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Need advice. Payoff loans or....

  • 15-10-2013 11:14am
    #1
    vibes23
    Registered Users, Registered Users 2 Posts: 149 ✭✭


    I recently was left money in a will. €15k.

    I have loans and credit cards to sum of €13k.

    Total outgoings for the above per month is €880

    I want to buy a house in next 2 years myself and my partner are both working.

    Should i put the €15k away and add to it OR Clear my loans and save €1K per month and in about 16 months have the €16k for deposit?

    I spoke to bank few months ago before i got the money and they said i should clear all my loans so i have clean sheet.

    I am renting at the mo €850 per month so at least bank can i see i am able to pay.

    Oh and to mention the loans are in arrears and my credit card is in bad way getting letters sayin im in arrears !!

    advise please


Comments

  • #2
    Anyone
    Registered Users, Registered Users 2 Posts: 3,376 ✭✭✭Anyone


    Clear the loans. You will save a fortune on interest.

    No bank will lend to you if you are paying out €880 p/m on non mortgage debt and more so if the loans are in arrears.


  • #3
    Keano
    Moderators, Recreation & Hobbies Moderators, Social & Fun Moderators, Sports Moderators Posts: 12,808 Mod ✭✭✭✭Keano


    Pay off any debts.

    Best thing I ever did was clear a loan early and increase my savings.


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