Pension/ loan

[deco87]

I am wondering can you use your gratuity as a gaurantee against a loan before you retire.
Briefly ...I have 27k away in a prsa/AVC.
Cannot access it till I retire.

I would have a gratuity of 80 k ish due when I retire.

Can work another 5/6 years. I need to have 25 k available for child's education.
He is doing leaving at the moment...

I will be separated as he leaves school.

With a payout to other half at that stage funds will be tight. I would prefer to keep working at that stage ..(payout funded separately) .... is there anyway of obtaining 25k to put by ...in form of loan
Using the above funds anyway as security..I would need low repayments..
I would intend to retire in 2/3 years at this point ...get what is due ..pay back loan and get a different job. House will be mine mortgage free...don't want and probably wouldn't get mortgage type loan.
Thks

 

[Conan]

Pension assets cannot be used as security for a loan. So you could not assign any pension assets. So it is doubtful if a lender will lend you funds without any assignable security?

 

[deco87]

Many thanks. I had kinda thought that .. probably have to reluctantly retire from a state job I like..such is life. Thks again

 

[Brendan Burgess]

Can work another 5/6 years. I need to have 25 k available for child's education.

You could ask Pepper for a mortgage on your home. They would probably do it, if it's in your sole name.

You could try the Credit Union.

Brendan

 

[deco87]

Ah thanks a mill Brendan ..I did ring the credit union this morning and ran it by themand it's a no no ..I didn't hear of pepper but I will Google them. Are they regulated here in this country ? I was hoping to avoid mortgage but it's an option ..thank you.