Chance to clear Capital One Card

[Deleted User]

Hi,

As some of you are aware DH & I owe Capital One a little over £10K.

A member of DH's family have offered to loan us the money to clear the credit card and we can then pay them back after a month at £100 no interest.

This would relieve a lot of stress between Dh & I, as we wouldn't be paying out £400 - £500 per month on the blooming thing.

We have no savings and looking through our figures we may be able to put some money away and therefore possible pay it back quicker.

My question is, should this be something we should consider?

Any advice greatly appreciated.

Treadmill

I would take advantage of this generous offer, you will save a fortune in interest.

Bismarck

And there are no strings attached?

Certainly. And be very gracious, which I am sure you would be.

A suggestion would be to write the details down so everyone knows where they stand. Then it shouldn't come back to bite someone through any misunderstanding or unpredictable event.

aliasojo

What a very generous offer. Don't look a gifthorse in the mouth as they say.....say thankyou very much and be very grateful.

stapeley

Is debt with a DCA ?

[Deleted User]

stapeley wrote: »

Is debt with a DCA ?

No it's not got that far as we've been making the minimum payments every month but we do go over the OD every month and things are getting very tough now.

[Deleted User]

Bismarck wrote: »

And there are no strings attached?

Nope, one of DH's family ran their own business which they have just sold and they want to help us out as both our kids are their godchildren/niece/nephew and in their words 'we don't want you struggling'

Bismark wrote: »

Certainly. And be very gracious, which I am sure you would be.

Definately, we feel bad that we borrowed money from another family member to clear this months OD so gracious is an understatement.

Bismark wrote: »

A suggestion would be to write the details down so everyone knows where they stand. Then it shouldn't come back to bite someone through any misunderstanding or unpredictable event.

Agreed, we discussed it with them and if we decide to take up the off, we told them that we'd set up a DD to their account to pay it off, which they were happy with.

stapeley

I would also suggest cancelling all your cards , or maybe keep one with a small limit for emergencies

Bismarck

Purpletea65 wrote: »

Nope, one of DH's family ran their own business which they have just sold and they want to help us out as both our kids are their godchildren/niece/nephew and in their words 'we don't want you struggling'



Definately, we feel bad that we borrowed money from another family member to clear this months OD so gracious is an understatement.



Agreed, we discussed it with them and if we decide to take up the off, we told them that we'd set up a DD to their account to pay it off, which they were happy with.

any chance they could be related to me and Mrs Bismarck?

they sound like great relatives to have!;)