Getting a bank of mum loan paid

lucifersangel87

Hi,

I'm looking for a solution and I'm not sure where to look.
My mum has lent me several thousand pounds for a deposit on a rental house, and now she needs me to pay it back. However, she is terrible at keeping track and I want a solution akin to paypal where she can input the whole balance, and every time I make a payment that balance goes down - straight forward and unbiased.

I was thinking of "request a payment" from Paypal. however, I think you can only request one up-front payment on that?

Any ideas appreciated.

gettingtheresometime

Presumably she doesn't need it in one fell swoop so set up a standing order and make payments that way so there is an electronic record.


Alternatively, get her to open an account and make payments into that account electronically.

LilElvis

Make the payments by bank transfer and use the field where you can describe the payment to indicate the new balance, e.g. "loan bal 2000"

suejb2

Easy really
I have a standing order for spends for my 13 and 16 year old. It shows on my statement and theirs. I named them so it's easy to see on the statement.
Sprog One and Sprog Two respectively.

Out,_Vile_Jelly

Complement your bank transfers up with a spreadsheet showing the date, transaction name (eg payment 1 of 12) and the amount reducing each time, just as a separate record.

Piggywinkle

Get a cash book (from the post office, pound shop, stationers etc.) and write the full balance and the date at the top. Periodically, draw out the cash, update the amount paid/owed in the cash book, as well as the date, and get mum to initial it? Lo-tech solution

tyllwyd

I'd go with the earlier suggestion of getting her to open a savings account, and you make payments into that account. Then if you keep a spreadsheet as well, if there is any question it will be easy to double check against the statements from the savings account.

Fireflyaway

I'm paying my parents money back too. I set up a standing order for the same amount on the same day. I set it for a certain number of payments then it ends. So long as you don't miss a payment it pretty much takes care of itself.

onlyroz

Standing order on a regular date, backed up by a spreadsheet. If you make any overpayments make sure the payment reference field clearly says what the money is for.

Marvel1

With Halifax, I can set-up a standing order and input an end date, is that option for you?