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New DMP
maryellen26
Posts: 1 Newbie
I've recently taken out a DMP with my husband and we have made our first payment.
However, as I am going to be 55 soon, I realised that I may be able to access my pension early and sent off for the details. I have been given the figures and they are more than I thought.
This will obviously affect my DMP as I will be able to access a reasonable lump sum if I take it.
I am now not sure what to do. We also have a secured loan that has 8 years left on it and costs £300 a month.
I want to make sure that I pay my debts but want to do it in an efficient way if possible.
Do I?
1. Pay off the loan completely which would take up the whole lump sum and carry on with the DMP if possible at least for a year. This would enable us to save the monthly payment for future payment of the debt.
2. Pay off the credit cards (on DMP) completely and make a lump sum payment to the loan reducing the term.
Thanks for any advice.
However, as I am going to be 55 soon, I realised that I may be able to access my pension early and sent off for the details. I have been given the figures and they are more than I thought.
This will obviously affect my DMP as I will be able to access a reasonable lump sum if I take it.
I am now not sure what to do. We also have a secured loan that has 8 years left on it and costs £300 a month.
I want to make sure that I pay my debts but want to do it in an efficient way if possible.
Do I?
1. Pay off the loan completely which would take up the whole lump sum and carry on with the DMP if possible at least for a year. This would enable us to save the monthly payment for future payment of the debt.
2. Pay off the credit cards (on DMP) completely and make a lump sum payment to the loan reducing the term.
Thanks for any advice.
0
Comments
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Will you lose out in the long run by taking some of your pension early?Aiming to make £7,500 online in 20220
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