Go easy on me Clubman, i did have a look for a similar question before i posted this and couldnt find one.
I will have about 20,000 coming back in my ssia at the end of April and I am wondering about my options.
I have a variable rate mortgage of about 120,000 (700 a month)
I have a top up of 12,000 (200 a month)
I have a credit Card Debt of 5000 (money in whenever I can)
I have a Credit Union debt of about 7000 (400 a month)
My initial gut feeling was to pay off the credit card and the top up. This would leave me with about an extra 600 a month taking away the ssia payments also. My girlfriend is bulding a house for 270,000 and I will have to contribute towards this by the summer.
Now however I have switched cards leaving me 6 months interest free, should I hold off on paying that until the 6 months have expired.
Where would i invest this money in the meantime if i did do that. I was wondering about one of those new high interest accounts and would I be better off drip feeding the money in there, setting up a direct debit to pay off the top up.
My ssia money is an equity based offer which allows continuation, should just leave it in there for at least until the credit card payments are due in 6 months. However I have been a bit spooked by the volatility at the moment, lost a good few pound over the last month. But in general my appetite for risk is fairly healthy, but i am nervous about chasing a lost cause also, I do it enough in the bookies.
I will have about 20,000 coming back in my ssia at the end of April and I am wondering about my options.
I have a variable rate mortgage of about 120,000 (700 a month)
I have a top up of 12,000 (200 a month)
I have a credit Card Debt of 5000 (money in whenever I can)
I have a Credit Union debt of about 7000 (400 a month)
My initial gut feeling was to pay off the credit card and the top up. This would leave me with about an extra 600 a month taking away the ssia payments also. My girlfriend is bulding a house for 270,000 and I will have to contribute towards this by the summer.
Now however I have switched cards leaving me 6 months interest free, should I hold off on paying that until the 6 months have expired.
Where would i invest this money in the meantime if i did do that. I was wondering about one of those new high interest accounts and would I be better off drip feeding the money in there, setting up a direct debit to pay off the top up.
My ssia money is an equity based offer which allows continuation, should just leave it in there for at least until the credit card payments are due in 6 months. However I have been a bit spooked by the volatility at the moment, lost a good few pound over the last month. But in general my appetite for risk is fairly healthy, but i am nervous about chasing a lost cause also, I do it enough in the bookies.