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@.

Search
  • FIRST POST
    • thestarks
    • By thestarks 16th Feb 17, 11:28 PM
    • 2Posts
    • 0Thanks
    thestarks
    Improving credit
    • #1
    • 16th Feb 17, 11:28 PM
    Improving credit 16th Feb 17 at 11:28 PM
    Hello All,

    Newbie here so please be gentle!!
    The wife and I are around 18k in debt with a poor to fair credit score according to clearscore.

    We are due to inherit some money shortly, are we better to repay our debts in one hit or slowly over time to show we are good at repaying???

    thanks
Page 1
    • Ben8282
    • By Ben8282 17th Feb 17, 4:56 AM
    • 1,944 Posts
    • 848 Thanks
    Ben8282
    • #2
    • 17th Feb 17, 4:56 AM
    • #2
    • 17th Feb 17, 4:56 AM
    Repay immediately.
    Only exception to this is if any of the debt is currently at 0% in which case you may prefer to delay repaying and earn interest on your money until the 0% period is up.
    • Jenkic20
    • By Jenkic20 17th Feb 17, 3:18 PM
    • 27 Posts
    • 15 Thanks
    Jenkic20
    • #3
    • 17th Feb 17, 3:18 PM
    • #3
    • 17th Feb 17, 3:18 PM
    Paying slowly over a period of time will be of no interest to anyone and of no benefit to you when approaching future lenders, pay it off as advised above and work on addressing the issues that put you £18k in debt.
    • Fireflyaway
    • By Fireflyaway 17th Feb 17, 4:22 PM
    • 1,032 Posts
    • 1,039 Thanks
    Fireflyaway
    • #4
    • 17th Feb 17, 4:22 PM
    • #4
    • 17th Feb 17, 4:22 PM
    Pay it off before it gets spent on something else! The smaller the amount you owe the better. If its credit cards chop them up too.
    • zx81
    • By zx81 17th Feb 17, 4:55 PM
    • 12,561 Posts
    • 12,742 Thanks
    zx81
    • #5
    • 17th Feb 17, 4:55 PM
    • #5
    • 17th Feb 17, 4:55 PM
    If its credit cards chop them up too.
    Originally posted by Fireflyaway
    Or better still, use them regularly and clear in full each month.
    • marksmith125
    • By marksmith125 18th Feb 17, 5:08 PM
    • 17 Posts
    • 5 Thanks
    marksmith125
    • #6
    • 18th Feb 17, 5:08 PM
    • #6
    • 18th Feb 17, 5:08 PM
    Hi,
    In my opinion, paying on monthly basis is the right decision according to your present situation.If you have any query, you can concern with bank advisor.
    Thanks!!
    • thestarks
    • By thestarks 11th Jul 17, 10:55 PM
    • 2 Posts
    • 0 Thanks
    thestarks
    • #7
    • 11th Jul 17, 10:55 PM
    • #7
    • 11th Jul 17, 10:55 PM
    Thanks guys, we are finally in a position to pay it off. We are going to pay all of them off bar the one that is on 0%
    • forgotmyname
    • By forgotmyname 12th Jul 17, 12:04 AM
    • 25,302 Posts
    • 10,046 Thanks
    forgotmyname
    • #8
    • 12th Jul 17, 12:04 AM
    • #8
    • 12th Jul 17, 12:04 AM
    Have some credit and use it wisely, never make the minimum payment always more. Even if its a 0% deal, pay slightly more than the minimum.
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • Sncjw
    • By Sncjw 12th Jul 17, 7:40 AM
    • 1,367 Posts
    • 824 Thanks
    Sncjw
    • #9
    • 12th Jul 17, 7:40 AM
    • #9
    • 12th Jul 17, 7:40 AM
    No way it makes sense to pay it off monthly! You would be paying interest if not on a 0% deal.

    Ludicrous advice to pay monthly when you can afford to pay it off in one hit
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

477Posts Today

4,687Users online

Martin's Twitter
  • Byebye! I'm about to stop work & twitter, to instead spend glorious time with Mrs & mini MSE. Wishing u a lovely summer. See u in 10 days.

  • WARNING Did you start Uni in or after 2012? The interest's rising to 6.1%; yet it doesnt work like you think. See https://t.co/IQ8f0Vyetu RT

  • RT @JanaBeee: @MartinSLewis Boris is the anomaly (coffee), the others are versions of normal (beer). Lots of same candidates = vote share d?

  • Follow Martin