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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To say no to this money?

37 replies

SayNoorYes · 23/03/2022 21:59

I have debts, but I am managing them, they altogether equal under £1.5k. I am overpaying them and I have a couple of credit cards that I actually use regularly for purchases and pay off.

One of my parents has just inherited some money and was planning to give me some.

They want me to pay off all my debts including my credit cards, hand the credit cards back and just use them as credit instead when I need it.

The money would be put to much better use helping me to move house or get me a new car or paying for my childs activities for the next however many years (I’m a single parent and extra-curricular is actually one of my biggest expenses – I can afford it but any extra todays it would help).

Parent is saying if I don’t pay my debts off then I won’t get the money.

I am managing financially, I work part time and as I said I am paying them off, I also want to keep the credit cards as I want a mortgage in a few years and my credit rating right now is quite good and getting better.

So AIBU to say no? Or am I being foolish given the cost of living right now?

OP posts:

OnTheBoardwalk · 23/03/2022 22:30

From my own experience keeping credit card debt below 30% helps your credit score. What % are you?

Original poster

SayNoorYes · 23/03/2022 22:31

To be clear they want me to cancel/hand the cards back to the companies.

I have two cards, but only because I tried to do a balance transfer from one to the other when my interest rate changed and messed it up. I only ever use one of them. The other one has a higher credit limit so I use that for the big purchases but never for anything else.

I got myself in to difficulties not because I was irresponsible but I split from my husband and was left with no money, had to wait for the benefits to be sorted and needed money in the meantime it was pre-Universal Credit so no advances while you waited.

I then took out a consolidation loan when I started work. I am overpaying that too, but if I pay it back too quick I'll get a penalty for paying it back quickly.

I can and do manage financially without parents help. They don't even help with childcare.

OP posts:

Hidingin · 23/03/2022 22:32

Surely if you’re not paying off debt you won’t need the CC before pay day anymore as you’ll have extra cash each month.

Never had a CC before I got a mortgage, it was never an issue so I don’t think that’s a reason

2018SoFarSoGreat · 23/03/2022 22:33

@SayNoorYes if you are paying the minimum, or even over the minimum, you are continuing your debt. It does sound like you manage that debt, but if you have the chance to get rid of it and keep only the ones you can pay in full every time you use them, then you are so much further ahead.

AdoraBell · 23/03/2022 22:34

I would accept the money but not hand the credit cards back. Pay off the balances and move on towards your mortgage.

It’s no one’s business about your credit cards. If they insist that you cancel the cards just say that you will. Then forget about it.

goldenwing · 23/03/2022 22:46

It's nice that you have parents who care so much, they are trying to get you out of debt and keep it that way. That is priceless.

HollowTalk · 23/03/2022 22:57

Surely if you pay off all your debts than you can't afford to pay for your child's activities out of the extra money that you have each month?

I would tell my mum that I'd returned the bank cards and then I would keep them by just in case.

Moodycow78 · 23/03/2022 23:06

Accept it, pay off your debts you'll have more money for the extras you want. You'll need to keep one card for the insurance when making bigger purchases.

Merryoldgoat · 23/03/2022 23:10

How much are they planning to give you?

thevassal · 23/03/2022 23:10

Accept the money, give them the credit cards and then just cancel them and apply for a new one.and don't tell your parents. I don't see why you need multiple credit cards anyway, if your only 1500 in debt you can't be racking up huge amounts on them, why isn't just one enough?

girlmom21 · 23/03/2022 23:10

Accept it and have a skint month where you can get back ahead. If you can afford to pay off what you've used on the credit card if you can get yourself in a position with no debt at all you won't need them because you'll be a month ahead rather than chasing your tail all the time.

thevassal · 23/03/2022 23:11

Oh sorry just seen they meant cancel/hardback to the companies not them. That's slightly less weird/infantalising than wanting you to give the cards to them! But my advice is the same, say fine and then just reapply for 1 card and don't tell them.

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