advice please

steve_d_9

can anyone give me advice?
I am currently £10,000 in debt with c cards,i have 2 ways of paying these off. I can borrow on the house and re mortgage or i have an endowment running with £16000 in there which i dont need to pay off the house as i got a repayment mortgage. Which is best? im paying 0% on the cards but getting nowhere paying the minimum. the money i would save each month could be used to pay into my mortgae or put in savings, isas etc.

Any advice would be much appreciated

thanks

briona

steve_d wrote:

can anyone give me advice?
I am currently £10,000 in debt with c cards,i have 2 ways of paying these off. I can borrow on the house and re mortgage or i have an endowment running with £16000 in there which i dont need to pay off the house as i got a repayment mortgage. Which is best? im paying 0% on the cards but getting nowhere paying the minimum. the money i would save each month could be used to pay into my mortgae or put in savings, isas etc.

Any advice would be much appreciated

thanks

Hi Steve

Welcome to MSE! Before making any major decisions, e.g., borrowing on the house, if you post an SOA [Statement of Affairs – basically all your incomings, outgoings, debts and their APRs], people should be able to offer advice on where you can make savings and cutbacks, thus freeing up more money to pay off more than the minimum on cards.

Briona

ceegee

This is not advice, it is just what I would do if I was in your situation.....

I would have the £16,000 out of the endowment, as it is no longer required for it's original purpose and I would clear those cc debts. Even if they are at 0% they are still hanging around your neck like 2 millstones.

If you have no other savings, I would put the remaining £6,000 into savings, as much as possible into an ISA, the rest into a high interest savings account. As a result, I would have no debt other than the mortgage and I would also have a £6,000 "emergency fund".

Then I would cut up those stupid credit cards and not have any ever again.

Then I would work out a sensible budget and stick to it.

There, that's me done! As I said.....it's not advice, it's just what I would do. :cool: