Awkward: Advice please

FunLovinCriminal

Morning all

2.5yrs ago our only car was written off in an accident that wasn't our fault. We got the value of the car, £3000. As we needed a reliable family car, we looked at a car loan to boost the funds.

My parents offered ( I never asked) to lend us £10,000, with no time scale to pay them back.

We set up a (we thought) high interest account 2.74% with BoS and paid £170 per month into it, with the intention of generating the £10k in 5yrs (interest going towards loan, NOT us trying to earn).

October we had a massive home issue that insurance wouldng cover, and the only cash savings wd had was the loan. Parent were happy for us to use that money, and again emphasised they are in no rush for the money back.

In Feb, dad died suddenly. Again Mum is not putting any pressure on us to pay it back.

Its now March, we have £3300 of the £10k, and I want to get a grip.

Due to age of kids, and work - overtime isnt an option.

ideas on how to clear £6700 in 2 years, please.

I think we are talking an extra £130 (on top of the regular £170) but maths aint my strong point.

Thanks for reading

FLC

QrizB

2 years is 24 months.

£6700 divided by 24 is £280.

To have £10k in 2 years time, you need to save £280 a month for the next 24 months.

subjecttocontract

You can make money from absolutely anything. Buy low, sell high, pocket the difference. A good place to start is with a subject you know something about. Good luck.

Keep_pedalling

I think you need to sit down with your mother to talk about this loan and your financial situation. In her situation I would want to know your financial position so I could help with the way forward. We have made loans to our children that have been written off when something has changed their ability to pay to back. We can easily afford to be able to do that, but if your mother can’t she can at least give you a timescale acceptable to her.

FunLovinCriminal

Thanks everyone.

Off work this week trying to compute dads recent passing.

And selling stuff on ebay, to find the £7k

MEM62

@FunLovinCriminal Sorry for your loss. Others have pointed out what you need to get to the £10K in a couple of years.

I just wanted to add that this is a good example of why you need some savings/emergency fund. You will have car expenses, domestic appliances will fail you you will need to have repairs done to your house. These are not unexpected - just unpredictable. Once you have settled with your mother keep putting that money aside towards a rainy day fund.

Oh, and there is no correlation between the amount you spend on a car and its reliability.

Hope you manage to get it all sorted.