Pay off credit card debt with pension?

flower_chops

Hello,
I'm with CCCS and happily paying off my debt asap, but my boyfriend has revealed he has more debt on his credit cards than he previously let on. Around £6000.

He's 31 and has been doing a pension with Natwest for the last ten years with around £5000 in it. He would like to know if it would be sensible to stop the pension, get whatever money he can from it and pay it off on the cards. We realise that this will be a fraction of what he paid but wondered what the general consensus on this is?

Thank you for any help and advice!

nearlyrich

He won't be able to take money from the pension at 31 but taking a break might be an option, however in the long term what is he going to do for money when he retires, £5000 now isn't going to provide much in 40 years time. Have you done a statement of affairs there may be some other savings you can make to get rid of the debts and allow you to incrase the pension savings as well as enjoy life debt free.

flower_chops

Thank you nearlyrich.

Think we'll keep going with his pension then.

Yes, we've done an SOA and since I'm on a DMP with CCCS our budget is minimal already. He's asking work for a payrise today though so fingers crossed!

Thanks again though xx

honey_gem

He should be able to freeze his pension. I have done this with mine, when my Trust Deed is completed I can start contributing money again.