Clearing an old debt. Please advise

vikki2k1

Hi everyone.
So I have this old catalogue account which about 10 years ago (not knowing anything about how credit works) I said my my mum could use it to buy some clothes for my younger brother.
Anyway 10 years and around 1k later the balance is now around £300.
The account is charging around £10 a month interest, and my mother only pays the minimum amount of the account which is usually around £17 as that is all she can afford..

I was wondering if it's maybe better (since the debt is in my name and I am liable for it anyway) for me to pay the full balance on my 11% interest credit card and have her give me around £20 per month?
That way it will be paid off quicker as she's paying more of the balance than just the interest.

Yes, I know I was stupid to let someone use my credit account, but as they say hindsight is 20/20!
And there is a hold on the account until the balance is paid off, after which I will close it before anything else can be ordered.

Please advise.
Thanks guys and girls!

EssexHebridean

I personally wouldn't put it onto a credit card to pay off - can you find some surplus in your budget each month to just pay to it and get it gone? That will reduce the interest at least, and yes get your Mum to pay you the £20 a month rather than paying to the catalogue. OR for the time being get her to continue paying the money to the catalogue as she is which will reduce the balance even further - once the account is to zero with both of your payments she can pay back whatever you've paid out on it.

I'd suggest informing the catalogue company that no further orders are to be accepted from ANYONE on the account - put that in writing to them.