Improving credit

thestarks

Hello All,

Newbie here so please be gentle!!
The wife and I are around 18k in debt with a poor to fair credit score according to clearscore.

We are due to inherit some money shortly, are we better to repay our debts in one hit or slowly over time to show we are good at repaying???

thanks

Ben8282

Repay immediately.
Only exception to this is if any of the debt is currently at 0% in which case you may prefer to delay repaying and earn interest on your money until the 0% period is up.

Jenkic20

Paying slowly over a period of time will be of no interest to anyone and of no benefit to you when approaching future lenders, pay it off as advised above and work on addressing the issues that put you £18k in debt.

Fireflyaway

Pay it off before it gets spent on something else! The smaller the amount you owe the better. If its credit cards chop them up too.

[Deleted User]

Fireflyaway wrote: »

If its credit cards chop them up too.

Or better still, use them regularly and clear in full each month.

thestarks

Thanks guys, we are finally in a position to pay it off. We are going to pay all of them off bar the one that is on 0%

forgotmyname

Have some credit and use it wisely, never make the minimum payment always more. Even if its a 0% deal, pay slightly more than the minimum.

Sncjw

No way it makes sense to pay it off monthly! You would be paying interest if not on a 0% deal.

Ludicrous advice to pay monthly when you can afford to pay it off in one hit