Pension Loans

stateofmind

Thanks Bogof. Thinking about it I think what I was looking to do was actually see if I could release some of what I had paid into my pension, not really take a loan out against it. Just those pension websites are very misleading.

Seems its not an option though but thought it was worth asking the question. I don't think the high apr loan really is the option either though, I'll make other arrangements, been stung by high apr loans before!

Apples2

stateofmind wrote: »

Is it so wrong to simply ask the question on here? From the sensible advice given, it's obviously not a good idea to pursue this which I won't do, but you have absolutely no right to call me 'a madman desperately grabbing for cash'

Back in July you were buried under a mountain of Payday loans you weren't repaying.
Fast forward five Months and you are still craving that next fix of cash.

Whatever you have been doing for the last year is simply not working. Whatever advice you have been following is not working.

If my advice falls on your deaf ears, it is no loss to either of us. All the sensitive advice you have had in the past, has not worked either.

At some point, you will have some kind of lightbulb moment, sadly it doesn't appear to be nearby.

Advice can be blunt or kind, sometimes one works better than the other, in either case nothing online is personal so don't take it to heart.

[Deleted User]

OP are you 55 or over?

stateofmind

The thing is Apples, a post made 5 months ago has absolutely no relevance to this post. I was only seeking advice on something I had come across in an effort to understand if it was a viable option.

I have a new family coming and want to be able to be in a stronger financial position than I'm in now so I wanted to explore my options, I really don't know why you felt the need to look at what other posts I had made prior to commenting on this thread? If you had nothing constructive to say about this post, just don't post anything. The way it looks is that you've looked at what I've previously written then decided to write something on here?

Anyway let's move on. It's clearly not an option for me, and we will agree to disagree.

In response to woodbine I am under 55. Thanks.

iolanthe07

Apples is blunt and forthright, but is not a troll.

somethingcorporate

Raiding the tiny amount of money you have put aside for your later life (pension) is not going to improve your life overall.

It will increase your debt, have you paying higher interest for longer and may land you in a heap of bother with HMRC.

Deal with your debt rather than looking for that sticking plaster fix.

KingElvis

There are loads of options instead of this loan, I'll list a few.

1. Bank robbery
2. Open a carwash
3. Learn to play the panpipes
4. Go into local goverment
5. Sell spatulas via a mobile "app"
6. Murder that rich relative with a will
7. Write the next Harry Potter
8. Mine for gold on The Moon
9. Collect 2 million drinks cans for scrap
10. Dress up as father Christmas and take instead of give.

Hope that helps.

Elvis

Gordon_Hose

Apples' post is spot on. If you post in a public forum, expect to be told the truth, harsh or otherwise.

If you can't handle the negative comments, either because you're a bit of a princess or it's not what you want to hear, then don't ask the question.

Jeff_Bridges_hair

stateofmind wrote: »

I have a new family coming and want to be able to be in a stronger financial position than I'm in now so I wanted to explore my options, I really don't know why you felt the need to look at what other posts I had made prior to commenting on this thread? .

There is no way that taking another loan out would ever put you in a better financial position. It would make you worse off because you would be further in debt. If you want to make a solid start to your newborns life then dont go out floggin off your pension or getting in more debt. Seriously look for another way to bring money in.

Apples advice was spot on and to the point as it seems the only way that people will learn is to be told the truth.

CHR15

I found the whole mindset shocking. The whole concept of taking the money which is designed to feed you when you are too old to work and have zero employment.

Headshake, facepalm etc. etc.