Credit card debt, no deposit, want to buy - where do i prioritise money?

nicwantstobuy

Hi All
Hope someone can give me some guidance. I will hopefully be divorced next year. Always rented with exh. Ive got 13100 loan (think its on 5 % this is amount owed inc interest as seen on banking app) consolidated debts before marriage ended. 6500 on 2 x 0% credit cards. 56 in a lifetime isa. I earn 41723. Just stopped paying childcare so i have an extra 200 - 250 per month. 
I would really like to buy a home, after divorce.
My question is - where do i prioritise the extra money - debt repayment (if so loan or cards?) Or saving for a deposit?
Im 39 if that makes any difference!
Thank you
N :-)

Thrugelmir

To optimise your money. Tackle the debt with the highest rate of interest first. Owing £20k there's no easy answers to the challenges that lie ahead. 

DCFC79

nicwantstobuy said:

Hi All
Hope someone can give me some guidance. I will hopefully be divorced next year. Always rented with exh. Ive got 13100 loan (think its on 5 % this is amount owed inc interest as seen on banking app) consolidated debts before marriage ended. 6500 on 2 x 0% credit cards. 56 in a lifetime isa. I earn 41723. Just stopped paying childcare so i have an extra 200 - 250 per month. 
I would really like to buy a home, after divorce.
My question is - where do i prioritise the extra money - debt repayment (if so loan or cards?) Or saving for a deposit?
Im 39 if that makes any difference!
Thank you
N :-)

As advised, cards with the highest apr.

Maybe look at your spending and see if you can manage with a mortgage.

Maybe speak to a broker to see what they advise.

ACG

You can buy a home with debt, you cant without a deposit. 

But it all comes down to the numbers I suppose. You might not be able to get what you want with the debt.

blue_max_3

Having been through a divorce, I know that it isn't over til it's over. Forget owning a property for now, you have no idea what your financial position will be by then. Sit tight and aim to be debt free when you are through it. If you can save a little, that would be even better.
I had a reasonably smooth divorce, though it wasn't all plain sailing. The costs mount up and it cost me thousands in legal fees.
Sorry to be negative, but you have to be realistic. Just get through this and at some point, think about this again.

Unicorn_cottage

Hiya - get yourself on the debtfreewannabe forum. Lots of great advice there about cutting down & saving money on utilities etc. People will give you advice on your incomings and outgoings.
I echo @blue_max_3 's advice above. My divorce was horrendous and very costly - over £10k. Deal with your debt whilst working through the divorce then save, save, save!