Use Pension To Clear Debt

AJBIRD30

Hi everyone, would appreciate any help i can get.
I am 35 and have debts of approx £20k i really want to clear them as my monthly salary has been dropped by nearly half so have no way to keep up payments. i have no savings but apprxo £25k in pension plans and my idea was to use this money to make me debt free but the pension companies say i cannot cancel my pension and have my money until i am 55 all i can do is transfer it to another one. This has shattered my hope, does anyone know anyway around this please. i am really quiet desperate so any help anyone can give would be much appreciated.

kestra

AJBIRD30 wrote: »

Hi everyone, would appreciate any help i can get.
I am 35 and have debts of approx £20k i really want to clear them as my monthly salary has been dropped by nearly half so have no way to keep up payments. i have no savings but apprxo £25k in pension plans and my idea was to use this money to make me debt free but the pension companies say i cannot cancel my pension and have my money until i am 55 all i can do is transfer it to another one. This has shattered my hope, does anyone know anyway around this please. i am really quiet desperate so any help anyone can give would be much appreciated.

sorry i dont think you can do this with your pension.
Why dont you post a statement of affairs on the debt free wannabe board and maybe we can all help you find somewhere to save?

Andy_L

AJBIRD30 wrote: »

the pension companies say i cannot cancel my pension and have my money until i am 55 all i can do is transfer it to another one. This has shattered my hope, does anyone know anyway around this please.

I believe the only way around is to declared terminally ill by your doctor.

seven-day-weekend

The Pension is set up like this so that you have enough money for your old age, it is not a savings account.

I suggest as someone else has already done that you visit the Debt-Free Wannabee board for help and advice on your debt, and if you have not already done so, contact one of the free debt counselling charities such as CCCS or CAB.

Good luck and I hope you manage to sort out your debt.