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Pension and debts

lxpeanut
Posts: 8,728 Forumite

I'm currently trying to make up my mind whether I should stop paying into my pension for a year to clear my debts. The pension plan allows you to take a break for a year and if I did this I would be able to save enough to make a full and final offer on one of my debts In a years time. There is very little chance of me saving up enough any other way. I'm in my early 30's and have had the pension for 7 years so I can't see a years freeze on it being a huge problem in the future. Once that debt is payed I'd then be able to use my current payments to clear the remaining debt and be debt free in two years. It seems a bit silly to carry on struggling now for a slightly more comfortable retirement. I was wondering if anybody has tried this or has any advice.
"You are entitled to your own opinions but not your own facts" - Arthur Schlesinger
Proud to be have dealt with my debt
Debt Free Sept 2012
Proud to be have dealt with my debt

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