DFW Family - Pooling cash and ideas

Phil6340 · 2 December 2007 at 12:28PM

Hi all. :beer:

I am new to this and would like to run something past you all. I am part of a large family and would like to look at ways of pooling our resources to work towards becoming debt free. We have varying degrees of debt and credit ratings.

We have recently started collecting small amounts of money (£5 to £10 weekly) in a pot for use to help out in short term needs and charging a nominal amount as interest, this is to avoid using high interest short term loan providers ( the ones who dont worry about credit ratings). We are using a similar approach to an investment club to divide up any income from doing this. Ulitimately we would like to become debt free and look at investments in small ventures to assist us all.

I would be interested in any similar experiences or ideas for organising ourselves to best use funds, how to target debt, ways to correspond with creditors etc.
We obviously would like to make this fun also so any ideas on this front would help also.

tealady · 2 December 2007 at 1:30PM

Hello. I would be careful when pooling money together it could cause you problems with creditors. Have you all thought about having individual ISA's for savings or joining a credit union (they give loans as well as do savings).