Experian Debt Percentage.

InsideInsurance

I would certainly suggest using some of the money to clear debts. Personally wouldnt be comfortable with no savings at all as if the worst happens there will always be a few priority things (eg mortgage/ rent) that you most likely must use cash to pay (rather than credit).

Dunree

Lazyloki wrote: »

I'd settle if I were you. In fact, I know it's nice to have savings in the bank but I'd take your 7k and clear as much of your debt as possible, starting with the highest interest ones. You'll be paying far more in interest on your debts than the bank is paying you in interest for your savings..

Hi Guys,

Thank you for your responses, your input is very much appreciated

The more I look at this, the more inclined I am to just pay this off.

Another bonus is that part of a PPI cheque I received will go towards paying it off

Many thanks folks

Dunree

That's it done, account now paid off and closed

I've also told Capital One to close my account with them. This will reduce my access to credit quite significantly, limit is £3600, with nothing owed on the card.

Will closing this account have any impact on my credit score?

Dunree.

BugsyBrowne

Dunree wrote: »

That's it done, account now paid off and closed

I've also told Capital One to close my account with them. This will reduce my access to credit quite significantly, limit is £3600, with nothing owed on the card.

Will closing this account have any impact on my credit score?

Dunree.

As no one knows how a banks credit scoring works it's impossible to know!

Dunree

BugsyBrowne wrote: »

As no one knows how a banks credit scoring works it's impossible to know!

Aye, they're a strange breed Bugsy

Would it be better keep the Cap One card as an emergency or get rid of it??

Dunree

Wow, just in from work and waiting for me was a flyer from Cap One informing me that they had raised my limit to £3600.

You told me that before Christmas you numpties