How I am going to clear all my debts

enthusiasticsaver

I think you need to prioritise the debt over savings in bank shares.  I worked for a large bank some years back now and got shares instead of bonuses tax free which I guess is a similar thing and if you cash them in before the end of the term you have to pay tax.  Can you at least stop the £500 going forward as it does not make sense to pay interest at 60% while saving in what is a relatively risk area as bank shares are not at all diversified and if we go into  a banking crash like in 2008 they will be worth a pittance. Is the £5000 the shares value?  You do not appear to have any emergency cash saved and that should be prioritised over investing again in fairly risky shares in presumably just one bank.  Do you have a definite guarantee you will not lose money on them?  What happens if bank goes into liquidation or is nationalised? 

I do agree that paying into a pension is a good thing but I would focus on clearing your debt and building up emergency savings rather than investing for now.  Focus on that Likely Loans which is an awful rate of interest. Who pays most of the bills as you do not appear to have any mortgage or utilities? 

sim2335

I don’t think there would be any tax for early cash out I would need to look into that
however you would lose out if the shares go up and also you would not get any extra 

andys15

I would be surprised if there was no tax implications within a certain period. But if there isnt, then I would at the very least sell enough shares to pay of that likely loan.
if there is tax implications then I wouldnt buy any shares or pay into my pension for 2 months to clear the likely loan. 

sim2335

andys15 said:

I would be surprised if there was no tax implications within a certain period. But if there isnt, then I would at the very least sell enough shares to pay of that likely loan.
if there is tax implications then I wouldnt buy any shares or pay into my pension for 2 months to clear the likely loan. 

I don’t think I can withdraw a certain amount,or stop paying, anyway likely loan will be paid of this month due to overtime, just rewrite nationwide 

DayDreamerandGeneralWaster

sim2335 said:

Yes I work for one of the big banks.
shares are garunteed   and less then public, to buy.
If  shares go down the least you will get is all your money back most likely will go up in 3 years.

there won’t be tax on them

yes you can cash them anytime, but obvious lose out.

You mean like a share save scheme where you get an option price, save a set amount every month and at the end of the scheme you choose to buy or take your money back?

sim2335

DayDreamerandGeneralWaster said:

sim2335 said:

Yes I work for one of the big banks.
shares are garunteed   and less then public, to buy.
If  shares go down the least you will get is all your money back most likely will go up in 3 years.

there won’t be tax on them

yes you can cash them anytime, but obvious lose out.

You mean like a share save scheme where you get an option price, save a set amount every month and at the end of the scheme you choose to buy or take your money back?

Yes that’s it

TheAble

With all respect you don't seem all that clear on how this scheme works. It's quite a chunk of income your putting into it - I'd want to be crystal clear on what I was getting involved in.
How come no rent or mortgage on the SOA, are you living with your folks?

TheAble

Also what does this mean exactly?
"Yes I work for one of the big banks.
shares are garunteed   and less then public, to buy."

Most of the big banks' shares are publicly traded.

sim2335

TheAble said:

Also what does this mean exactly?
"Yes I work for one of the big banks.
shares are garunteed   and less then public, to buy."

Most of the big banks' shares are publicly traded.

Yes I live with my parents 

You can’t lose the shares minimum  you get back is the money you put in
they cost less to buy then to the public

TheAble

Ok. Just make sure you fully understand how the scheme works is all I'm saying. Tax implications, how easy it would be to get your money out early if you needed to, and so on. There's only scant information on gov.uk.