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Should I cash in my Endowment?

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happysinglemum Posts: 2,368 Forumite

31 March 2007 at 9:51AM in Mortgages & endowments

I am a single Mum of one son and I graduated last Summer. I am due to start a PGCE course in April and even with student loans and grants, my income won't stretch to paying all the bills. I am currently working part-time at Asda and receiving Income Support, but I won't be eligible for the Income Support once I receive my loan and grants. I also won't be able to work at Asda during term-time while I am training, as there won't be enough days in the week. I do intend to work during the school holidays though, to top up my income.

I have an endowment policy which is due to mature in 2018, the value of which is currently around £6000. This amount would enable me to complete my training and cope financially. Should I cash it in, or is there a way that I could release around £5000 of the money and keep the policy going?

Please help - I'm not sure how else I can complete my training if I can't pay the mortgage!

Thank you

PS my current mortgage is repayment, so the policy is not linked to that.

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Should I cash in my Endowment?

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