First Post - Here it goes!

lucy_w86

Hi,

I have been reading peoples posts for a few months now and I have decided it is about time I got things sorted instead of going round and round in circles.

My partner has an £8,000 debt (loan for a car). I have no debts myself and we are looking to start saving to move out. I dont feel that we can save and move out whilst we have this £8K debt hanging over us. Therefore, I am going to pay it off for my partner. He also has a second loan which he is sorting so I am going to focus on the £8K

My income is approx £305 a week as I temp.

The things I have to pay out for each week are:

Rent: £40
Phone: £10
Travel: 33.20
Lunch: 25.00
Contact Lenses: £15

Total spend per week = £123.20

Obviously I want to have some money for going out and for things such as health care / beauty / clothes etc... and as this isnt my loan I am not going to stop myself from having these things - every so often. On the other hand I want to help get this paid asap. Swings and roundabouts I guess!

So what do you recommend? How do I got about this?

Thanks!!!

[EMAIL="abuse@moneysavingexpert.com?subject=Reporting post http://forums.moneysavingexpert.com/showpost.html?p=5847753"][/EMAIL]

boadicea_2

I would recommend he take responsibility for paying for his loan while you save for the future - it may sound harsh but I don't think you will do him any favours by paying off his debt, simply because it will avoid him having to take responsibility for it.

Maybe you caould take on a bigger part of any joint expenses while he uses the surplus to clear the debts?

Best of luck

RAS

Hi

Look at southern scouser stickie for newcomers and extend your SOA. Do you eat? Council tax etc.

Also, before you pay off this loan, you need to check the T&Cs as they may not allow you to pay it off without penalties. It may be better for you to stash enough to pay it off in an ISA.

lucy_w86

RAS wrote: »

Hi

Look at southern scouser stickie for newcomers and extend your SOA. Do you eat? Council tax etc.

Also, before you pay off this loan, you need to check the T&Cs as they may not allow you to pay it off without penalties. It may be better for you to stash enough to pay it off in an ISA.

I live at home with my parents.

It is a loan with a family member that we want paid off now! His family member needs to money back asap

lucy_w86

lucy_w86 wrote: »

Hi,

I have been reading peoples posts for a few months now and I have decided it is about time I got things sorted instead of going round and round in circles.

My partner has an £8,000 debt (loan for a car). I have no debts myself and we are looking to start saving to move out. I dont feel that we can save and move out whilst we have this £8K debt hanging over us. Therefore, I am going to pay it off for my partner. He also has a second loan which he is sorting so I am going to focus on the £8K

My income is approx £305 a week as I temp.

The things I have to pay out for each week are:

Rent: £40
Phone: £10
Travel: 33.20
Lunch: 25.00
Contact Lenses: £15

Total spend per week = £123.20

Obviously I want to have some money for going out and for things such as health care / beauty / clothes etc... and as this isnt my loan I am not going to stop myself from having these things - every so often. On the other hand I want to help get this paid asap. Swings and roundabouts I guess!

So what do you recommend? How do I got about this?

Thanks!!!

BUMP...........

mrs_deadline

Hi Lucy, sorry but I totally agree with boadicea - please be careful. This should be between him and his family. Unless you were the one who talked him into buying the car, don't take the responsibility upon yourself. Have you talked this through with your parents at all?

lucy_w86

mrs_deadline wrote: »

Hi Lucy, sorry but I totally agree with boadicea - please be careful. This should be between him and his family. Unless you were the one who talked him into buying the car, don't take the responsibility upon yourself. Have you talked this through with your parents at all?

We are engaged and this isnt just a casual relationship...it is taking him ages to pay off the loan and the sooner we get it paid, the sooner we can look into moving in together and getting onto the property ladder

gizfizz

well if you pay off £100 a week (assuming no interest) it will take 80 weeks (just over a year and a half) it depends on how much you want to leave for yourself, would it be better if you worked it all out based on both of your incomings and outgoings together?

lucy_w86

gizfizz wrote: »

well if you pay off £100 a week (assuming no interest) it will take 80 weeks (just over a year and a half) it depends on how much you want to leave for yourself, would it be better if you worked it all out based on both of your incomings and outgoings together?

Well, I want to try and get myself settled into paying off some of it and then he is going to pay his other loan and with extra money, pay his dad, so it vaires from month to month

Thanks!

completelyspent

I am inclined to agree with the other posters with regards to your partner paying off the debt himself. I can understand that you want to pay off the loan ASAP to get on the housing ladder, but can you guarantee you won't be finding yourself in the same situation again where you are paying off your partners debt but also with the burden of a mortgage and increased bills to pay in addition?
With regards to you budget, is the £25 because you are buying lunches everyday? You can probably cut that down to as low as between £5-£10 a week with home made packed lunches.
Is the £10 a week for a mobile phone? If so, that sounds pretty high too.

jo1972

I also agree with the other posters, I think you should get together and do a joint SOA, listing everything that comes in and goes out. That way you can budget exactly how much you can afford to chuck at the repayments.

Although I really do think that the debt should be paid for by him, I appreciate that you are in a serious relationship but if you work out your budget jointly then you can see where he can save money to pay this off quicker and you can concentrate on saving for your future together.

Good luck

Jo.