Does it make sense to cash in my endowment to pay off my debts?


Answers:
it depends how long you have had your endowment, if youve had it less than 5 years it wont be worth much. If you are going to use it to buy a house then personally i wouldnt have an endowment mortgage been there done that. Also it depends on how much debt your in only you can decide what you want for your future, if you think you would be better off cashing it in and starting again then do it. Way up how much interest you pay a month on debts and you may get a shock, think about how long you have left on your debts and is it worth cashing in just for the sake of a couple of years payments. Speaking from experience it is so good to be debt free, but remember if you go ahead dont make the same mistake again, you wont have your endowment to fall back on good luck
If there is no other way to pay your debts then it might be a good idea.
Why don't you take out a loan against it and consolidate your debts??
How expensive is your debt? What is your interest? Do you have a reasonable expectation to pay it off on your own without cashing in?

If the interest is high, the debt is costing you more and more each year, and you don't believe that you can pay it off your salary, then cashing in might be the only option.
Try and consolidate your debt. It is best to have one payment to make then you know exactly what you have to pay. It is even better not to have any debt so any spare money you have pay off your debt. It all depends on how old you are as to cashing in your endowment. Would you be able to start again? Go to http://moneysavingexpert.com i visit this website often to see advise on what is best to do. You can see comments from others in your position and see what they did and where they failed.
If your well endowed maybe you can afford to let some go. Your lucky, alot of men arent so endowed that even a minute reduction in the size of their reserves can have devistating effect on their ability to fill the vault. This leads directly to more debt.
There would be two requirements:
1. You will save more by paying of the debts, than what you would earn on the endowment.
2. Your improvement in monthly cash flow should then go towards some other investment, and not be wasted.