15k windfall - pay off debts or save for deposit?

[Thisisformatilda]

Hi there! Any advice would be greatly appreciated...

I have just received 15k from a ppi claim
We want to move and have no deposit and about 30k worth of debt between us ( me and dh)

So, do we use the 15k to pay off some of the debt or keep it for a deposit?

thanks in advance

hmm I would pay it into your debts - it must be costing you a fortune to service £30k.

Debts.

Debt = worry

Thanks guys
That's what we're thinking.
It would be a big relief to get rid of some the debt - high interest credit cards ar

As a general rule, if you have spare cash ever, place it where it makes you the most money. If savings accounts are making 3%, a mortgage is costing you 7% and a credit card is costing you 19%, pay the credit card off first, the mortgage second and finally put anything left into savings. If you still have £15k outstanding on high interest credit cards after paying something off with your windfall, consider talking to one of the free debt advisory services to see if you can bring down the payments or make it cheaper to manage in some other way.

Debts no question as they'll have the higher interest

Debts! Absolutely. The interest will continue to drag you further into to debt.

And do it ASAP before you find another use for the money.