The "Pay ALL your debt off by Xmas 2012" challenge - PART 3!!!

lemonpopsicle

minicooper272 wrote: »

Thanks Jemma,

I've had a think overnight, and to save a bit of confusion, I will keep with the running total I had before, but will set myself the mini-target to clear my bigger overdraft by Christmas. It got too confusing trying to work out the maths

I'm wondering if you guys can tell me what you would do here: last month, very suddenly, Dad was made redundant. Luckily he's a clever cloggs, and got snapped up almost immediately by another company (with a good £15k pay rise to boot!). With the good news, he told me to write off the last £200 of the money he loaned me for my car. :beer:

The confusing bit:
My parents keep their finances separate, and Mum has been unemployed for a few years now, with a lot of debt to pay off. We have an arrangement that I pay back my car loan by £100 a month to Mum instead of Dad, so that Dad doesn't need to give her so much (she does have a pension too!)

Dilemma:
Last two payments are December - January. Mum could really do with the money to help with Christmas costs and neither would notice if I did paid the money into her account. Do I write off the last 2 payments (£200 isn't exactly small change!) or make them anyway (as she could really use the money)?

Do you think your mum is relying on the £200 to go to her? If she's in debt herself perhaps she would notice if the £ didn't arrive- tricky x

Superheavy

Well done May2013 on finishing off that debt, and great work everyone in paying throughout August!

That Happy Christmas does seem like a more realistic prospect!

jakes-mum

Hi Minicooper, if it were me I would still pay the money (my mum also tried to write off a bit of debt I owed her through a CC she took out for me) as a) its my debt, how will I learn if I dont pay it all off and b) I wouldnt really feel debt free if I havent paid every single penny I owe.

Im sure others will disagree with me and in no way do I want to make anyone feel bad if they have had debt written off! Im just very OCD in certain aspects of my life and money happens to be one of them, I cannot accept someone else helping to dig me out of my self made hole IYSWIM

Also as your mum has debt herself, thats £200 extra she hasnt got to find to chip away at her own debt ball and chain.

No payments today though I do have £25 in my purse from some fleabay sales ready to be paid to the dratted CC, will do it tomorrow me thinks

minicooper272

Thanks Lemonpopsicle and Jakes-mum! I had pretty much decided I wanted to give the money to her, but in some way wanted to hear that other's didn't think I was nuts for committing to an extra £200 (weird I know). It's not so much that they are writing off the debt, it's money Dad would have given me if he hadn't been financially strapped at the time (and to make up for all the years he didn't help me with rent at uni).

Mum knows the payments will stop come November, but she doesn't have internet banking (gift of the Gods) so will basically go to the bank and just think she has a little more than she thought she should.

Mrs_Addicted_to_Spending

SpagBol wrote: »

Oooh I did that degree and am a BMS (hope I don't out myself!!) It is a very interesting course, I'm sure the last year will fly by

Thanks SpagBol :T - yes it's interesting! What's it like being a BMS?

SpagBol

Mrs_Addicted_to_Spending wrote: »

Thanks SpagBol :T - yes it's interesting! What's it like being a BMS?

Hmmm...I have mixed feelings about it! The NHS is not a pleasant place to work at the moment but all these things go in cycles I suppose so hoping it will get better. If you start looking for a trainee post go for haematology/blood transfusion or micro if you can!

mf0u1098

What do you think of my debt loss ticker???

kerri_dfw

Will reply better in a bit....Jemma my new total is because I would have paid off my debt had I not gone to Canada and moved house putting myself further into debt. So instead of trying to work out how much the debt is, I'm starting again I would have cleared the original debt had I not gone to Canada and moved house.
Hope that's ok xx

fritterprincess

Sorry for copying Jemma, anything for a bit of inspiration!!x

Mrs_Addicted_to_Spending

SpagBol wrote: »

Hmmm...I have mixed feelings about it! The NHS is not a pleasant place to work at the moment but all these things go in cycles I suppose so hoping it will get better. If you start looking for a trainee post go for haematology/blood transfusion or micro if you can!

Thanks that's really useful - I'll bear that in mind when I start deciding which direction to go in .