Paying back interest free loan

michaels0211

Not sure this is the right place, but here goes.

My parents paid off one of my credit cards for me around £5000. I have to pay them back interest free.

I have got myself a part time job and all earnings from this are going to pay off my parents. I earn between £200-400 a month from this part time job.

Was wondering if I paid my parents £100 a month, could I use the remaining £100-£300 to generate more income to pay them back quicker?

Any ideas?

Cheers

Dansen

Hi there, hope you had a good Easter,

You say you've got a part-time job to pay your parents back. Is there any reason why you can't make this a full-time job and be able to pay them back more and therefore quicker or is this a job on top of another one?

Also, if the remaining £100-300 is disposable can you not offer this to them? And finally, you say they paid back ONE card, how are you paying back the others?!!

Good Luck.:p

michaels0211

Had a good easter thanks, you?

The part time job is on top of my full time job. My full time job pays for my mortgage, household bills and another loan we have. My parents paid off this debt as the interest was higher than the payments I was making so was making no progress.

I have agreed to pay my parents £100 a month, was wondering if anyone had any ideas if I could get a good return on the remaining £100-£300 to pay the debt off quicker.

Although, thinking about it now I think I am looking for a miracle solution, and paying my parents all the money would clear me quicker in the long run instead of risking the extra money and possibly losing it.

Cheers