krattapopov
Registered User
- Messages
- 18
Hi All,
Just looking for some pro's and con's on my situation. Like alot of other people on the site we are in a tricky situation. We amassed some debt over the last few years and my wife was made redundant over a year ago now and was recently diagnosed ill and can't work (would she be entitled to some state benefit?) I'm not looking for some figure breakdowns here, just some general advice if possible.
We have a mortgage and also have a loan of 25k from the bank (who we have the mortgage with) and then also have a credit union loan of 11500 (5500 in shares).
I have a pension fund of about 12500 k which I've been contributing to for 5 years or so. Should I seek a return of my contributions and clear down the credit union loan which would free up about 400 a month which I badly need or should I just try an battle on? I'm 28. I also know that I wouldn't get the full value of the fund, there would be a certain amount due to my employer and some due to the tax man.
I'm very reluctant to do this as I've always been a strong believer in planning for the future, but the cost of living today is really starting to effect us and we are just about breaking even for income and expenditure.
What are peoples thoughts on this?
Just looking for some pro's and con's on my situation. Like alot of other people on the site we are in a tricky situation. We amassed some debt over the last few years and my wife was made redundant over a year ago now and was recently diagnosed ill and can't work (would she be entitled to some state benefit?) I'm not looking for some figure breakdowns here, just some general advice if possible.
We have a mortgage and also have a loan of 25k from the bank (who we have the mortgage with) and then also have a credit union loan of 11500 (5500 in shares).
I have a pension fund of about 12500 k which I've been contributing to for 5 years or so. Should I seek a return of my contributions and clear down the credit union loan which would free up about 400 a month which I badly need or should I just try an battle on? I'm 28. I also know that I wouldn't get the full value of the fund, there would be a certain amount due to my employer and some due to the tax man.
I'm very reluctant to do this as I've always been a strong believer in planning for the future, but the cost of living today is really starting to effect us and we are just about breaking even for income and expenditure.
What are peoples thoughts on this?