About to be debt free but still need advice

deb1home

My Uncle died (he had a good life) and left me £22000 which is just about what my debt is, I owe £10500 on one credit card, £4000 on the other and I have a loan of £8500, I plan to clear the £10500 cc, and the loan and as much of the other card as possible but I am wondering if I kept back £1000 to put into an ISA as rainy day money. I NEVER intend to get this far into debt again as I have hardly slept the past year, but I am wondering if I am doing the right thing by not leaving myself any fall back cash?

Views and advise please

Thank you

ltm07

Personaly i wouldn't if i was you. How much a month was you paying towards your debts? Even if you put £100 of it away a month,you would have £1,000 within 10 months. Good luck.

Bayblue

Hello Deb

I asked a similar question to you about the savings, and my view is that yes you should have a little bit to fall back on, but that's just how I feel. This year I was made redundant and I never ever want to wonder where my next meal is coming from, should the worst happen, but that's just me. I suppose it muight depend on what your other resources are, partner, family, assets and stuff.

Have think about things before you do anything and best of luck.

cat4772

I think having an emergency fund / ISA is sensible. Any extra money (overtime payments etc) that comes into our household is split so that some goes towarsd paying a debt and some goes into an emergencies savings account.

Years ago I had to have some emergency work done on the house, insurance policy said I should pay and claim it back from them. £2000 went on visa and took about 7 months to sort out the insurance claim!

Just remember to close the account of the card you pay off!

Cat.x