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Pension loan
Comments
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I am considering taking out a pension loan do you think they are a good idea ?
They are not lawful and will generally leave you with nothing but a large tax bill and not enough pension assets to pay it.
Who is offering you such a thing?I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0 -
Without knowing what it is - my guess is that you would end up being exploited being in a !!!8216;desperate!!!8217; position.0
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I am considering taking out a pension loan do you think they are a good idea ?
Pension loans are illegal in the UK.
You cannot access your private pension until you are 55 (under normal circumstances).
If you are 55 or over, you can take all your pot as cash if you wish, but there will be tax implications if you take out too much in one financial year.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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