Money from sale of a house...next steps please??

Mustbeananswer??

85K in bank fom sale of property.20 K LOAN AND 20K CREDIT CARD DEBT.Credit rating slipping because of so much expensive short term debt.Plan is to wipe out the loan wait for my credit rating to improve and then take out some long term cards(no interest) on a balance transfer....keeping up with the minimum payments so that in 4 years they will be paid off.That leaves me with cash flow for a property bargain should one come along....is the plan flawed??;)

Tixy

So the new credit card(s) is to balance transfer the £20k card debt?

The plan isn't necessarily flawed but you'll need to consider whether you'll be able to get accepted for card(s) with £20k limits with £20k existing debt.
Obviously if you are planning to repay over 4 years then you'll also be dependant on getting future deals on 0% credit cards as the deals come to an end (none on the market currently last as long as 4 years).

Depending on the minimum payment terms the new cards you use the minimum payments may not be enough to pay off the cards in 4 years. E.g. MBNA at 0% wouldn't pay off in 4 years at minimum payment, but Barclaycard would.

A cheap APR loan can actually sometimes work out cheaper than balance transfers to new 0% cards (depending on the rates/length of promo deals etc).

Mustbeananswer??

Thanks for your reply Tixy...you've grasped the situation well.There is very little ready cash around and I like to retain the cash flow I have for any potential bargains (property or otherwise) that cash could buy.Property is really cheap here!!