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Getting a bank of mum loan paid
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lucifersangel87
Posts: 99 Forumite

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.
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.
"One cool judgment is worth a thousand hasty counsels. The thing to do is to supply light and not heat."
-Woodrow Wilson
-Woodrow Wilson
0
Comments
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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.0 -
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"0
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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.Life is like a bath, the longer you are in it the more wrinkly you become.0 -
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.They are an EYESORES!!!!0
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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 solution0
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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.0
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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.0
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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.0
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With Halifax, I can set-up a standing order and input an end date, is that option for you?0
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