Big win ‘would be used to pay off debts’

Consumers who managed to win a large amount of money would be more likely to prioritise paying off large debts than anything else.

A survey by Halifax Savings revealed that given a £100,000 windfall, 19 per cent would use to it pay off debts, while a further 16 per cent would clear their mortgage.

Only after this would people look to use the cash for items like a dream holiday or a new car, the poll indicated.

Head of Halifax savings Richard Fearon said: "Winning up to £100,000 enables people to maintain the normality of everyday life whilst removing some of the financial worries which, this research would suggest, can have a life changing effect in itself."

However, most people are unlikely to suddenly obtain such a sum and therefore those owing large amounts they are struggling to cope with may benefit from a debt management plan.

Far from being able to make use of £100,000, one in five Britons have no savings at all to fall back on to help with debt or anything else, research by Santander revealed this week.

Posted by Paul Thacker