How Can I Use/invest £15000 To Clear Debts

[ukme]

The logical answer is of course to just pay off the debt with the £15000. But I don't want to do that. Working a routine job in the UK, being bled dry by living costs I want to hang on to my money.

I have no financial/investment knowledge whatsoever. I have £15000 in an ING Direct Savings Account and £6300 Credit Card Debt. It seems a shame to blindly clear the debt when quite possibly an investment with the £15000 could do that for me.

Idea's?

[Artamus]

The logical answer is of course to just pay off the debt with the £15000. But I don't want to do that. Working a routine job in the UK, being bled dry by living costs I want to hang on to my money.

I have no financial/investment knowledge whatsoever. I have £15000 in an ING Direct Savings Account and £6300 Credit Card Debt. It seems a shame to blindly clear the debt when quite possibly an investment with the £15000 could do that for me.

Idea's?

It would be highly unlikely that any investment would give a rate of return greater than creditcard debt.

Taking on a high risk investment with the possibility of a good return could easilly go the wrong way and reduce your capital.

I would pay off the debt first - no question about it,

[Soutpeel]

The logical answer is of course to just pay off the debt with the £15000. But I don't want to do that. Working a routine job in the UK, being bled dry by living costs I want to hang on to my money.

I have no financial/investment knowledge whatsoever. I have £15000 in an ING Direct Savings Account and £6300 Credit Card Debt. It seems a shame to blindly clear the debt when quite possibly an investment with the £15000 could do that for me.

Idea's?

To be honest your logical answer is the correct one, pay off the credit card and cut the bl**dy thing up, any investment you could make over the short term will not clear your C/C debt, pay it off and then look at investing the balance

[Murgatroyd]

Pay the debt... you cannot get that much interest on any legal investment... If someone promises you that level of interest... you're gonna loose the lot...

[12DrinkMore]

The answers are pretty unanimous.

Pay off the debt and in the future pay off the card every month. This is a no brainer.

[tattoodrob]

i have an idea,give it to me to invest for you and within 1 year will have enough to clear your debt.....ok?

[Carib]

The Op cannot be serious.....He doesn't want to be logical by his own admission. A credit card debt will grow faster than an investment can catch up with. Especially in these times.

[Dave the Dude]

But if you are in Thailand a private debt cannot be called up from your home country over here. Go bankrupt and after clearing out your cash. The last time i checked in the UK, bankrupt status is cleared after 12 months.

BUT and a BIG but, dont mess with HMRC or VAT cos they will come back and bite you in the @rse

Dave (Ex-Bank Manager BTW)

[tattoodrob]

hes looking for some easy(need a miracle) option,like we know here!!!

obvious answer i would say for him is to work,pay it off monthly and try save at same time but as hes in debt that aint so easy for him to do,i too would love to know where you cold get 50 % r.o.i in very short time and if anyone did know then im pretty sure they wouldnt share it with anyone else. i wouldnt.

[Soutpeel]

hes looking for some easy(need a miracle) option,like we know here!!!

obvious answer i would say for him is to work,pay it off monthly and try save at same time but as hes in debt that aint so easy for him to do,i too would love to know where you cold get 50 % r.o.i in very short time and if anyone did know then im pretty sure they wouldnt share it with anyone else. i wouldnt.

There is a poster 3 down from this one offering 85% ROI in year 3...

[BEENTHEREDONETHAT]

I agree with the majority, pay off your debt. Also never trust a bank manager.

[tattoodrob]

hes looking for some easy(need a miracle) option,like we know here!!!

obvious answer i would say for him is to work,pay it off monthly and try save at same time but as hes in debt that aint so easy for him to do,i too would love to know where you cold get 50 % r.o.i in very short time and if anyone did know then im pretty sure they wouldnt share it with anyone else. i wouldnt.

There is a poster 3 down from this one offering 85% ROI in year 3...

yeh like hes gonna be around for the 3 years,i think he disappears first year with -9%......anyway surely its just 0% r.o.i if made no money in first year or does he want initial investment money then another 9% to cover losses in first year? im no business man so maybe im confused at how it works but i think il invest in the 3rd year

[PCA]

The logical answer is of course to just pay off the debt with the £15000. But I don't want to do that. Working a routine job in the UK, being bled dry by living costs I want to hang on to my money.

I have no financial/investment knowledge whatsoever. I have £15000 in an ING Direct Savings Account and £6300 Credit Card Debt. It seems a shame to blindly clear the debt when quite possibly an investment with the £15000 could do that for me.

Idea's?

open a forex account and fund it with 10k. As I have a generous day I will help you. You add me on msn or skype and I tell you in realtime what to do. Within 2 months your debts are a thing of the past. Good idea?

[12DrinkMore]

But if you are in Thailand a private debt cannot be called up from your home country over here. Go bankrupt and after clearing out your cash. The last time i checked in the UK, bankrupt status is cleared after 12 months.

BUT and a BIG but, dont mess with HMRC or VAT cos they will come back and bite you in the @rse

Dave (Ex-Bank Manager BTW)

No wonder he's an EX-Bank Manger with that advice.

I wonder if he followed his own advice?

[Dave the Dude]

No wonder he's an EX-Bank Manger with that advice.

I wonder if he followed his own advice?

