02081331548

Obvious Tony Chewins/PBL person pretending to be a satisfied customer spotted.

Could be Simon Stanborough

Could be the pope.

Yeah I went through a Pension Loan, and its looking like I have been scammed - lets see what happens though :(

I dont get it - how can Debt Collection companies chase me for money that is actually mine?

You are correct in saying that the pension money is yours, but you did not receive a loan from your pension, you received a loan from a private company. You cannot take money from your pension fund, but in the case of a PRP you used your pension to invest in that private company, and now say if they want their money back because the bubble burst, they can legally chase you for the money, and if you don't pay them they can then sell the debt that you owe them to a debt collection company to chase you for the money.

But like you said, lets wait and see. Maybe you've got nothing to worry about. Take a rest - put your feet up. Relax.

If you are genuinely worried about your pension reciprocation plan (which I'll be honest, you don't…you seem fairly blasé about the whole thing) then I might suggest contacting actual companies…not someone pretending to be Saddam Hussein?

Excellent! Would you mind naming a few above board companies we can trust on this matter?

why's that, do you need help too as well as john? or are you the same person?

No, It just seems a little bit strange that all these pension loan websites keep getting closed down and reopening under different names. If you know a company that is legitimate perhaps we can make some sense out of this.

Fairly obvious - Do you really think John's problem is limited to just one company? If they lose their court case all of these so called PRP's will become null and void. This would not be limited Dalriada. Every company doing the same thing, and all the clients who have fallen victim to this loan option, will be in the exact same boat as John.

It amazes me that the people on this forum defending these pension loan providers always seem to hush up when asked which company they have approached who they believe are all above board and not hiding behind the anonymity of the internet.

The men and women running these websites are nothing more than scam artists who have failed in life. They are cockroaches desperate to make a tiny bit of commission by exploiting others.

Bravo ^

Can someone explain the difference between a pension loan and a pension mortgage? Pension mortgages have been around for years.

I'm not sure if this is relevant but I've just read this on the internet and I'm starting to get worried. I received a pension loan in April but I am concerned that I will receive a tax bill from HMRC in the near future. I'm too scared to even contact them in case they try to investigate me.

RPSM07200080 - Member Pages: Investments: Can my pension scheme make a loan?
Can my pension scheme make a loan?
An occupational pension scheme that is a registered pension scheme may make a loan to the sponsoring employer or any party unconnected to the member. Any loan to a sponsoring employer should be secured and made on a commercial basis. There are 5 tests that are used to determine if a loan to an employer is on a commercial basis (see RPSM07103050).

The loan must be secured as a first charge on an asset of equal value.
The loan must have a commercial interest rate (at least 1% above high street bank rates).
The repayment period must not be longer than 5 years.
The amount loaned must not be more than 50% of the net value of the scheme’s funds.
Repayment of the loan must be in equal annual instalments of both capital and interest.
However, if any loans from any registered pension scheme are made to the member or a connected party they will be subject to a tax charge.

If your pension scheme is not an occupational pension scheme there will be no sponsoring employer. Therefore any loans made by the scheme to an employer who is connected to the member will attract a tax charge on the member.

To find out whether or not your scheme is an occupational scheme, you should contact your scheme administrator.

http://www.hmrc.gov.uk/manuals/rpsmmanual/rpsm07200080.htm

I was never made aware of any tax implications when going through with this loan against my pension. If I had none I would have never gone through with it. The firm I first contacted was pensionbackedloansuk.com who passed my details on. Can someone please give me some advice on this I am pulling my hair out!

I'd recommend you speak to a solicitor or an accountant.

In regards to Pension Liberations schemes has anyone come across:

http://www.mulburyhamilton.co.uk/tax-mitigati ... beration-trust/

It's not your own money. It's eqivilent funds from an opposite scheme. Therefore, you have not liberated/exploited your own pension fund.

P.S My background is in the financial world and the person who introduced me to this scheme was very upfront about how the scheme works.
Lets see what comes of it all...

I work in a CAB and have had to waste an inordinate amount of time explaining to the financially illiterate that these irresponsible schemes are to be avoided like the plague. The only people they benefit are the unsavoury mystery men behind them who are too ashamed to put their names on their websites and the debt collectors who will end up chasing the victims in a few years. The sooner they are outlawed, the better.

Pension mortgages are a group of toxic products that first appeared in the 1980s. Pension loans are a newer set of toxic products. Unless you plan to die young, don't touch either.