how Can i get My hands On £8000 for a few weeks

daffodil

I am trying to get my hands on £8000 to pay into a PPP so I can take advantage of the loop hole and get £500 free from the government.
I have tried my bank and they cant loan it to me and I have tried my credit card company who loan me enough.
I need it quickly before the loophole is closed
I dont earn a lot and the loan company I tried wants to know what I need it for and they wont loan it to me if I am going to make a profit from it.
So ..... so far I have opened a PPP with £1 and I dont know what else I can do.
You see I only need it for a few weeks so I dont have to pay any interest on it.
I would open another credit card but my credit limit would not be large enough and if i do find a loan I would be penalised for paying it off far too soon.

Eric_the_half_a_bee

I'll lend it to you. Please first send a processing fee of £120 to account number 10976872, National Bank of Nigeria

Drp8713

I really can't see the point of this.


You make £500, but less any account opening fee, trivial commutation fees, account closure fees


Its lots of work.


Plus you have to wait for the tax relief, which can take a few months, by which time they could have closed this "loophole".


Finally, if you have £8k lying about, why would you work this hard for a poxy 500 quid.

daffodil

Eric_the_half_a_bee wrote: »

I'll lend it to you. Please first send a processing fee of £120 to account number 10976872, National Bank of Nigeria

Its in the post:beer:

dunstonh

I am trying to get my hands on £8000 to pay into a PPP so I can take advantage of the loop hole and get £500 free from the government.

What if HMRC close it over the next year?
Do you have the earnings to put £8000 into a pension?

You say you are a low earner. Do you get any benefits or pay little or no tax? If you take the pension as a lump sum, it is classed as income in that year and you could lose benefits as your income will be higher. Your tax could be taken into the next band as well.

mania112

Is this a joke.

You want to take out a loan for £8,000 to gain £500 - have you figured out the cost of the loan (or credit card)?

bsms1147

I'll do it for 89.9% APR.

saintalan

Drp8713 wrote: »

I really can't see the point of this....
...why would you work this hard for a poxy 500 quid.

So for others who think £500 isnt poxy and those maybe doing it for the £180 available to non earners is there a cheap way of doing this.

MSE shows only HL has SIPPS for no joining/transferring/annual fee.

Thanks

Alan

SeekTruth

saintalan wrote: »

So for others who think £500 isnt poxy and those maybe doing it for the £180 available to non earners is there a cheap way of doing this.

MSE shows only HL has SIPPS for no joining/transferring/annual fee.

Thanks

Alan

Have you checked whether they permit withdrawal and, if so, whether any fee will be charged?

Christabel

Apparently you can repeat it three times so potentially earning £1,500. Does anyone know how to actually do this? Who are the pension providers? What is the process?

dunstonh

Does anyone know how to actually do this?

Once the laws have been passed and HMRC have said they will not do anything to close it then we will know.

Who are the pension providers?

Technically, all of them but the charges are the unknown as providers are not likely to allow people to do it at no cost.