Hi 12DrinkMore

No I didn't and I did very well, thank you.

I worked in a head office post and gratefully recieved a substantial 'golden handshake' to part company. I then re-trained and worked bl@@dy hard as a qualified CORGI registered plumber/gas fitter in London. All that without EVER claiming a single days 'Dole money' and I still have a AAA credit rating.

I am sorry to say, I have a bit of a bitter atitude now when I see so many people in the UK getting away with everything including murder!

Dave

[RAZZELL]

The logical answer is of course to just pay off the debt with the £15000. But I don't want to do that. Working a routine job in the UK, being bled dry by living costs I want to hang on to my money.

I have no financial/investment knowledge whatsoever. I have £15000 in an ING Direct Savings Account and £6300 Credit Card Debt. It seems a shame to blindly clear the debt when quite possibly an investment with the £15000 could do that for me.

Idea's?

If you're a gambler buy bank shares such as RBS, Hbos etc.

You could make enough to clear your debt in a day...or lose the lot

RAZZ

[cclub75]

The Op cannot be serious.....He doesn't want to be logical by his own admission. A credit card debt will grow faster than an investment can catch up with. Especially in these times.

Unless he thinks about... walking away from his credit card debt.

[ukme]

Thanks for the replies - great forum by the way. Of course the logical thing to do is just pay off the debt with the capital or just keep working, chipping away at the debt, but with the cost of living here in the UK, could take me a very long time.

Shame to blow my Capital. I'm not interested in going bankrupt or doing anything illegal.

Just thought that there could be some kind of investment I could use to at least take a significant chunk out of the debt.

[tattoodrob]

The Op cannot be serious.....He doesn't want to be logical by his own admission. A credit card debt will grow faster than an investment can catch up with. Especially in these times.

Unless he thinks about... walking away from his credit card debt.

or topping it up a bit more then RUN away from it ........................................and then buy a bar here,drink yourself to a stupor everynight,take 2 or 3 ladies everynight then jump off the nearest condo in 6 months or so when money gone.....thats what i would do(am doing )..........who wants to get old anyway

[ukme]

Nahh! Think I'll pass on the above suggestion Thankyou! I don't drink, nor would I like to run a bar! Maybe it was just a stupid question, worth a shot though, just thought if I could pay back those legal gangsters (credit card lenders) quicker with an investment

[12DrinkMore]

Nahh! Think I'll pass on the above suggestion Thankyou! I don't drink, nor would I like to run a bar! Maybe it was just a stupid question, worth a shot though, just thought if I could pay back those legal gangsters (credit card lenders) quicker with an investment

Hardly gangsters. They did not point a gun at your head and force you to take out credit. BTW what did you buy with the 6,000 Quid?

Pay the bill and you still have a chunk of money left. In fact, much better positioned than all the UK property owners, aka "speculators and debtors" who are now sitting on negative equity.

[endure]

The logical answer is of course to just pay off the debt with the £15000. But I don't want to do that. Working a routine job in the UK, being bled dry by living costs I want to hang on to my money.

I have no financial/investment knowledge whatsoever. I have £15000 in an ING Direct Savings Account and £6300 Credit Card Debt. It seems a shame to blindly clear the debt when quite possibly an investment with the £15000 could do that for me.

Idea's?

What APR are you paying on the credit card debt?

[RAZZELL]

The logical answer is of course to just pay off the debt with the £15000. But I don't want to do that. Working a routine job in the UK, being bled dry by living costs I want to hang on to my money.

I have no financial/investment knowledge whatsoever. I have £15000 in an ING Direct Savings Account and £6300 Credit Card Debt. It seems a shame to blindly clear the debt when quite possibly an investment with the £15000 could do that for me.

Idea's?

What APR are you paying on the credit card debt?

Good point. Be a "card tart" - do a balance transfer onto a new card with a low or 0% transfer rate.

RAZZ

[ballzafire]

1. Take your cash and short the shares of the bank that you're indebted to. In this environment, it's a sure bet you'll win.

2. Run up your CC to the limit, then cut it up and declare bankruptcy.

3. Take your lender to court and make them prove that they are still a party to your debt and that they haven't "sold" it as part of a derivative to investors.

[endure]

4. Pay what you owe and move on.

[bobbin]

to the OP...

If you understood anything about finances, you would not even have to ask the question.

As many posters have told you...there are few if any legal investments without significant risk that will pay you the equivalent return to your credit-card interest rate.

Typical of the type of thinking world-wide that led to the present WWFC.

[Naam]

The logical answer is of course to just pay off the debt with the £15000. But I don't want to do that. Working a routine job in the UK, being bled dry by living costs I want to hang on to my money.

I have no financial/investment knowledge whatsoever. I have £15000 in an ING Direct Savings Account and £6300 Credit Card Debt. It seems a shame to blindly clear the debt when quite possibly an investment with the £15000 could do that for me.

Idea's?

if you don't have any ideas why do you think "quite possibly"?

[nedflanders]

nobody said the obvious

transfer the credit card to a 0% balance transfer card for one year, cc debt does not increase

put the money in a high interest one year saving account, should get you around 1000 pound interest ay 6.5%

repeat for 6 years,

or pay off cc after one year, at least you have an extra 1000 quid

its called "stoozing"