pension plan

pffp-123

I have a personal pension plan that has 47k in it that i cant claim till i am 55 i am only 40 years old but am in desperate need of funds to avoid my home being repossessed is there any companies out there that could solve my problem or can i take out a loan and use the pension as security

Debt_Free_Chick

No, you cannot use the pension plan as security for a loan, as the tax-rules under which all pensions operate prohibit this.

In the small print you should find a wording something like "you cannot assign or charge the plan and you cannot use it as collateral for a loan".

Some lenders used to allow you to borrow off the back of the tax free cash you might get at retirement, but those loans were usually secured on a property anyway.

In connection with borrowing, your pension is pretty much useless, I'm afraid.

Are you in discussions with your lender? Have you posted on the Debt-Free Wannabe board?