do i try to clear a debt now or spend it to make more money in the long run?

thepinkladez_2

hi all as you can see just on the verge of starting dmp but have just got £500 what do i do with it?

1) try to get egg to do a f&f on my £700ish debt (to see exact debt see my sig as i have had a mental block!:wall:)

2) save it in a bank account incase we have an emergency boiler dies, car dies or anything else of such like?

3) use roughly £200ish of it to get my x reg top spec pug fixed needs new brakes to pass mot and then hopefully sell it for £1000 (fingers crossed!) then possibly try to get a f&f on one of my bigger debts?

any help much appreciated as usual, as my heads all fuzzy!:doh:

Hippychick

I vote option 3 as you will probably have to fix your car at some point anyway.

thepinkladez_2

yeah probably should add that it has been sitting on mil's drive since last year!although she is ok with it there im sure she would quite like to see it gone!

IWantToBeFree_2

People have been trying to drum it into me that saving when having debts is bad (I don't necessarily agree) so I reckon thats the option that most will go for.

Like with the other poster, I would go for C because at the end of the day its going to need fixing to pass the MOT, so may as well do it whilst you have some cash.

If you do a F&F settlement with Egg, start at the 35% mark and work up, if they accept that you could afford to do that and get the car done.

thepinkladez_2

c it is then!