02081331548

Thisismoney.co.uk have now written an article warning about Pension backed Loans UK (pensionbackedloansuk.co.uk, same as Tony Chewins deceased site)

http://www.thisismoney.co.uk/credit-and-loans ... 47&in_page_id=9

"One firm called Pension Backed Loans UK charges 5.5 percentage points above the Bank of England base rate, currently 6%.

This increases if repayments are missed.

The firms may take control of the pension, switching money into a Self-Invested Personal Pension. The idea is the loan will be repaid from the 25% tax-free pension lump sum taken when the person retires."

It looks like Tony Chewins didn't want to talk to them, no surprise there then!

"Pension Backed Loans UK stresses on its website that it does not provide financial advice. It failed to respond to Money Mail's inquiries."

Anthony, I take it that you've warned your household who the FSA are. They may be visiting your house soon. And the press...

The firms entice borrowers to borrow up to half the current value of their pension and repay only the interest.

One firm called Pension Backed Loans UK charges 5.5 percentage points above the Bank of England base rate, currently 6%.

This increases if repayments are missed.

The firms may take control of the pension, switching money into a Self-Invested Personal Pension. The idea is the loan will be repaid from the 25% tax-free pension lump sum taken when the person retires.

If your tax-free lump sum has not grown enough to pay back the capital, then the lender says the rest of the debt is written off. The pension must be worth at least £15,000.

Other firms offer variations on this scheme. The Financial Services Authority plans to look more closely at these companies.

Justin Modray, of financial advice website Candidmoney, says: 'Avoid these schemes like the plague. These firms are not authorised or regulated by the Financial Services Authority.'

Pension Backed Loans UK stresses on its website that it does not provide financial advice. It failed to respond to Money Mail's inquiries.

After reading this thread I've discovered that 'Moneymeans' is a bogus debt solutions company and is now under 'Daniel Barclay's' consumer credit license. Note the address is the same as Simon Stanborough's BCF direct!

Also, if you call up pensionlending.co.uk on 01202 835800 you will speak with Daniel Barclay, the license holder of moneymeans, why are they working at the exact same address 7 Arrowsmith court??

Do these people entice people in with debt solutions, then propose the idea of a pension loan to clear there debts? After emailing them, they informed me that they receive 2% commission on the value of the pension fund - so they're making a ridiculous amount of money considering all pensions must be over £15,000!

Amazing considering despite moneymeans having a license, pensionlending.co.uk / Petitions direct has no license for they have been declined in the past. How can the OFT be so slow to respond??

Application / Licence Details
Licence Number:0643077
Licence Status:Current
Current Applicant / Licensee:
Business Name    Company Registration Number
Moneymeans Limited    06939919
Categories:
Credit brokerage
Provision of debt-adjusting on a commercial basis
Provision of debt-counselling on a commercial basis
Right To Canvass Off Trade Premises:No
Trading Name(s) (Current):
Money Means
Moneymeans
Www.Moneymeans.Co.Uk
Issued Date: 20-Apr-2011
Date Maintenance Payment Due: 19-Apr-2016
Legal Formation:
Body Corporate (incorporated inside UK)
Current Individuals that run the organisation:
Name    Position
Daniel Barclay    
Nature of Business:
Other
Current Address(es):
Address Type    Address
Principal Place Of Business    7, Arrowsmith Court, Station Approach, Broadstone, Dorset, BH18 8PW
Registered Office    Arrowsmith Court, 7, Station Appoach, Broadstone, Dorset, BH18 8PW

On another note it seems www.pensionlending.co.uk is 'down for maintenance' lets just hope it's forever!

On their website they claim theses are their license details:

Lymgold Ltd. T/A Moneymeans
Company No. 04394241 Consumer Credit Act License No. 520698
Write To Us
7 Arrowsmith Court
Station Approach
Broadstone
BH18 8AX

Email Us
debtmanagement@moneymeans.co.uk
enquiries@moneymeans.co.uk
insolvency@moneymeans.co.uk

Phone Us
08432 899051

Another pension loans site operated by the young euntarpentur Corbin Spicer

http://pensionfundloan.co.uk/
Domain name:
pensionfundloan.co.uk

Registrant:
Corbin Spicer

Registrant type:
UK Individual

Registrant's address:
The registrant is a non-trading individual who has opted to have their
address omitted from the WHOIS service.

Registrar:
Webfusion Ltd t/a 123-reg [Tag = 123-REG]
URL: http://www.123-reg.co.uk

Relevant dates:
Registered on: 21-Apr-2011
Renewal date: 21-Apr-2013
Last updated: 22-May-2011

Pensionbackedloans.com is gone, however pensionbackedloans.co.uk is back in action!

Simon Worden is a fellow director of Daniel Barclay at...

