Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    alex04
    Cashing in on my endowment to get out of debt
    • #1
    • 5th Jul 04, 4:05 PM
    Cashing in on my endowment to get out of debt 5th Jul 04 at 4:05 PM
    I posted this under mortgages, but figured it might be more applicable here. Apolgies for the repeat.

    through weddings/holidays and general frivolous overspending I'm in quite a bit of debt that I need to sort out. Selling the car, cancelling everything and working to a budget.
    My endowment policy is worth 8500 if I cash it now, which would be very useful in paying off some of the debt. Planning on moving in a year or so, so would just start again with 25 year mortgage.
    Is this the right thing to do? and what's the best way to do it? second hand market?
    all help much appreciated.
Page 1
  • alexei
    • #2
    • 5th Jul 04, 4:31 PM
    Re: Cashing in on my endowment to get out of debt
    • #2
    • 5th Jul 04, 4:31 PM
    It depends on a number of things - firstly how expensive your debt is - if it is at 0% then there is no immediate rush to pay it off. If it's not at 0% can you transfer it to 0%. If you are now living within your means how long do you expect to take to pay off your existing debt?

    I would say that cashing in your endowment is a last resort but if you go down that road then definitely get a quoted on the second hand market and compare with your insurers surrender value.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,018Posts Today

7,045Users online

Martin's Twitter