Windfall advice - throw all my money at debt and mortgage or save it?

Andy_Bez

Windfall advice - throw all my money at debt and mortgage or save it?

Just having had a lump sum inherited, I'm clearing debts slowly (painful that it is) but do you advise putting more that 60% of lump sum in to paying off and clearing debt, mortgage etc or invest in ISAs and so on. I read MSE and know that cards at 19% are priority 1 to clear as savings are at .75 or 3% if lucky…

edinburgher

There is no point investing (other than through your work pension) until you have your debts paid off.

Luckyinlife

pay of debts first
make sure you have a savings pot emergency fund
Then start getting the mortgage down

I myself did this last year
payed 10k of debt of
saved Emergency fund up
Now im saving into a over payment account :]

Investing is all good and well if you can sit on the money for years and years very little to be had short term and the little you do get back is taxed at 20% or 40% depends on how much you earn