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Deposit or Debt Clearance?
honeybun16
Posts: 139 Forumite
Having to look at getting a mortgage much sooner than we originally planned ( matters out of our control ) so my question to the ( much more learned in this matter ) out there is this,
We have a manageable ( but not good as wanted to be completely clear) debt ( we have been snowballing ) would we be better off continuing snowballing as much as possible or , going back to minimum payments and put all the extra each month towards the deposit, ( we could at the moment get about 5% to 10% together ( gifts from Family )but if we stopped snowballing our deposit would be higher but our outstanding debts would be higher too?
What would you do????
We have a manageable ( but not good as wanted to be completely clear) debt ( we have been snowballing ) would we be better off continuing snowballing as much as possible or , going back to minimum payments and put all the extra each month towards the deposit, ( we could at the moment get about 5% to 10% together ( gifts from Family )but if we stopped snowballing our deposit would be higher but our outstanding debts would be higher too?
What would you do????
2 adults 4 children Eldest 14 yrs old youngest 1yr old,
Total Credit July £38K Aug £37K Sept £37K Oct £33K Nov £26K Dec £60K May £56K Nov £52K Apr £21K :eek:
What most people need to learn in life is how to love people and use things instead of using people and loving things
Total Credit July £38K Aug £37K Sept £37K Oct £33K Nov £26K Dec £60K May £56K Nov £52K Apr £21K :eek:
What most people need to learn in life is how to love people and use things instead of using people and loving things
0
Comments
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£21k is a high level of debt as far as a potential lender is concerned. Suggest you tackle this head on rather than save for a deposit.0
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