does anyone do "committee / pardner"??

plzhelpmesave!

just wondered if anyone here uses a committee to help pay off debts / save money?

Basically it is a group of people - usually family and friends who all know & most importantly trust each other. Everyone contributes a set amount of money each week - and the total is given to a different person each week.

So for example, 20 people all put in £10 a week. Then one by one, each person gets £200. Lasts a total of 20 weeks, and you can either draw straws to decide order or do it by need.

We have been doing this with a couple of groups, and it has been the only way we have been able to save money. The amounts and timings can be done how you want - we pay £50 a week for 40 weeks and got £2000 in about week 12 as we needed it to get the roof done, rather than save £50 a week and wait until we got the whole amount together.

It is very popular in the asian communities and as i said is heavily based on trust and honour, i.e. you only join if you know you can afford to pay throughout the term. Just thought it may be a way to help people pay off some debts. I know of people who have paid off debts, mortgages etc by using committees - so thought i'd share, a that's what we are going to try & do now.

maninthestreet

Never mix business with pleasure. Only takes one person to break the rules, and the entire thing collapses.