Loans - retirement age but....

moneyistooshorttomention

As in - I am retirement age and duly retired (ie woman over 60).

The "but" is I've got a revised State Pension Age that is older than 60:mad::( and haven't quite reached that age yet.

Hence I'm only receiving the work part of my pension currently and still awaiting the State part of my pension. It's not much longer now and am counting the weeks until I get the rest of my income back again at last <whew smilie>

I don't basically want to be in the position of being in debt ever again - as I was only too thankful to get clear from that some years back. I did only get in debt for essential things - and not consumer goodies iyswim. Each time the debt was paid back in time - and maybe even downright early. I've always being very unwilling to get into debt - but, if forced, have taken a very responsible attitude and paid it back promptly (if not sooner).

So I'm in this gap at the moment between my Retirement Age and my (revised) State Pension Age:(:mad::( - due to circumstances beyond my control (ie the Government raising the age on me at which I would get my State part of pension).

There is an item on The List (ie what I still need to be Financially Straight) that I have intended to buy for some time now. That item has now become rather urgent - and long-term I will save money from getting it. I am not sure on the exact cost of it. I think it will probably cost a few thousand £s (guesstimate - absolute max. of £5,000).

I have spent all my spare savings (and a bit more...:(..) on renovating the house I bought/moved to a little bit back. I have absolutely no mortgage or debts. My income (such as it is) is reliable - ie a public sector pension. The rest of my income will be reliable (when I get it in a few months time).

Current income is so low that I'm not liable for tax on it:mad::( - but the income level I will have in a few months time will be enough to live on again at last.

To get the money I need for this Item on The List that has become more urgent - the only way available is a loan. The only other option would be to save up for it...and there is no chance of any money being available for savings until the State part of my pension starts up belatedly.

Is someone who is retirement age and retired - but not yet (revised) State Pension Age eligible for a loan or do I have to wait until I reach that (revised) SPA? I "think" the item concerned would be max. of £5,000. Thus, allowing for the item itself and repayment costs until I'm back to normal income would seem to indicate a loan of around £6,000.

Do lenders accept an income situation like I am currently in? I've never had the slightest problem in the past...but don't know what the situation would be at the moment - courtesy of that Pension Gap I am currently in.

stator

Sorry I don't know about the loans but wouldn't a credit card be suitable? especially since you can get 0% offers.

andyfromotley

Is there any reason you are being so coy about what you need a loan for?

In general terms income is income, lenders don't mind if its pension or salary. However if you don't pay tax your income is very low and i think it unlikely a lender will approve you, bearing in mind out of this small income you also have to live. But the only way to know is to apply. You will have to tell the lender what you want the loan for.

moneyistooshorttomention

It's in connection with my house, rather than me.

I would tell the lender what it was for obviously.

What I am wondering basically is whether lenders would accept the evidence that the State part of my pension is now so close to starting-up that the Government couldn't backtrack on that and...pretty darn soon now...I will be receiving a not-too-bad income again.

Hence I basically want to borrow based on the income level I normally receive/am about to receive again as soon as the State part of my pension starts up soon (ie rather than the pathetic income level I am still currently receiving - which consists of work pension only at the moment).

jonesMUFCforever

I think you will have to wait until at least the first instalment of your state pension hits your account.

missbiggles1

moneyistooshorttomention wrote: »

As in - I am retirement age and duly retired (ie woman over 60).

The "but" is I've got a revised State Pension Age that is older than 60:mad::( and haven't quite reached that age yet.

Hence I'm only receiving the work part of my pension currently and still awaiting the State part of my pension. It's not much longer now and am counting the weeks until I get the rest of my income back again at last <whew smilie>

I don't basically want to be in the position of being in debt ever again - as I was only too thankful to get clear from that some years back. I did only get in debt for essential things - and not consumer goodies iyswim. Each time the debt was paid back in time - and maybe even downright early. I've always being very unwilling to get into debt - but, if forced, have taken a very responsible attitude and paid it back promptly (if not sooner).

So I'm in this gap at the moment between my Retirement Age and my (revised) State Pension Age:(:mad::( - due to circumstances beyond my control (ie the Government raising the age on me at which I would get my State part of pension).

There is an item on The List (ie what I still need to be Financially Straight) that I have intended to buy for some time now. That item has now become rather urgent - and long-term I will save money from getting it. I am not sure on the exact cost of it. I think it will probably cost a few thousand £s (guesstimate - absolute max. of £5,000).

I have spent all my spare savings (and a bit more...:(..) on renovating the house I bought/moved to a little bit back. I have absolutely no mortgage or debts. My income (such as it is) is reliable - ie a public sector pension. The rest of my income will be reliable (when I get it in a few months time).

Current income is so low that I'm not liable for tax on it:mad::( - but the income level I will have in a few months time will be enough to live on again at last.

To get the money I need for this Item on The List that has become more urgent - the only way available is a loan. The only other option would be to save up for it...and there is no chance of any money being available for savings until the State part of my pension starts up belatedly.

Is someone who is retirement age and retired - but not yet (revised) State Pension Age eligible for a loan or do I have to wait until I reach that (revised) SPA? I "think" the item concerned would be max. of £5,000. Thus, allowing for the item itself and repayment costs until I'm back to normal income would seem to indicate a loan of around £6,000.

Do lenders accept an income situation like I am currently in? I've never had the slightest problem in the past...but don't know what the situation would be at the moment - courtesy of that Pension Gap I am currently in.

If you're not yet eligible for your SRP then you aren't of pension age, you're early retired.

David301

You are being very secretive about what you want the money for, I realise it is no ones business but your own, however £5000 implies something fairly big so perhaps you are entitled to a grant of some sort or dare I say it if people knew what it was then they could perhaps guide you better through alternate ways of funding said item/s.

It sounds very much like you are asset wealthy but short term cash poor, You want to borrow more than you need so that you can start paying the first few payments using the extra that you have borrowed. I don't think that falls into the "responsible lending" category that they are all so hot on at the moment.

What is the item? Perhaps we can better advise?!

moneyistooshorttomention

missbiggles1 wrote: »

If you're not yet eligible for your SRP then you aren't of pension age, you're early retired.

"Early retired" according to my work pension scheme and the fact that I am a woman means prior to 60. I retired on my 60th birthday.

So I retired bang on time - but before my revised State Pension Age.

Darn annoying that all 3 pension type ages matched when I was born - my own retirement age, my employers retirement age and my State Pension Age. Hence with the first 2 still being set at 60th birthday - that remains my retirement age and I retired then. Hence the financial problems until that State part of my pension turns up (no chance realistically of getting another job until then - as I've moved to remote West Wales and don't speak Welsh).

moneyistooshorttomention

It's a major item to do with my house. Its not strictly necessary in order for the house to be habitable (as I'm managing to live in the house anyway and its now generally considered habitable). But it will vastly improve the amenity of the house.

Unfortunately, its not something I could get any sort of grant towards (eg insulation work).

David301

Still doesnt help because you are still being secret, so my answer in this instance is look for a BNPL deal on the item/s cant advise more than that sorry

meer53

If it's not necessary why not wait until you can afford it ?

Did you have to retire at 60 or could you have carried on working ? I have no intention of retiring at 60, my retirement age is 66, i'll work as long as i possibly can.