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Should i utilised inheritance to clear debt?
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The interest on Very is appalling, so many people rely on their catalogue so they can pay in instalments. As a kid I always had to choose my clothes/Christmas presents from my Mum's Marshall Ward catalogue. I'm shocked.£216 saved 24 October 20140
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You don’t say whether you are able to even access the investment bond but without a doubt you should pay off Very and close it plus the overdraft with Halifax. I think given you have this £8k and the interest rates are high you should clear it all then use the money you were using as repayments to debt to build up savings again.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£162.90
Save £12k in 2025 #1 £12000/£70000 -
Zopa CC 19.4%Lloyds CC 30.34%
Very 59.9%
Halifax OD 39.9%
Paypal 23.9%
So you need to prioritise the OD & get rid.
Then Very & then Lloyds CC.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
If you want to pay the debts off completely it is worth making a full and final offer. Start at 10% f the debt and work up as you get rejected. Don't give then the full amount if you can help it.0
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Well, if you're paying more in interest than the inheritance/investment generates, then the numbers should show the way.
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Are your parents aware of the inheritance?
Do you need to offer it to them towards what you owe them first or are they fully ok with the current arrangement?
No doubt they would turn it down but maybe you should ask.0
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