Personal Bankruptcy Forum

Author:   Kelly
Date:   September 21, 2002
Question:  

I presently live in Alberta. In March 2002, I had $25,000 in a locked in pension, that money now has shrunk to less than $19,000. Because I have not been working, I would like to access some or all of my locked-in pension in order to pay off my debts (car payments, etc). Provincial laws do not allow me to do that, but I have found a company in Ontario that will give me 30% in cash if I transfer my money to them. I have been told there are many companies like this in Ontario that are scams. Without access to my pension money, I will soon be thinking about bankruptcy myself. I would like to know of any way to access my pension funds. I am even prepared to relocate to Quebec or Ontario in order to access those funds. Those two provinces do allow you access to your funds when in financial distress.

 


From:
 

Ann Clarke, Collins Barrow Limited
Date:   September 23, 2002
Answer:   There is no way of accessing the pension money in Alberta. I am not familiar with pension legislation in other provinces and I've never heard of the companies you mentioned who lend against pension funds. I'd suggest you seek legal advice before moving to another province or using the lenders.

Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca




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