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Original poster

Should I accept my lovely dad's offer?

9 replies

Sammydee · 03/05/2023 09:39

Hi Everyone,

I currently have 5k of credit card debt that I have had on a 0% offer for a while. This is due to expire and I am not able to get another deal. This means that I will be paying over £100 interest each month which I would like to avoid.

I was chatting to my dad about this - we are very close and talk about everything. He has no debt, but has a credit card that offeres 0% money transfers for 24 months. He has offered to allow me to use this to transfer the debt. He will do a money transfer and send it to me. I will pay off my balance and then make the 0% payments on his cards over the next 24 months.

It's a kind a generous offer but I am not sure if I would be taking advantaged. He said that he is more than happy to do it - he has no debt and no need for credit so it wouldn't affect him at all.

WWYD?

OP posts:

Mummysatthebodyshop · 03/05/2023 09:41

Do it only if you are 100 percent certain you will not miss a payment.

Original poster

Sammydee · 03/05/2023 09:42

Mummysatthebodyshop · 03/05/2023 09:41

Do it only if you are 100 percent certain you will not miss a payment.

100% won't miss any payments

OP posts:

VestPantsandSocks · 03/05/2023 09:43

I think it's very kind of him and you should take it as long as you have every intention of fully paying it off.

regenerista · 03/05/2023 09:45

Of course you should accept his offer, as long as you can keep up the repayments. I wouldn't want one of my dc paying a ton of interest every month when I could help them out.

Clc898 · 03/05/2023 09:47

I don't have such a good relationship with my dad and I am happy when I see and hear other people have it. If he is happy to do it for you and he trusts you to pay back in time, I would do it and made sure to honour all the payments in time

onthefence23 · 03/05/2023 13:11

I did the same for my mum and it worked out great, just make sure to keep up the payments

LadyJ2023 · 03/05/2023 13:30

My parents kindly did this for me 5 years ago. I actually payed the 4 grand off quicker and no interest and for the last 2 years not incurred any debts and dont ever plan on it again. But don't ever miss a payment to your dad. I didnt moss any because I couldn't let my parents down and like I say it made me pay it back quicker to.

nocoolnamesleft · 03/05/2023 13:32

Can you afford to pay off 5 grand fully in 2 years?

CaloriecountMay2023 · 03/05/2023 16:31

He will likely have around a 4% one off charge for a money transfer so that will be around £200.00 extra on top of the £5000.00. I would do it if you know you will stick to the repayment.

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