Pension Loans

GElaries

Hi i'm having various debt problems and i am looking at all areas and cam across a company offering pension release loans pensionreleaseuk.com.
My pension (which is now frozen) is around 34k and they have offered me a 18K loan (with 5% fee) which my pension would pay off when i retire (around 30 years i hope) the interest on the loan is 5.5% per year which i could pay or let the pension pay it all off when i retire, i was just wondering if anyone has any other info or thoughts on this (i now have a better pension running), from the info i got they would use my pension money to fund other loans etc.

thanks for any replies.

mptorrance

It can be done although it is quite complicated and over my head - I know because I did it. I used a company because I was desperate (and I mean desperate for cash)

It involves something called Qrops, the whole thing took about 6 weeks and whilst I may not have much of my £40k pension when I retire, it helped me at that time.

Take advice from a a qualified IFA - THIS IS A MUST!

LorenD

Hi there I am in a similar situation and would like to release funds from my pension before age 50 please advise which company you used, and whether you actually received most of the pension pot using the Qrops method.

I would be grateful for any further advice on this.

iolanthe07

You might do better posting on the pensions board of this site for expert help. Cashing in pensions early is really a very dicey thing to do and it affects not only you but your dependants.

LorenD

thank you for your input.