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Confused

jack_tyler · 2015-01-05 20:30:51

Advice needed please.......I have £20,000 in a savings account. The money was the remainder of a death benefit that was paid out after my husband died (altogether there was £54,000 but I used some to pay my mortgage off). Anyhow what I want to know is, do I use some of my said savings to pay off a few debts. I have a loan…

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ConsumerWizkid Posts: 103 Forumite

6 January 2015 at 2:08PM

The reality is, you are already paying those debts with your savings... So your 20k is actually more like 12k. It's nice to have a number in the bank but you will save money on interest by clearing the loans so if that's what you like about the 20k then pay off the debts.

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