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  • FIRST POST
    • eca08
    • By eca08 15th Jun 17, 1:18 PM
    • 4Posts
    • 6Thanks
    eca08
    Taking charge! Opinions please!
    • #1
    • 15th Jun 17, 1:18 PM
    Taking charge! Opinions please! 15th Jun 17 at 1:18 PM
    Hello all,

    I'm finally taking charge of the debts and getting rid of them once a for all...

    A little back story
    I currently owe £21,990.00 from various overdrafts and credit cards and want to be debt free desperately! My mother has kindly borrowed me the money to just wipe them all out once and for all and I can pay her back over a time and rate I choose (I know I am so so lucky and I really appreciate this and it's motivation to never put myself in this situation again!)

    My question is mainly:
    Should I pay her £375.00 over 5 years and save £375.00 for my own savings or just go straight for the £750.00 over 2.5 years but then not have any savings myself but then pay her back quicker??

    She doesn't need to money - it would just sit in her savings account so there's no stress there.

    It may seem a silly questions but I'm really not sure what to do for the best!

    Thanks guys!
Page 1
    • D_M_E
    • By D_M_E 15th Jun 17, 1:39 PM
    • 1,259 Posts
    • 61,902 Thanks
    D_M_E
    • #2
    • 15th Jun 17, 1:39 PM
    • #2
    • 15th Jun 17, 1:39 PM
    Why pay her £600 a month for 3 years and save £150 for emergencies?

    Also, hat's very kind of your mother, but what's to stop you taking on more debt when you have used her money to pay it all off?

    Have you cut up all your cards and resolved to stop spending?
    • eca08
    • By eca08 15th Jun 17, 1:44 PM
    • 4 Posts
    • 6 Thanks
    eca08
    • #3
    • 15th Jun 17, 1:44 PM
    • #3
    • 15th Jun 17, 1:44 PM
    Most definitely!

    Never doing this to myself ever again!

    I'm getting out of a relationship where he had the problem with spending (hence the debt in the first place) where I am quite sensible so it will not be a problem to not make any more debt!
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