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  • FIRST POST
    • thestarks
    • By thestarks 16th Feb 17, 11:28 PM
    • 1Posts
    • 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
    • 1,495 Posts
    • 564 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
    • 14 Posts
    • 7 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
    • 627 Posts
    • 618 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
    • 10,456 Posts
    • 10,298 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
    • 9 Posts
    • 3 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!!
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