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Expert Lu
Expert Lu, Business Consultant
Category: Finance
Satisfied Customers: 232
Experience:  ACCA Diploma
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I have two personal pensions worth c £42/43,000. I turn 55

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I have two personal pensions worth c £42/43,000. I turn 55 in August 2024. Is it possible to borrow c£8,000 against this to pay off credit cards?
JA: Have you talked to a financial professional about this?
Customer: No, just an idea at present.
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: I am a mature student with currently no additional income.

Hello

I am an expert on Just Answer and I am happy to assist you with your question.

I am currently reviewing  your question  and I will get back to you.

Thank you in advance

Hello and thank you for your patience,  you can borrow against the pensions but most pensions start at the age of 55 , if you want to do it after August  that is very  possible, if you want to draw earlier  I would strongly  recommend  you get in touch with the provider to see if it is feasible.

Please kindly feel free to ask if you need me to clarify  my answer.

All the best

Expert Lu

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