Repay CC Debt: Loan or Pension Cash in

[taxedparent]

Ok have a cc with AIB, I closed it down and am just repaying it in monthly installments

My gross income per annum is 44500 which translates to about 2600 a month. I get piad bi weekly.

Monthly Expenditures
Rent 650
Childcare 500
Phone 60
Bills 100
Smokes 60
Travel 120
Work Food 160
Home Food 200
CC payments 200 (have min payments at 5% but always put in 200)

Total - 2050

I have missed 2 repayments in the last 9 months, I have alsoe tried AIB for a loan for the cc amount but was refused on the basis of the missed repayment of a cc and mobile dd on the account. That was 8 months ago. Since then have not missed any payments

My balance of my CC is 2,150
I have a 500 euro overdraft on my current account

I also have 1k in savings, but this is earmarked for a wedding ring. Puting extra 500 quid a month from sal to this so can buy in 4 mths

Would I get a loan for the cc amount from any bank at lower interest rates than I'm being charged on the cc bill? Also with card canelled can i move the balance to another cc company or am I stuck?

I also have 3 pension funds from 3 old employers. 2 private and the third a prsa. I'm moving one of the old pensions into the prsa but have about 2500 in the oldest. So if i can't get a loan should I cash this in pay the cc debt and get rid of as much of the over draft as possible?

Any advice much appreciated.

 

[GeneralZod]

You probably won't be allowed to get a refund of pension contributions. Not the most responsible thing to be doing with them but you must know that.

Forget about the wedding ring and use the savings to repay the credit card. The time for luxury spending isn't now.

I'd bring packed lunches to work at least half the time. Cut the phone bill by using it less/changing plan. Try hard to give up smoking.

€44,500 after Tax/PRSI/Health levy [broken link removed] as €2875 per month. Where's the other €275 going/any scope for savings there?

 

[Purple]

I suggest you post a new thread in the pensions forum about your pension mess. This will answer that question and may answer this one as well. By the way, it's a bad idea to save while you are struggling to repay a high interest short term debt. Hold off on the wedding ring (engagement ring I hope, unless someone has massive fingers) 'till you have the credit card paid off.

post crossed with the General's

 

[taxedparent]

I suggest you post a new thread in the pensions forum about your pension mess. This will answer that question and may answer this one as well. By the way, it's a bad idea to save while you are struggling to repay a high interest short term debt. Hold off on the wedding ring (engagement ring I hope, unless someone has massive fingers) 'till you have the credit card paid off.

post crossed with the General's

My pensions aren't really in a mess. I'm moving one of the pensions into a prsa, and releasing one with very little money in it. 2500 is not going to mean a lot difference when I'm 65!

Going back to my OP do you think a bank would lend me 2k to pay the cc debt?

 

[RainyDay]

and releasing one with very little money in it.

Have you checked this with the pension administrators? In general, you cannot release pension money.

2500 is not going to mean a lot difference when I'm 65!

Maybe not, but €2,500 invested at 8% return over 30 years comes to around €25,000. That's a different story.

Going back to my OP do you think a bank would lend me 2k to pay the cc debt?

I guess you'll really need to check with the bank. Does this mean that you are ignoring the other suggestions given on this thread?

and releasing one with very little money in it. 2500 is not going to mean a lot difference when I'm 65!

Going back to my OP do you think a bank would lend me 2k to pay the cc debt?