Peer-to-peer lending sites: MSE guide discussion

Options
1…7273757778…308

Comments

  • jamesd
    jamesd Posts: 26,103 Forumite
    Name Dropper First Post First Anniversary
    Options
    Rheumatoid wrote: »
    As well as 'er indoors I have a son with a bank account and no money living with me :D
    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
    Rheumatoid Posts: 887 Forumite
    Photogenic Name Dropper First Post First Anniversary
    Options
    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 :D
    R.
    16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j
  • Rheumatoid
    Rheumatoid Posts: 887 Forumite
    Photogenic Name Dropper First Post First Anniversary
    Options
    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 :D
    16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j
  • masonic
    masonic Posts: 23,277 Forumite
    Photogenic Name Dropper First Post First Anniversary
    Options
    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 :D
    R.
    Let's hope HMRC never finds out about this little arrangement if the interest wouldn't fall within your own PSA ;)
  • greenglide
    greenglide Posts: 3,301 Forumite
    First Anniversary Combo Breaker Hung up my suit!
    edited 22 February 2017 at 8:45PM
    Options
    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
    masonic Posts: 23,277 Forumite
    Photogenic Name Dropper First Post First Anniversary
    edited 22 February 2017 at 9:22PM
    Options
    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
    Rheumatoid Posts: 887 Forumite
    Photogenic Name Dropper First Post First Anniversary
    Options
    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.
    16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j
  • masonic
    masonic Posts: 23,277 Forumite
    Photogenic Name Dropper First Post First Anniversary
    Options
    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
    TheShape Posts: 1,779 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Options
    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
    masonic Posts: 23,277 Forumite
    Photogenic Name Dropper First Post First Anniversary
    Options
    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.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards