StepLadder

[Gracie300]

Anyone used StepLadder (the house deposit scheme)? We need to be more disciplined with savings and I saw this online, but not sure about it.

joinstepladder.com/mobile/

Or does anyone have any good ideas for strict savings? We can save approx £1.5k a month (once I’m back at work) but have a really bad habit of dipping into it!

StepLadder looks absolutely insane. You could lose your money. If you put it in and want it back you have to wait until everyone else has been "awarded" (WTF?) their deposit. If they go bust you wave bye bye to EVERY PENNY OF YOUR DEPOSIT

Fuck me. This is the next London Capital & Finance

How to save? Direct deposit into your savings account on payday, so you never see it. Put it onto a building society ISA that only permits cheque withdrawals so you can't easily fritter it away.

My god I've looked more at this stepladder scam. Not only does it put your deposit capital at risk, but they charge YOU an administration fee for the privilege of keeping YOUR deposit funds. In exchange, you MIGHT get your full deposit back earlier than if you'd saved alone. As long as Stepladder doesn't go bust and leave you with nothing, that is.

Don't touch these fraudsters with a bargepole folks!

(I say fraudsters. Like all high risks lenders, they are regulated by the FCA. Just like London Capital & Finance were...)

Thanks!! Had only vaguely looked into it - won’t be touching now.