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Original poster

If you had £800 and my debts, would you..

69 replies

Auntnelly · 07/03/2018 17:21

Pay off Littlewoods -£397 (£95 pm until June 2018)
Furniture - £560 (£16 pm dd until 2022)
Mum - £525 (£75 pm standing order until Sept 2018)

OP posts:
BarbaraofSevillle · 09/03/2018 06:59

As well as the financial benefit of paying off the furniture, it is 'tidier' to get rid of the debt that, left alone, would dribble out of the OPs account for the next 4 years. Get it done and dusted now.

Whether or not the OP pays back her DM earlier than planned would also depend on how the DMs finances are and the 'sentiment' of the loan. The DM could have happily lent the money and not be in a rush to have it back, or she could have grudgingly lent it, with an air of 'not again, FGS manage your finances like a grown up' and need the money herself. Obviously only the OP will know this.

But whatever way she does it, she will be debt free in a few months anyway, as long as she 'snowballs' to make sure she uses the extra money to speed up paying off her debts rather than increase her disposable spends, so it really doesn't matter that much what she choses to do.

NeverTwerkNaked · 09/03/2018 07:43

Agree. It all depends on Ops mums financial situation and views about the loan. If it wasn’t easy money to lend, or if she wasn’t happy about having to lend it, then I would be paying her back first.

TroubledLichen · 09/03/2018 07:55

I’d pay littlewoods off immediately. Month 2 you can pay off the furniture in full with the remainder of the inheritance plus the £95 you’re not paying to littlewoods. Then from month 3 up your repayments to Mum to the max you can afford (you should easily be able to pay her £100 more than you’re paying her now as you won’t have the other debts to pay) and get it fully repaid ASAP. I would have a chat with your mum first though and check she’s ok with the plan.

TheNaze73 · 09/03/2018 08:01

My heart would say, pay off my parent, I’d feel uncomfortable borrowing from them but, if they’re happy with it, my head would say pay off the debts with the highest interest rates

snewsname · 09/03/2018 08:10

Normally it would be highest interest rate but in this case I'd do
Littlewoids, mum, furniture. But use the saved repayments to clear it all asap.

MummyShah369 · 09/03/2018 09:14

Ok a bit controversial how about buying shares with Google or Amazon or something like that and seeing the 800 grow... you would still have to pay of the other debts but share growth could make your windfall grow...

OutyMcOutface · 09/03/2018 09:15

Little woods. Half goes if the remainder to your mother. The rest into savings. The furniture payments are so low that it’s not worth paying off.

TeenTimesTwo · 09/03/2018 09:21

MummyShah No. The OP is in debt she should not be gambling which is effectively what you are suggesting.

TroubledLichen · 09/03/2018 09:31

OP please ignore MummyShah. This is horrendous advice. Never invest money in the stock market that you cannot afford to lose or that you would potentially need easy access to. You’re absolutely doing the right thing by focusing on paying off your debts. Once you’re debt free then and only then should you look at saving/investment options with the money you were previously spending on monthly repayments. But in your situation, easy access to your money should be the number 1 consideration to avoid getting back into debt.

MummyShah you should also not be giving investment advice (which is exactly what you are doing) unless you’re registered and hold a valid FCA license. If you do have one then I’m shocked and appalled that you’d think it’s acceptable to give stock advice to a stranger over the internet.

MummyShah369 · 09/03/2018 09:57

Like I said controversial and I am not FSA or regulated for advice.. just that shares of these tech compaines have doubled but yes one could lose money as well... I just dont see Amazon going down thats all

TroubledLichen · 09/03/2018 10:12

I’m very glad your investment is working for you but please stop giving investment advice/guidance when you are not qualified to do so. It’s not controversial, it’s bloody irresponsible, especially on a thread about getting out of debt.

MummyShah369 · 09/03/2018 10:38

Really sorry please disregard my opinion its not advice

Original poster
Auntnelly · 09/03/2018 16:17

I know you were only trying to help so please don’t worry on my account mummyshah
Lots of great advice here. Mum can happily wait, she’s in absolutely no rush

OP posts:
Tumbleweed101 · 11/03/2018 10:07

Littlewoods first, then as much as you can off your mum as they are the highest monthly outgoings. Then with the amount you’re saving on those payments monthly plow back onto the furniture to pay off quicker.

Perfect11 · 13/09/2018 18:08

All paid off now Smile thanks all for your help

serbska · 14/09/2018 06:32

Yes!!! What a fab uodate. Well done!

Soontobe60 · 14/09/2018 06:45

Even though you should pay off the one with highest interest, I would actually pay off your mum first, then reduce the balance of the Luttlewoods one to pay that one off earlier, which would be paid in a couple of months, but would also increase the payments for the furniture too. So if you pay £45 of the money you currently pay your mum to your furniture payments, that will also be paid off earlier. Once the little woods is paid off, increase your furniture payments again. By December, you should be able to pay a hundred pounds a month off the furniture, so it will be paid off in around four more months. By April, you'll be debt free!

BathroomLights · 14/09/2018 09:50

@Soontobe60

OP has updated literally 2 posts before you!

BathroomLights · 14/09/2018 09:51

And well done, it must feel freeing to not have that hanging over you!

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