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offsetting pension savings against debt.

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  • 25-03-2013 10:15am
    #1
    kev1.3s
    Registered Users Posts: 4,358 ✭✭✭


    Hi I got a personal loan from boi some years ago and since the slow down I've had difficulty paying it, don't get me wrong I have been paying it and currently I have a balance if €600 left to pay on it so not the end of the world. My question is about the same time as I got the loan from them they pushed me into getting a pension plan not a bad thing I suppose but very soon after taking it out it became clear that I would not be able to continue paying it so I stopped, I currently have around €600 in it. Now I haven't been over excited about boi's strategy for getting its money back I'm not someone who tries to wriggle out of paying my debts but for one reason or another I don't want to continue to do business with them besides I'm not in a position to pay a pension policy any more is there any way I can offset one against the other?
    I have already suggested this to the banks collection agent and it was accepted but then the bank changed debt collectors and they wouldn't accept, will I just tell them they can get there money off the pension policy and refuse to pay the balance?


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    #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    This is most likely impossible.

    You'd need to be 50+ in an employer pension arrangement or 60+ in a private one.


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    #3
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    kev1.3s wrote: »
    Hi I got a personal loan from boi some years ago and since the slow down I've had difficulty paying it, don't get me wrong I have been paying it and currently I have a balance if €600 left to pay on it so not the end of the world. My question is about the same time as I got the loan from them they pushed me into getting a pension plan not a bad thing I suppose but very soon after taking it out it became clear that I would not be able to continue paying it so I stopped, I currently have around €600 in it. Now I haven't been over excited about boi's strategy for getting its money back I'm not someone who tries to wriggle out of paying my debts but for one reason or another I don't want to continue to do business with them besides I'm not in a position to pay a pension policy any more is there any way I can offset one against the other?
    I have already suggested this to the banks collection agent and it was accepted but then the bank changed debt collectors and they wouldn't accept, will I just tell them they can get there money off the pension policy and refuse to pay the balance?


    I assume you know what a pension is for and its purpose which is the reason you took it out in the first place. If you do you already know the answer.


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