium-term so I would rather pay a friend or associate say 4-5% interest as I very firmly believe (despite the Brexit debacle) that the funds that I could perhaps consider taking profits from in order to raise £25k would far exceed that percentage.

AnotherJoe · 10 November 2018 at 9:09PM

Sevila wrote: »

Hi everyone, I'm the sole carer for my chronically ill and elderly mum and also a full-time police officer. I have no other family apart from her. Due to mum's condition, and due to the fact that I'm exhausted performing both roles, I think the only option is for me is to go part-time as she really won't accept help from anyone else. (After almost 24 years of frontline service in one form or another I had hoped for a bit of support from work but this has not been forthcoming). To allow me to go part-time, perhaps 16 hours less per week of a 40 hour rostered week, I will need about £25,000 to maintain something near to my current lifestyle until March 2020 when I will be retiring after 25 years pensionable service. (I’m confident of getting another job shortly thereafter). 10 months later, in January 2021, I will receive a commutation lump sum of about £50,000. I have a sizeable fund portfolio under the ISA wrapper with Hargreaves Lansdown that is doing very well so I don't really want to sell any of these funds and 'lend myself money' from that. I also have other investments but these are not readily available to draw upon. My ideal funding solution would be a bond type IOU agreement where 'someone' lends me the money and I either pay them back in full plus an agreed interest rate in January 2021 or pay them the interest on a monthly basis and the lump sum back on that date. Are you aware of a peer-to-peer site that could assist as I've not been able to find any? Such a site would probably be preferable to trying to seek out an individual who may be interested in this type of arrangement. (That I would obviously get drawn up legally via a solicitor at my own expense). Thanks

Such an arrangement would almost certainly cost far more than your investments would perform. You'd be better off to take a mortgage out (or increase your mortgage) for "home improvements" and then pay that off later.
However, your proposed arrangement doesn't sound tenable to me at some point your mum is going to need additional help and hopefully the council can provide some of that. Can you start small and build it up, for exampel on the days you cant do it because you are working. 24 -hour care will destroy you.

TrickyDicky101 · 11 November 2018 at 8:48AM

Do you know what impact going part-time would have on your police pension? Have you factored that into the eventual lump sum?

Sevila · 12 November 2018 at 6:14PM

Hi Tricky

Very little as I was forced on to the career average scheme a couple of years ago. I'm going at 25 years (if I last that long) and can draw 23 years of my final salary one about 10 months later on my 50th birthday. To get both the final salary and the carer average to coincide, albeit with a much bigger commutation, I would have to do 31 years and that ain't going to happen as I would be completely burnt out. I have more spots on my face than a pubetic teenager at the moment due to stress and lack of sleep! ;-)

heartbreak_star · 13 November 2018 at 12:22PM

Your mum can bloody well learn to accept help from other people. It incenses me (and my own mother) when people expect their kids to look after them. There's a difference between love and martyrdom Sevila!

(Sorry, I am aware this is grumpy but it's a bit of a rage trigger for me haha!)

HBS x

Is there such a thing as a peer-to-peer bond type lending website?I'm the sole carer for my chronica

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