Dilemma

KME91

I owe a family member £1500 and agreed ages ago to pay it off at £50 a month. I'm waiting for them to set up a savings account as they have decided that this is how they want me to pay them back, ie into the savings account. This suits me fine, as standing orders always seem to get paid much better than cash for me.

The problem is they're dragging their heels to set up the account, and i've offered to give them cash in the meantime, but they've declined. now i'm thinking about setting my own savings account up, and paying the amount i would pay to them each month, into it, and once they've sorted themselves out, transfer the balance across.

do you think this is a good idea? the other option is to use the money i'm not paying to them at the moment to make top up payments on something else. although i have payment plans agreed with everything, and don't want to confuse matters. Any thoughts?

floss2

I would keep the £50 a month (maybe in a separate account) so you can pay a lump sum into the account when they open it.

Have you kept the £50 a month from when you agreed to repay it?

Snaggles

Why don't you ask them? That way, if they tell you to just start the £50 a month from when they open the account, you can use it to clear some of your other debts in the meantime, guilt free. If they say they would prefer a lump sum though, you can start saving it.