Credit Card vs Saving

deltofe93

ok cool sorry had a stupid moment! 

Fine, I will save with the view to pay off in December. If possible at the time, transfer to another card and continue making min. payments. If not, I have the funds to clear it. 

Thanks for the help everyone! 

Ebe_Scrooge

deltofe93 said:

Fine, I will save with the view to pay off in December. If possible at the time, transfer to another card and continue making min. payments. If not, I have the funds to clear it.

Sounds like a sensible plan.  Just remember to check whether there's a fee imposed if/when you come to transfer it to another card.  If there is a fee payable, then it seems daft to pay a fee if you have the cash to pay it off outright.  Of course you can, if you want, do the sums to work out whether the extra interest you'll earn in your savings account would be greater than the Balance Transfer fee .... but it may just be simpler to use your savings to pay it off and then re-float your savings over the next few months.

It's your call entirely, of course, just something to consider :-) 

MalMonroe

I know you are living with them but this "His parents were fine with this and didn't tell me 'no', just said as long as you are saving and watch out for vets bills." would be unacceptable to me. You're an adult now and don't need that kind of condescension. 

Also, not telling your OH about the vet bills is not really on.

In your position, I may have wanted to wait until I had my own home before I even thought of buying a horse. Particularly if it meant I could move into my own home and out of my boyfriend's parents'. The sooner the better.

What if your OH now also decides to splash out on his own horse (or whatever thing he's big into)?

As Ebe_Scrooge says, I'm also not wanting to sound patronising but I'm just thinking maybe you're a bit young to be thinking of buying a property with someone else when you seem to want to enjoy yourself with your horse and just live a bit. Not that that's a bad thing at all, just maybe you're not ready for the responsibility that sharing a home and life with a partner brings. You don't undertand how credit cards and other finances work and we are all naive at times, I know I was. That's how I ended up on this forum as I had terrible money problems. But you're young and carefree, sounds like you have a good job, you've got your horse now and seem quite happy living with someone else's parents. 

For me, this sentence is very revealing : "I'm big into horses and finally bought my own with my redundancy money in March '21". Someone with more maturity and saving for a house MAY just have decided to pop that money into their savings account. 

I also couldn't bear to live with prospective in-laws, no matter how well we got on. In this case, simply because they are still acting like parents not only to your b/f but to you also.

You say this "Fine, I will save with the view to pay off in December. If possible at the time, transfer to another card and continue making min. payments. If not, I have the funds to clear it" - if you do have funds to clear debt at any time, then that is what you should do rather than hang onto those funds because, although your credit score means nothing to lenders and they don't see it, your credit history will indicate that you are unable to pay off debts. Even if it's a BT card at 0%. (I know this because I've done it.) 

deltofe93

In your position, I may have wanted to wait until I had my own home before I even thought of buying a horse. Particularly if it meant I could move into my own home and out of my boyfriend's parents'. The sooner the better. - yeah this is true.. however I moved an hour away from my friends' and family for the opportunity to save, and is a hobby I genuinely enjoy which is good for my physical and mental health. 

You say this "Fine, I will save with the view to pay off in December. If possible at the time, transfer to another card and continue making min. payments. If not, I have the funds to clear it" - if you do have funds to clear debt at any time, then that is what you should do rather than hang onto those funds because, although your credit score means nothing to lenders and they don't see it, your credit history will indicate that you are unable to pay off debts. Even if it's a BT card at 0%. (I know this because I've done it.)  - this completely contradicts the advice earlier on the thread which has told me to do this exact thing? Either way I have the money to pay it off or put it into savings. 

As Ebe_Scrooge says, I'm also not wanting to sound patronising but I'm just thinking maybe you're a bit young to be thinking of buying a property with someone else when you seem to want to enjoy yourself with your horse and just live a bit. Not that that's a bad thing at all, just maybe you're not ready for the responsibility that sharing a home and life with a partner brings. You don't undertand how credit cards and other finances work and we are all naive at times, I know I was. That's how I ended up on this forum as I had terrible money problems. But you're young and carefree, sounds like you have a good job, you've got your horse now and seem quite happy living with someone else's parents.  - I don't think it's fair to say spending 2k on vets bills can be considered 'enjoying my horse and living' lol I think it's the exact opposite? As I am now having to make sacrifices in order to sustain these payments and saving. Also, the rehab that goes with it is not enjoyable! Yes it's my choice, but doesn't make it any easier! 

This is something that has happened outside of my control and I am looking for advice on the best way to manage. If it was 1.5k on a trip to Ibiza (which WAS something outside of my control) then yes I would understand your point.   

I also wouldn't say I am 'happy to live with someone elses' parents', I lived on my own for 10 years prior to this.. 

& FWIW, my partner didn't want to start looking at properties until October time, as he has a fancy car he's been paying off every month for 3 years, which finishes in August. Hence the lack of urgency... 

I also couldn't bear to live with prospective in-laws, no matter how well we got on. In this case, simply because they are still acting like parents not only to your b/f but to you also. - you're not wrong here!

callum9999

MalMonroe said:

I know you are living with them but this "His parents were fine with this and didn't tell me 'no', just said as long as you are saving and watch out for vets bills." would be unacceptable to me. You're an adult now and don't need that kind of condescension. 

Also, not telling your OH about the vet bills is not really on.

