debt help and advice please

tallyhoh

You may not want to touch the £20,000 but what is the point of paying interest on debt when you have the money?

isy1011

Bargainbetty- how come you ended up paying out if the lorry driver was to blame? Surely that is what car insurance is for?

mmmsnow

tallyhoh wrote: »

You may not want to touch the £20,000 but what is the point of paying interest on debt when you have the money?

I agree.

As the bank won't give you a mortgage while you are so heavily committed, that £20K isn't going to be any use in getting a house. Pay off your debts (at least, the ones incurring interest) then look at your budget. As the others have stated, doing an SOA (can someone post the link?) would allow us to see exactly where everything is going and you'll get some hints on where to cut down.

What's the position with your boyfriend? Does he have savings? Does he know about your debt? You should discuss this with him because it will affect both of you, if you go ahead and buy a house together.

Remember that, as well as buying the house you may have to pay stamp duty, you will definitely have lawyers fees and maybe surveyors fees. Home ownership is very expensive so I'd wait until you had enough money for a deposit as well as the moving costs and an emergency float. You don't want to get into the house and then fall into deeper debt.