repay existing dmp with fs lump sum

gal1961

hi,at present in to our 6th year of dmp with cccs,
debt free date 2021.paying 570 into dmp at moment,outstanding debt 39000 ,majority sold to dca.
in about 10 months time able to access final salary pension at 55 with reduction these are
lump sum at 60 -61000 thousand with 9000 pa pension
at 55-39000 thousand and 6000 pa pension
with the lump sum could pay off the outstanding debt with 20000? with !!!!!!
take the pension early or keep on going to 60
thanks in advance

Brightspark87

Hi have you thought about getting independent financial advice? I've helped clients in a similar situation and although you may have to pay a fee, with things such as cash flow modelling (where we look at your income outgoing etc) might be worth your while? its a huge decision and shouldn't be taken lightly as taking early retirement will cost you £££ income and PCLS (your pension lump sum)

gal1961

thanks for advice,i was going to retire at 60 but if take the pension at 55 i will keep on working till 60 which is my nra

National_Debtline

Hi gal1961


I just wanted to echo Brightspark's words - I think it is vital that you seek good quality independent financial advice on the implications of these pension decisions.


Dennis
@natdebtline