Pension Loan / Advance Under 55?

mbc0

Hi,

I see a lot of companies offering an advance/loan on your pension, my question is are any of them legal? has anyone on here ever done this if so who did you use? revivemypension.co.uk appear genuine but I am being very cautious... I really need a lump sum to get me out of the position I am in and with my 0 credit rating I can see no other choice! can anyone please offer any advice?

Many Thanks

greenglide

I think your defintion of "genuine" is a bit odd!

Revive My Pension does not provide any financial or pension advice of any kind. Revive My Pension is not regulated by the Financial Conduct Authority. Revive My Pension is an introducer to several company products and services.

If they are not authorised to give any advice what, exactly, do you think they do?

Avoid like the plague and consult the Debt Free board or similar?

bmm78

http://www.fca.org.uk/consumers/scams/early-pension-release-liberation

Guidance from the FCA above. In their words, "any scheme offering to help you release cash from your pension before you are 55...is almost certainly a scam".

I would recommend speaking to the Pensions Advisory Service (http://www.pensionsadvisoryservice.org.uk/) and/or the the Money Advice Service (https://www.moneyadviceservice.org.uk/en).

The former should be able to assist with whether a specific scheme is a scam, while the latter can help with general debt advice.

atush

I agree, anyone offering to do this is a scammer.

So do go on over to the debt free forums for help.