Advice please

greenbrucelee

I have pretty much screwed things up. I am in an IVA and have 22 months to go when I finish I will be 40.

I have no pension and I have no mortgage as I had to move back in with my mother when i got in debt.

I would like to own my house and have a pension but I don't see doing both is going to possible as I doubt a bank will touch me because of my history. So what advice I would like is what to do about a pension when I am out of the IVA, obviously I can join the work scheme but I don't think that will yield too much.

So what I am looking for is something that will give a really good return if that is at all possible.

I know I will receive a good inheritance when my Mother dies not that I want her to die and this will be a possible 70k Apparently my Auntie is going to leave me money too but I do not know the figure that would be.

what are my best choices?

greenbrucelee

ps at present I earn just under 20k which includes a £2300 shift alowance which could be taken of me at the companies discretion.

bigfreddiel

Well the best thing you can do is look into how you got into this position. When you figure out how you got into this position then don't do it again.

Did you buy stuff you didn't need? Are you wasteful with food? Did you run an overdraft so costing you money? Did you not pay off your cc every month?

When you figure out what went wrong you'll be halfway back to a good place

Cheers fj

xylophone

Presumably your employer contributes to the pension scheme?

If you do not join, you are effectively taking a salary cut.

atush

Join the work pension tomorrow, Once out of debt, save a cash emergency fund.

Once you have 3 months spending saved, as well as your pension start a S&S isa. This money could be used for retirement or a home later.

bowlhead99

xylophone wrote: »

Presumably your employer contributes to the pension scheme?

If you do not join, you are effectively taking a salary cut.

HA HA, that's pretty bold advice coming from you.