Question:
I am currently unemployed. My finances are a mess; I'm broke and have no assets left to access to pay my bills. I have an Old Mutual RA which has since also gone into a paid-up status due to my unemployment. Is there any way I can access or borrow the funds in my RA? I have R14 000 in the policy. At this stage I need funds to pay for my studies and the arrears on my rent. I do not have any means of income at the present time and rely on family for day to day living. I am so tired of hearing I cannot access the fund. I'm hoping and praying I can make a loan of some sort against the funds I have in my RA.
Answer:
Karen,
We sympathise with your problems, but like everyone else in this industry, we cannot change the law. You cannot access your money until you turn 55 and you cannot borrow from the fund.
