Struggling with finances, should I cash in an endowment?

PB1024

Hi,

My husband and I are struggling financially every month. We both have overdrafts which we are basically always in, plus credit card debt. I took out an endownment 17 years ago which I pay £50 a month to. It was for 25 years and is meant to give me roughly £25000 when it matures although it's not looking like it'll make as much as that. My question is should I cash that in now, clear our feet and get back on track? My worry is that I had intended for that money to give us a good lump sum at the end of the 25 years but I'm just so sick of struggling every month and worrying about paying everything. Help!

Moneymash

What debts do you have and what interest are you paying?

Are you living within your means, meaning if you cash in your endowment and pay off your existing debt, what's to stop you running up more debt again, this time without the endowment to fall back on?

How long do you and your husband intend to work for/retirement age, meaning if you cash in your endowment, have you got enough time to build up the money you would have received?

PB1024

Hi, my credit card is 0% but my husband's credit cards are getting paid by his parents. Our overdrafts are costing about £20 a month each and I have a couple of store cards. If I was to clear my credit card, overdrafts and my store cards I would have an extra £160 per month. We both have works pensions. The endownment was really more of a savings plan. I would still have enough to put into a NISA account to have as savings.
Just don't know if a NISA account would work out better than the endownment.