Pension, Debt, Savings or Mortgage?

taktikback

ianbugsy wrote: »

Good Afternoon, I have a pension fund of £6,500 and I need to raise some cash is there any reputable company who would look into this for me ?
Thanks
Ian

At least the Op genuinely doesn't understand the world of pensions. All I can say to this is, no there isn't a reputable company who will write you a cheque for £6500 but there may be several who will con you out of most of it, which is frankly all you deserve based on the approach you are taking...

atush

ianbugsy wrote: »

Good Afternoon, I have a pension fund of £6,500 and I need to raise some cash is there any reputable company who would look into this for me ?
Thanks
Ian

Your biggest problem isn't getting your hands on the 6500, but what you a re going to retire on as 6500 isn't enough- you need to save more.

CharlieRabbit01

atush wrote: »

This is your biggest problem and how you ended up in debt.

I did not end up in debt because I wanted to have fun, its only the last year or so where I've earned enough money to be able to "have fun" please do not make assumptions about my personal life.

You really need to cut down expenditure so get over to the debt free board and post an SOA NOW.

I am currently working on my debt which is on a 0% credit card which i mentioned before. The only recent expenditure on my credit cards was because I get cash back on it but I bought the items knowing I had the money in my current account and when I got home logged in and paid off what I had spent.

You need to stop spending on fripperies, fancy pants coffees etc.

please do not assume I fritter my money away on coffees etc, I actually live and work in the same town thus saving on travel costs, I do not have a car or other form of transport, I go home every day for my lunch and make my own sandwiches I don't buy take away drinks etc, I don't have sky etc etc.

Thhink about a cheaper place to live or renting out a room etc.

My rent is the best in my area, I cannot afford a 2 bedroom place to be able to rent out the second bedroom also most tenancy agreements do no allow this.

I could move to a cheaper area but the travel expenses will put me right back where I started.

Join the pension Tomorrow, do not delay/

I have every intention of joining a pension scheme however I was not going to just give someone £62 a month without being fully informed about the scheme.

I did not come to this forum for people to make assumptions about my financial situation or for people to simply say "join the scheme now"

atush

We have to make assumptions when full facts are not presented.

Fact, you are in debt so have been spending more than you earned at some point even if not now- by your own words you were not careful with money.

given no facts were presented on this overspending, we had to assume you were the normal in debt consumer who does spend on things they don't realise, don't change and save on insurance and utilities regularly etc. Have you thought of doing a spending diary? Most who do vastly under estimate their small spending in cash not to mention bigger expenditures by cash or cheque/card.

to get out of debt, you need to spend less than you earn so as to pay it off.

Fact, you will be better off paying into your pension now and keep rolling your debt over into 0% deals than putting off joining it.

You have been given the same answer by everyone here, and seem to be trying to pick holes in the arguments. Hence my blunt statements.

None were meant to be offensive, but I still feel that your reluctance to join the scheme and your reluctance to even admit there may be further savings to make in your current lifestyle expenditure to be head in the sand thinking.

If you cant reduce expenditure and are living a monk's existance have you thought of getting the odd part time job at weekends, or selling off old things on ebay? Working seasonally during your paid holidays?

Anything to bump yourself out of the debt?

CharlieRabbit01

I have not provided any detailed information about my personal life or finances as this is not part of my question nor is it relevant.

I have made all the necessary changes to my life style to be able to accommodate my choice of lifestyle and now I have found myself with approx. £100 "spare" cash per month so came to this discussion forum to find out what I should do first pay off my debt or join the pension scheme and if so what is the scheme is it good? how do pensions work?

I haven't picked holes but asked for further explanation about it, joining the pension scheme just because someone told me to wasn't good enough, I needed to know what was going to happen with my money, how I got it back, how much would I get etc etc.