If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
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Traditional pensions have been under-performing in the last few years, with all
UK pension funds having declared a shortfall because they are invested in
stocks, bonds, trusts and funds. UK Pension funds are now considered a toxic
debt with insufficient money to meet their pension liability. Falls in stock
markets mean that many funds are worth a quarter less than two years ago
despite a recent share price rally.
If your pension fund(s) are still
invested in one of these old-style traditional pension funds and have been
performing badly, now might be a good time to consider moving to a different
investment vehicle such as a Self Invested Pension Plan (SIPP). And in many
circumstances, moving your pension-fund can also hold the key to releasing part
of your fund and releasing cash tax-free from your pension.
You may consider releasing money for many reasons, such as;
- for further investment
elsewhere
- to clear existing debt
- as a debt consolidation
program
- as an alternative to taking
a loan
- to make a beneficial
financial settlement
- to clear a mortgage or
other loan
For example - in certain circumstances, another loan is the last thing you
want. Furthermore, if you have financial difficulties then it's not uncommon
for loan companies to take advantage, with higher rates or security demands.
So as part of a sensible financial-planning exercise, releasing cash from
your pension could be a real option for you. Especially if you have been paying
into a pension scheme for more than five years.
Pros and Cons.
Transferring your fund will almost certainly incur setup fees (which are normally
taken from the value of the fund when transferred, not as upfront charges), and
it is not uncommon for pension companies to try and discourage investors from
leaving their scheme by fining from or withdrawing accrued bonus payments from
the final value of the fund.
Although in such cases, for most investors loss of bonuses counts as little
disincentive when they have already seen the value of their pension fund
decimated, and look set to see its value plummet even further when they can just
move ahead and get their fund in a better performing pension investment vehicle,
such as a SIPP offering guaranteed yearly returns to get their pension fund working
for them again. Not to mention the opportunity of getting some of their fund
released in the process as an added bonus.
How Long Does it
Take?
The first step is obtaining a transfer value from your existing pension
provider. This is usually a quick and simple process in just sending your
pension company the required form and waiting for them to reply, or can be done
on your behalf by your advisor with a signed Letter Of Authority.
If however once having obtained the transfer
value you decide to go ahead and begin the process of transferring the fund
away from your current provider, then depending on who your provider is the
transfer process can take anywhere between 3-6 months for completion.
So it should be noted that Pension Release may not necessarily be a
'quick-fix' to a short-term financial problem.
Is it Right for Me?
As with many retirement planning options, Pension Release is only likely to
be suitable in particular circumstances, therefore it is highly recommended
that you seek assistance from a pensions expert in order to fully understand
the options available to you.
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