What to do with £30,000

duchy

If your marriage is solid then surely it is sensible to prioritize the debts with the highest interest first rather than tag them his or hers -to pay the least amount of interest overall ?

StrugglingYouth

I dont understand the logic in:

'I have 30k sitting here and I have debts that are accruing interest every month..'

The longer you pay them monthly the more you will end up paying in total.

At the very least I would clear the debt(s) with the highest rates of interest. Potentially saving you hundreds over a few months/years.

To put it another way, would you rather give someone £100 today. Or £120 in seven days..?

Money_Muppet

Clear all the debt that isn't at 0%. Anything at 0% I'd leave and just make minimum payments for now, and try and maximise the interest you can earn on the remainder of your redundancy. TSB 5%, Halifax reward, Santander etc. Cut everything else back to the minimum until you find a new job. Good luck.

[Deleted User]

Pay off all you're debts and claim jobseekers allowance,council tax benefit etc while you find another job,

Plum444

It's great you've paid off your highest CC. Please cut it up and close down the account. This is the only way forward...

Money_Muppet

Incidentaly, do you have a mortgage? If so, and if it looks like it may be a while before you can get another job, I'd allocate the money to mortgage payments (or any debts secured on the house) first.

Also, if your wife's car is worth more than the outstanding finance, maybe sell it, pay off the finance and replace it with a cheap runaround.

harveybobbles

Are the debts still with original creditors or are they old ones that are with DCA's?

sourcrates

Send CCA requests to all creditors first before you do anything.

If these accounts originate before April 2007, and the creditor does not hold the correct paperwork, the debts may not be enforceable.

If you cant find work, that 30k will disappear very fast.