Andy Paddock

Andy Who?

RSA Animate – Re-Imagining Work — May 6, 2015
The Pension Trap You Shouldn’t Escape From — September 7, 2012

The Pension Trap You Shouldn’t Escape From

To put some meat on the bone and to add the opinion of a serving soldier please bear with me while I bleat on for a few minutes.

The facts are out there and the injustice is obvious and can’t in my opinion be excused, but I have a different angle.

I have not got long left to serve in the Army and am what some may say pension trapped, I’m so far into my full service that if I decided to leave it would dramatically reduce my pension. On the other hand If I decided to leave early I would not get a pension but would potentially be more employable.

I’m happy to stay and risk my age impacting on my ability to start a new career but I’ll have the buffer of my pension to soften the blow. These few good men are in the same position but have just had the safety net ripped away.

Related Links

Pension Justice for Troops – e-petition

IS A Social Lender Better Than Your Bank? — April 2, 2012

IS A Social Lender Better Than Your Bank?

Zopa is a marketplace for peer-to-peer lending. People lend and borrow money with each other, sidestepping the banks.

A better way

Peer-to-peer lending is a smarter, fairer and more human way of doing money. It’s like borrowing and lending with your friends and family – except there are thousands of people you can lend and borrow with.

Both lenders and borrowers get better rates, because peer-to-peer lending is more efficient than the traditional banking model. Banks have massive overheads, with thousands of employees to pay and hundreds of branches to maintain. So they have to take large margins on the money that passes through them.

There’s no smoke and mirrors here. Banks use your money to make even more money for themselves. They lend some of it out, gamble some of it on the price of tin or the Yen depreciating, and invest the rest in any other money-making schemes they can think of.

Whereas at Zopa, people who have spare money lend it directly to people who want to borrow. There are no banks in the middle, no huge overheads and no unethical investments.

I’m getting 10.90%

Since I joined ZOPA in 2010 my average return on my investment has been 6.58%, In the past couple of months I shifted my lending offers into the slightly higher risk markets. In the past month my return has increased to 9.57% and in the past week I’ve been getting 10.90%

What about bad debtors

I have set my maximum loan exposure to £10 so the money I invest is lent out in batches of £10 so the maximum I will lose if some one defaults on their loan is £10. You have complete control over how much you lend and the interest rate you charge, but it may be an idea to check out what zopa means before you get involved.

They also do loans as well.

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