do i cancel pension to help pay off debts

edbling

hi, im 38 and have been paying around £25 per week into a company pension. Do i cancel to help pay off the mountain of debt i have?

somethingcorporate

Impossible to say on the little amount of information that you have provided.

Floating_down_the_Liffey

I personally think it's useless to have a pension later if you're paying debts out of it

I'd say it depends on your arrangement with work - you should speak to your internal Financial Advisor, unless you already know the terms of your pension payments. I.e. let's say you put in 4% of your salary (e.g. £25 a week) and your work meets that 4% which they put towards it. This is the norm. If you should suspend (not cancel) your pension payments then your employer will too, for the time being, until you begin payments again (you might need to give a rough estimate - a year for example). You need to find out if your employer will recommense their 4% also when you are ready too. Or would they have lowered their % towards your pension after suspension? Once you know the terms you can have a look at your situation again. £100 a month is a significant amount to put towards paying off debt! At one point I was able to increase my monthly repayments from £50 to CCCS to £250 a month. It shortened the repayment plan significantly! Hope that helps.