Inheritance coming my way

wiggyuk

Hi all, due to some very unfortunate circumstances me and my three brothers will be left a house to sell and also about £20k to split between us, I am currently living in rented accomodation with my 20wk pregnant Fiancee, we have about £5k - £7k debt between us which is slowly being paid off by Debtline, I also have a car with about £8k - £10k outstanding finance on it, so what I would really like to know is what would be the best thing to do with this money, should we put down a deposit on our own house, Pay debts off or invest the money else where until the house market slows down ?

Arthurian

Pay off whichever debts have the highest interest rate, but beware of any penalty clauses for paying off early.

wiggyuk

Arthurian wrote: »

Pay off whichever debts have the highest interest rate, but beware of any penalty clauses for paying off early.

There are no interest on the debts because they are being paid of by debtline

mrscruffy

Can you draw up an agreement with your brothers which lets you move in to the house and pay them rent?

wiggyuk

mrscruffy wrote: »

Can you draw up an agreement with your brothers which lets you move in to the house and pay them rent?

Can do but none of us want to move into the house its got too many bad memories

amcluesent

>its got too many bad memories<

When mired in debt, g/f up the duff and living in rented acomm, maybe such feelings should be put aside. Would paying rent to your brothers be an acceptable alternative to interest from the capital after sale, could you get lodgers to add to the income?

wiggyuk

amcluesent wrote: »

>its got too many bad memories<

When mired in debt, g/f up the duff and living in rented acomm, maybe such feelings should be put aside. Would paying rent to your brothers be an acceptable alternative to interest from the capital after sale, could you get lodgers to add to the income?

My mom died in this house 10 years ago, my dad died in this house 3 days ago, my dads mom died in this house 40 years ago, I dont want to stay in this house plus my brothers want to sell the house too.

theoretica

I suggest you pay off the debts- if you offer full and final settlements you may be able to pay less than you owe. I doubt if you would be able to get a sensible mortgage while managing debts through debtline.