Premium bonds question to pay off debt?

Itsadogslife_2

I know this is probably in the wrong section but I wondered if the mods could leave it here as it is relevant to this section. (I don't like posting in the non debt section as they are a bit scary out there......:p)

When my nan died, she left some premium bonds so my grandad cashed them in and bought me £1,000.00 worth. He and my nan had quite a few together and him and her used to check the numbers online at the start of the month and so my mom asked me and my brother to give him our holder number when he got them for us so he can carry on checking them (sentimentality I suppose). Anyway, I am wondering, if I were to cash in £995.00 worth of the bond and leave just a fiver, would he be able to tell? My mom is telling me to keep them, but I would prefer to pay nearly another £1,000.00 off my debt. If he has my holders number, does that mean he can tell whether I have £5.00 worth of bonds or £1005.00 worth of bonds?

R_P_W

My view is that it is crazy to hold £1k of premium bonds when you have debt which unless is 0% interest is going to be costing you.

What is the reason for not wanting to tell him about selling them? Does he not know your financial situation? At the end of the day it is YOUR dent and they are YOUR premium bonds so YOU decide what is best.

poppasmurf_bewdley

I think you will find you will have to cash in the whole £1000. They certainly will not allow you to retain just £5. I think the minimum is £100.

consultant31

I don't actually know, but I would have thought that he would be able to tell. Surely the numbers will disappear if they've been cashed in.

If I were you I'd have a word with your Grandad and tell him your story. I'm sure he'd understand that your debts should come first.

You could always save up and replace the bonds once you've paid off the debts

RiTSo

This is probably the page he is using:

http://www.nsandi.com/savings-premium-bonds-have-i-won

Anybody could use that assuming they have your number and it gives no indication of amounts held, only if you have won in that period.

There is an online account section that gives you all of the specifics but a) you need full login details for that and b) even when you have them it's still like getting into Fort Knox.

I suspect he is using the first option.

Itsadogslife_2

Thanks for your replies. My debt is 0% as my father in law paid off our debts so we could re-mortgage for a cheaper rate and we pay him back.

I have a diary and I did go into detail in there but when my nan died, she left me some money which all went towards the debt. It is difficult as he offered that I could just use it towards the debt but my mom glared at me and asked me to keep them (34yrs old and still don't feel like I can do what I want duh!). I don't think I am brave enough to rock the boat and ask (sorry tell), that I am wanting to cash them in, I think I wanted the chickens way out in the hope that he still gets the satisfaction of checking the numbers (even if it is the remotest chance of winning), and I get another grand off the debt total and another 2.5 months earlier DFD.

R_P_W

Is your mum paying anything towards your debt? Is it hanging over her head? If the answer is NO then what does it have to do with her what YOU do with YOUR money?

Bobby278

Hi

WHat is the max amount of time that anyone has waited for NS&I to pay their amount into their bank when cashing in premium bonds?

Just interested.

Thanks.

skintandscared_2

The minimum amount you can hold is £100 so you'd only be able to cash in £900. When I did it, it only took about 5 days to arrive in my bank account.

Bobby278

skintandscared wrote: »

The minimum amount you can hold is £100 so you'd only be able to cash in £900. When I did it, it only took about 5 days to arrive in my bank account.

Thanks for that, I'm on day 6 after sending in the form so I'll give it another day or two.

Mojisola

skintandscared wrote: »

The minimum amount you can hold is £100 so you'd only be able to cash in £900. When I did it, it only took about 5 days to arrive in my bank account.

£100 is the minimum you can buy but I think you can leave a lower amount if you're cashing in bonds.

Will be interested to hear if that's not the case.