Pension Backed Loans.

Ritchie83

I am looking for some advice regarding this company Pension Backed Loans (PBL) I had heard that you could unlock some of the value of your pension early if you were under the age of 55. I am 29 and currently have a pension of around £21000 and was looking to get some money by using it as security. I have really bad credit due to the recession and loosing my job so thought this may be a way of getting some money to get me back on my feet. I have had some contact with PBL and they have offered me the chance to transfer my pension into a SIPP which they would invest into carbon credits for me and for me doing this they would give me approx £3750 as commision for moving my pension. I know it does sound good to be true but they also said that if i didnt like how things were going after 2 years i would be free to transfer the pension back out of the scheme and into another pension. Now the £3750 is not gonna come outta my pension pot so i should still have a decent pension after 2 years to transfer if i didnt like how things were going. I have asked for advice because im not sure if this is legal. The did say they would be moving it into an FSA regulated company. Any advice would be much appreciated.

dealer_wins

PBL sound more dodgy than a late night undercooked kebab.

I would get proper financial advise before doing anything with your pension otherwise it could cost you many thousands of pounds at retirement.

Apples2

Domain name:
pensionbackedloans.org.uk

Registrant:
Ann Batty

Registrant type:
UK Individual

Registrant's address:
The registrant is a non-trading individual who has opted to have their
address omitted from the WHOIS service.
Registrar:
UK2 Limited [Tag = UK2NET]
URL: http://uk2.net

Relevant dates:
Registered on: 16-Nov-2011
Renewal date: 16-Nov-2013
Last updated: 26-Nov-2011

Not looking too good is it?

The website itself is totally woeful, hardly any content at all.
You can have the benefit of the doubt but it is not unusuall for Noobs to sign up with a cloaked attempt at raising the profile of a site, especially one which has only been operating just over 2 Months!!

Ritchie83

I know this might not help but the website was a .co.uk webiste and not .org.uk. I know that it did sound a bit dodgy and have no intention of going into it without some independant advice but i was just seeing if anyone here had dealt with this company before. I have done a bit of research myself and was really unsure so decided to put a post on here to see if i could see what other ppl thought.

DevCoder

forums.moneysavingexpert.com/showthread.php?t=3168094

Domain name:
pensionbackedloans.co.uk

Registrant:
Anthony Chewins

Registrant type:
Unknown

Registrant's address:
3 Ribbonwood Heights
Poole
Dorset
BH14 0DE
United Kingdom

linkedin.com/pub/tony-chewins/0/581/8b5

if you are logged in to a linkedin account you can see that he gives his occupation as 'Director at Mortgage Mania Ltd' also his Past says

* Owner at Quay FS Ltd
* Owner at FS Resourcing Ltd
* Manager at Myriad

Google Street View : maps.google.co.uk/maps?f=q&source=s_q&hl=en&geocode=&q=3+Ribbonwood+Heights++++++++Poole++++++++Dorset++++++++BH14+0DE&aq=&sll=53.800651,-4.064941&sspn=15.320488,53.569336&ie=UTF8&hq=&hnear=3+Ribbonwood+Heights,+Poole,+Dorset+BH14+0DE,+United+Kingdom&ll=50.726596,-1.946077&spn=0.000452,0.00327&t=h&z=19&layer=c&cbll=50.726597,-1.946076&panoid=sR5mK-B5UAQk-2tiMcrMVg&cbp=12,26.18,,0,-22.5

FSA Register information fsa.gov.uk/register/indivBasicDetails.do?sid=508894

Barge pole wouldn't touch springs to mind


(Apologies for no hotlinks as I'm not trusted enough to post them yet )

DevCoder

ifaonline.co.uk/ifaonline/news/2073600/fsa-warn-pension-loans-reports (May last year)

5.5points over base

Apples2

Ritchie83 wrote: »

The did say they would be moving it into an FSA regulated company.

http://forums.moneysavingexpert.com/showpost.php?p=43332426&postcount=17

dunstonh wrote: »

None whatsoever.

The companies that do this are nearly always outside of FSA regulation. Many used offshore arrangements. HMRC rules are being bent and you are responsible for that (not them). Plus, you can usually spot the dire terms in their t&c so you cant really complain about it later.

Seriously, no matter how you look at it, or how we can modify the website name, it is all the same. This is a scam.

Forget the silly idea. If you can't get a normal loan, find something else to do which doesn't involve spending money you don't have.

MonkeyMad

Apples, you've done it again. You are supposed to recommend going to Wonga for the money instead of just not spending it at all. What part of this are you finding difficult?

Apples2

Out of over 3,000 posts, I have not once recommended taking out a pay day loan, nor would I.
Not many come on here asking if it would be a good idea, only that they took one already.

Unless you know something I don't.

MonkeyMad

But that's my point. Asobokid says you are a wonga shill being paid to recommend them. I don't understand - perhaps he is making it all up?

Apples2

Asbo - making stuff up? Whatever next?