21 and confused

jess1234

Hi looking for some advise.

I'm 21 living at home with a full time job. I have always tried to help my parents out every way possible even resulting in lending them my savings when my dad was very ill a few years ago. They feel really bad as they haven't been able to pay me back.

Our washing machine and car have both packed in and the state of house is getting us all depressed. My parents have been able to sort the car out but we need a new washing machine. I'm looking into loans or credit cards and I cant work out what is the best thing to do. As I'm living at home I have money to spare to pay off a loan or credit card.

whats best to do the machine we need is £300 and if possible i need to do some home improvements.

Any help we be amazing, yes I know I'm young and could save for the home improvements but times are tough for my parents and I want to help out in any way I can.

DevCoder

See if you can get a 0% credit card or save.

How much will the home improvements be?

PeacefulWaters

Have you looked into second hand options?

Gumtree, Freecycle etc.


What do you mean by "home improvements"?

Should your parents be considering downsizing if they can't really afford their lifestyle?

dresdendave

Investigate local Freecycle type organisations, you should be able to pick up a washing machine for nothing. It will fit in the back of a hatchback or estate type car and as it is replacing an existing machine the plumbing will be in situ, meaning anyone with basic DIY skills could connect it blindfolded with one arm tied behind his/her back.

As a back up start saving the amount the monthly repayments on a loan would have been, then if the 2nd hand machine packs up you will have a fund building up ready to buy a new one outright.
If the 2nd hand one keeps going for years will have a nice little fund for emergencies.

Always treat borrowing for anything other than a mortgage as a last resort.

tomtontom

Sounds like you could best help your parents by pointing them to the Debtfree Wannabe board

Jazee

I too would suggest putting a 'wanted' post on your local freecycle or failing that maybe try to get an argos card and get the machine on pay later, saving the amount in the interim.

Good luck.

jess1234

Down sizing is not an option, there are 5 of us living in a small 3 bed house that we rent at a low price if we do any renovations that are needed. The 'home' improvements is switching rooms. currently my 17 year old brother is sharing with my 12 year old sister and i have the smallest room to myself. I am switching to share with my sister but all of my brothers furniture is 2nd hand and has been moved so often that it wont survive another move. We live in our budget and usually manage and can cope with something going wrong.

I lent my parents my savings when my dad was off with TB or 9 months so we got into debt then, we keep getting better then something happens so they have to spend what they saved up to pay me back. They are setting up a £30 a month direct debit to start paying me back.

our local 2nd hand shops are selling them for £199 for a small load machine, ideally we need a larger load as my brother plays rugby and football and my sister does dance. I dont see the point in paying £200 for 2nd hand when we could pay the extra £100 and get the new one we need.
Thanks

KatieDee

As much as you want to help your parents, I do think it's a bad idea to get a loan/credit in your name, especially seeing as they've failed to pay back the money you've already lent them.

I would seriously consider Freecycle or Gumtree as others have suggested. When we were moving, I didn't want to buy a brand new washing machine as I knew we'd be buying in the near future. I went on Gumtree and picked a second hand one up for £60 and it is still going strong now! There's every chance that a second hand washer will last you another six months, at which point your parents maybe more financially able and may be able to buy a brand new one

If you absolutely need a brand new one...could either your mother or your father look into getting credit in their name? Perhaps something like a catalogue site like Very or Littlewoods? I know it's not ideal but they do offer buy now pay later schemes, so as long as the item is paid off within 12 months, there is no interest.

I would definitely support the secondhand idea though. Either that or buy one outright with your full-time wage.

getmore4less

http://www.hotukdeals.com/search?action=search&keywords=washing+machine

A basic new machine is only £160
A good one from £250

Also check the local freecycle for everything you need.


If you must end up with credit then how much spare(you save) each month do you have?

how much do you pay to lodge in the house?
Go you pay for your own food etc.

For credit a long months 0% purchase card is probably the best option as long as you can pay it off in the zero% period.


If you have specialist loads, like very mucky rugby kit a large load machine may not be the answer, a smaller one that you use more often might be a better choice.

What's wrong with the one you have many problems are relatively simple to fix.

pineapple123

Check out if you have any furniture/goods reclaim/recycle charities locally.
My local one states that Reclaim is available to anyone who is financially disadvantaged, this could mean being on a low income (Household on less than £25,000 per annum) or in receipt of a means tested benefit / credit.
It operates a furniture re-use project offering electrical and household goods donated from local people & businesses to households on low incomes.

I have visted one with a family member and they have all sorts for sale at good prices and will deliver for a small charge. It is staffed with volunteers and proceeds go back into the charity.
Your local CAB should have info, libary or the net.

bouncydog1

Hi Jess
Definitely look on free cycle in the interim. We have previously got rid of dishwasher nd tumble dryer in this way. People often give away decent machines because they are installing new kitchens. Much as you want to help it is not worth getting into debt for your parents and they shouldn't want you to do that.

Point them over to the debt free board where others will look at their income and outgoings and make helpful suggestions. Perhaps they are entitled to additional benefits for insurance. Good luck.