Barclay Worden Ltd           http://bizzy.co.uk/uk/06950437/barclay-worden

Sigma Debt Solutions Ltd http://bizzy.co.uk/uk/06772056/sigma-debt-solutions

Same here:

http://whois.domaintools.com/moneymeans.co.uk
Domain name:
       moneymeans.co.uk

   Registrant:
       David Brown

   Trading as:
       Lymgold Limited

   Registrant type:
       UK Individual

   Registrant's address:
       7 Arrowsmith Court Station Approach
       Broadstone
       Dorset
       BH18 8PW

Google pension loan scam and the top site is a classic example of a scam www.ukpensionloans.com
http://whois.domaintools.com/ukpensionloans.com
No details of who owns it - naturally enough :-)

This one scores high on the pension loan scam ratings as well www.cashinyourpension.com
http://whois.domaintools.com/cashinyourpension.com
Brendan James is the owner. No address :-)
In fact both are WARNED against here http://forums.moneysavingexpert.com/showthread.php?t=3233954

Makes me laugh that pensionlending.co.uk, despite being down for maintenance, is still posting adverts on gumtree!

Pension Loans can enable you to raise a certain value of your pension fund as a loan.

NO CREDIT CHECKS! FAST PROCESSING!

If you have a personal pension worth around £30,000 or more you can claim some of the value (usually 25% - 100%, average amount = 50%) towards a loan.

Pension Lending offers an expert solution for all those seeking a Pension Loan. We also offer general advice and direction about any financial or debt solution and the steps to take to become debt free.

http://www.gumtree.com/p/business-services/pe ... ngcouk/76905854 - notice the 01202 835600 - same as moneymeans

Perhaps Simon Stanborough has seen his follies and is concentrating on his legitimate website www.petitionsdirect.co.uk instead of the dubious www.pensionlending.co.uk I expect he's forgotten about his Gumtree adverts or signed up to a annual package or something?

The Petitions Direct site  boasts:
Petitions Direct is regulated by the Ministry of Justice in respect of claims management activities, license number CRM 18784 and our registration is recorded on the Ministry of Justice website www.claimsmanagement.gov.uk . Data Protection number Z1641830. Company Reg. No. 06777475

The above text is all in order!

Well, almost.
- No address
- No mention of the % he takes for reclaiming PPI which even the dodgiest PPI websites manage to slip into their T&C on a back page somewhere

His mate in B'mouth Neil has gone a step further - he's got an 0800 number

http://www.gumtree.com/p/business-services/cash-from-pensions/80578742

Cash From Pensions
UK, Bournemouth

Neil on 0800 840 6090 or 07885 761030

Read the advert

Pukka stuff! :-)

Hmm -  www.cashfrompensions.com gives a tel of 01202 763339
and http://whois.domaintools.com/cashfrompensions.com gives

Registrant:
Harris Financial Management
54 King Edward Avenue
Moordown
Bournemouth, Dorset BH9 1TZ
GB

Domain name: CASHFROMPENSIONS.COM

Administrative Contact:
   Harris, Colin  
   54 King Edward Avenue
   Moordown
   Bournemouth, Dorset BH9 1TZ
   GB
   +44.01202549331

It's all happening in Bournemouth

Had a hunch there might be a bit of Day Jar View here :-)

Search shows 01202 763339 phone and 7a Milburn Road, Westbourne, Bournemouth, BH4 9HJ =

http://www.cashfrompensions.com/contact-cash-from-pensions.htm

www.quaysidedevelopments.co.uk/contact-quayside-developments.php

Quayside Developments [Dorset] Limited ?

Owned by Mr & Mrs Hearn

In liquidation no less:

http://www.companiesintheuk.co.uk/ltd/quayside-developments-(dorset)/

Firstly; the firms you mention are only marketing companies who pass your details on to companies that talk you further through the process.

Secondly these schemes are perfectly legal in the UK (not sure the law in other countries)

Thirdly - your pension is never "touched", it is just moved into a SIPP, then another firm gives you a loan for upto 50% of that value.

Yes there is a risk, theres always a risk in anything you do in life, the risk is no greater than your current pension firm going bust, or putting your money into a bank, however the risk is small and is ideal for people (particularly in the economic climate we are in today) who are looking for a loan, you have to understand that there are people out there with a terrible credit rating and can't get loans, these schemes help these people.

In short, its not a scam and your pension remains fully invested so it is legal.

Calm down Simon - You tell yourself whatever you have too to get to sleep at night. I'm sure when you get shut down AGAIN only then will your eyes be opened and you'll realise what a scumbag you really are.

Sorry - I don't know who Simon is, I haven't really been following this thread.

Well maybe you should read it, digest it, then come back with a half baked response.

Anon why post anonymously if you've got nothing to hide and everything is legal? If you're representing a firm, be a professional and make it clear who you are defending. Don't you want to put your customers at ease?

I am not representing a firm, I am a law student at university.