Pension Loan

[onlyhere1nce]

Has anyone on forum had dealings with the company Pensionloans4u or any similar company offering cash in advance of 25% pension cash at age 55.

THANKS

[kallis3]

Not heard of them, but there are a lot of companies around who do this. Do be careful if considering pension release as you may got get a good deal.

Take independent advice first.

[FormerlyST1100]

I agree with Kallis, make sure you take independant advice.

Pensionloans4u looks like they are based in the Czech Republic, what would happen if there was a problem, what regulations do they come under?

[kallis3]

Sounds well dodgy to me! If you were going to look at something like that then choose a UK based company.

[onlyhere1nce]

Thanks for the replies so far.
The "4u" company does use UK regulated investment companies & the fact that my funds are currently in a number of deferred UK pensions with eg Std Life & the PRU does mean that any transfers will have to be made under FSA / HM Treasury rules?

I am about to be discharged from a Scottish Trust Deed
This being the case, I have no line of credit & no savings. but I do have an unexpected £1,000 car repair which has put my car off the road.
At present this "loan" option is the only solution that presents itself to me. (No monthly repayments, only admin fees & annual fee from new pension investment in SIPPS)
Any other ideas for emergency car repair financing?
Cheers,

[kallis3]

No ideas at all, but I would be careful before releasing any pension money. Do you have someone who could finance it for you and you pay them back?

[animaleyes76]

The other thing to be aware of is pretty much anybody can just set up as a financial adviser offering financial advice, with no professional qualifications in the Czech Republic.

Be VERY careful.

[kallis3]

I certainly wouldn't use a foreign company. They may say they use UK companies but who knows if they are genuine or not? If things go pearshaped, are you covered?

If you are going to do this, use a UK based company. There are a few of them out there.

[animaleyes76]

I can always go to their office and "sort them out" for you

[onlyhere1nce]

Thanks peeps,
I guess "Caveat Emptor" is key.

And thanks animaleyes76 for the offer of some gentle persuasion should things go pear shaped.

Just tough luck that under legislation this time last year I would have been entitled to release 25% of my pension funds as I have just turned 50. However the Government changed the minimum age to 55 last April!!!
On the positive side there is a HM Treasury consultation due to conclude late February, which is looking at early pension release options at any age, in certain circumstances.

[MelanieGiles]

It is quite easy to release money from pension schemes these days using a reliable financial company to do this for you, but make sure that you are not eating into a fund which is designed to provide you an income into retirement to benefit from a quick fix.

[lavalamp]

I have a transfer going through with Pensionloans4u . The fund is transferred to a firm called London and Colonial who seem perfectly legit. I am now waiting for the pension loan to come through and hope I will soon be able to give the firm glowing praise.

[kallis3]

As always, posters should make sure what they are signing up for before making a final decision on any financial matters, particularly to do with pension release and should check on all companies which can be done via Companies House.