Bangor Daily News blogger and senior citizen advice columnist Dave Riley recently wrote about pension factoring, and his well-done blog post offers a good re-cap of some developments, as well as some words of caution.
CONSUMER WATCHDOGS generally urge that people steer clear of these loans. ‘Just don’t do it,’ one said bluntly. But if you have a real emergency need for cash, see a legitimate financial counselor for advice before you commit.
He also suggests that, if an individual decides to proceed, they should keep in mind that “What counts is what’s on paper, not what a salesperson told you”, that “If you don’t understand the paperwork, take it to someone who does — a lawyer, an accountant, a financial advisor”, and that “If a loan officer presents you with paperwork, but tells you that you have to sign on the spot and can’t take it with you to look over, get up and leave — immediately.”
His post, Senior Finances: The Pension ‘Advance’ Scheme, is available in full here.