Considering a loan against your pension?

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You may be looking to raise funds. You may be facing financial difficulties. You may be looking to invest in an opportunity that you have not been able to raise money for. You may be looking at debt consolidation options. You may have questions that need answers, or just be desperately looking for a solution. We offer no guarantee that we can help, but we can help you to find answers to your questions, and to discover if a pension loan is suitable for your personal financial situation.

Please note : if you are in any doubt about pension loans or any other methods of raising cash from your pension, we would urge you to talk to a qualified Independent Financial Adviser.

Looking to raise funds? Turned down elsewhere due to bad credit?

Considering raising cash from your retirement savings is often the option of last resort for people who find themselves in serious financial difficulties. You may have found yourself in the unfortunate situation of not being able to meet your ongoing financial commitments month to month. You may be fending off debt collectors, or even facing bankruptcy. Or you may just have been turned down elsewhere when applying for a loan, due to a bad credit record.

You may be experiencing various problems including :

  • Mortgage arrears
  • Missed loan payments
  • Fear of bankruptcy
  • Redundancy

Mortgage arrears can often lead to the threat of repossession and eviction from your home, unsettling the family and sometimes even resulting in separation and divorce. Currently the UK Government is encouraging lenders to be more lenient with borrowers who find themselves in arrears, often for the first time, and maintaining an open line of communication with your lender will hopefully be greeted by a sympathetic view. But if your mortgage lender is not being helpful, you may be looking for other options to avoid repossession.

Missed loan payments can sometimes result in some lenders using very heavy-handed approaches to debt recovery and the seizure of assets. Zero tolerance is often the policy employed by lenders who themselves are finding it difficult in the current financial climate. An open and honest approach to your lender is once again to be encouraged as the first step. Also consulting external services such as the Citizens Advice Bureau can often help you to sort out your financial difficulties.

Fear of Bankruptcy whilst extreme, is becoming more and more common in the UK today. During a recession or downturn in the economy it is obvious that more businesses will suffer and more will also fail. People are often concerned about the long term financial and political implications when feeling forced to take such drastic measures to survive a financial crisis of this nature. Open communication lines are once again encouraged with all parties you are indebted to, as well as seeking out the necessary professional support and advice.

Redundancies are also rising right now in many areas of the UK. The “job for life” idea is appearing to be less and less reliable as the World economy becomes more and more unstable. In fact, change seems to be the only constant and we are encouraged to prepare for and get used to this fact. If you face redundancy then seek advice from trusted, reliable sources and resist making any impulsive decisions you may later regret. Study the benefits system and plan your short term cash-flow while being proactive in your approach to finding a new job. Again, your local Citizens Advice Bureau can be very helpful.

So in short, be cautious in your approach to pension matters. Seek advice from suitably qualified professionals, such as an IFA. Remain open to communicating with people that can help to guide you through what appears at first glance to be a difficult set of circumstances. Study the consequences of your decisions and think before you act.

If you think that a pension loan may help you in your current situation, please fill in our enquiry form to book a free, confidential call.

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