In your position, I may have wanted to wait until I had my own home before I even thought of buying a horse. Particularly if it meant I could move into my own home and out of my boyfriend's parents'. The sooner the better.

What if your OH now also decides to splash out on his own horse (or whatever thing he's big into)?

As Ebe_Scrooge says, I'm also not wanting to sound patronising but I'm just thinking maybe you're a bit young to be thinking of buying a property with someone else when you seem to want to enjoy yourself with your horse and just live a bit. Not that that's a bad thing at all, just maybe you're not ready for the responsibility that sharing a home and life with a partner brings. You don't undertand how credit cards and other finances work and we are all naive at times, I know I was. That's how I ended up on this forum as I had terrible money problems. But you're young and carefree, sounds like you have a good job, you've got your horse now and seem quite happy living with someone else's parents. 

For me, this sentence is very revealing : "I'm big into horses and finally bought my own with my redundancy money in March '21". Someone with more maturity and saving for a house MAY just have decided to pop that money into their savings account. 

I also couldn't bear to live with prospective in-laws, no matter how well we got on. In this case, simply because they are still acting like parents not only to your b/f but to you also.

You say this "Fine, I will save with the view to pay off in December. If possible at the time, transfer to another card and continue making min. payments. If not, I have the funds to clear it" - if you do have funds to clear debt at any time, then that is what you should do rather than hang onto those funds because, although your credit score means nothing to lenders and they don't see it, your credit history will indicate that you are unable to pay off debts. Even if it's a BT card at 0%. (I know this because I've done it.) 

That seems a bit unfair. If they're living there free/cheaply while they're saving up for a deposit, it seems very reasonable for the parents to expect her to be, you know, saving for a deposit. If they were micromanaging the finances I'd agree, but they seemingly didn't even raise objections to an extravagant pet purchase so that is unlikely. Perhaps they don't want them living there forever just as much as the "kids" don't so want them to have a clear route out. 

They've spent money they previously promised to save and are already keeping financial secrets from their partner - and not just on a whim, it's actively plotted using help from the internet. I don't understand how they've got the insurance to cover a pre-existing condition either - it sounds suspicious to me.

They're clearly the ones in the wrong in this scenario (which isn't a criticism, everyone's allowed to make mistakes - especially when you're young).

deltofe93

My horse went in for a ‘lameness workup’ as she was lame on one leg. The vet then suggested she be scoped for ulcers as she was sensitive over her back, which is why that treatment was covered under insurance as this is something that was flagged via the vet, and not the reason she went in to horsepital in the first place. 

& yes I pay rent - £300 a month which is obviously very reduced. 

‘Plotted’ sounds like I’m planning a murder. I’m here to educate myself on the best way to manage this scenario and be financially savvy, which is what this forum is for? 

I know where I’m at and my options, was just looking for some helpful friendly advice on how to move forward! 🫠

callum9999

deltofe93 said:

My horse went in for a ‘lameness workup’ as she was lame on one leg. The vet then suggested she be scoped for ulcers as she was sensitive over her back, which is why that treatment was covered under insurance as this is something that was flagged via the vet, and not the reason she went in to horsepital in the first place. 

& yes I pay rent - £300 a month which is obviously very reduced. 

‘Plotted’ sounds like I’m planning a murder. I’m here to educate myself on the best way to manage this scenario and be financially savvy, which is what this forum is for? 

I know where I’m at and my options, was just looking for some helpful friendly advice on how to move forward! 🫠

They discovered the sensitivity after the horse was insured? I'm still surprised the insurance company allowed it given they were already being treated, but good for you!

I think you've been watching too many true crime shows! Plotted merely sounds like you're creating a devious plan, which is exactly what you're doing. Hardly the crime of the century, but if I was the partner you're currently deceiving this would create a lot of trust issues. A house is a huge commitment, if you're already lying about it....

You got the helpful friendly advice.

[Deleted User]

NFU insurance seem to be very good for animals, other half had 1 that needed a lot of treatment before it was sadly put down and they paid out loads for treatment and rehab, certainly one of the better ones.

deltofe93

I think you've been watching too many true crime shows! Plotted merely sounds like you're creating a devious plan, which is exactly what you're doing. Hardly the crime of the century, but if I was the partner you're currently deceiving this would create a lot of trust issues. A house is a huge commitment, if you're already lying about it.... - maybe more embarrassment, and ashamed that this has happened. So I thought I would be asking unbiased, non-judgemental people who may have been in a similar situation before who can help. 

If it was purely me on my own I would pay more towards the credit card first, and save a little alongside, then ramp up savings once CC paid off, but out of respect to my situation, partner and his parents I think it is better to make sure I am saving a considerable amount so come December I have at least something towards a deposit. 

We may even get to December and decide to rent for 6-12 months first, which could be a wise choice but cba with the hassle of moving around etc. 

deltofe93

NFU insurance seem to be very good for animals, other half had 1 that needed a lot of treatment before it was sadly put down and they paid out loads for treatment and rehab, certainly one of the better ones. Thank you, I've heard they're good! I'm with Insurance Emporium who have been helpful so far. Unfortunately she went in for an obvious lameness and vet found a plethora of issues, all of which now covered until March next year except anything relating to the one leg as vet had seen prior to insurance cover started. All issues are manageable and fingers crossed should be back to work come September!