Dr. Monzer Kahf, a prominent economist and counselor states: “Paying one’s due debts have a priority over going for Umrah because a person who is under due debts is considered poor and not obliged to go for Umrah. Your debt is not due as you said that the creditors told you he accepts payment later, during the year. Besides, even if one goes for Umrah while under due debts, he would have been making the sinful mistake of repaying due debts but the Umrah would still be InShaAllah acceptable because actions do not affect each others. But I have yet another point to make that is Hajj is more important than Umrah, if you did not make Hajj and you have the choice to use this money for either Hajj or Umrah in Ramadan, you’d rather use it for Hajj that is the Fifth Pillar of our religion, Umrah is not even obligatory! Once you perform Hajj once at least then you go for Umrah.”
Allah Almighty knows best.