My mum very kindly paid it all off for me, and i have been paying her back £50 a month. I have now finished paying her back and she dropped a bombshell on me this morning saying that she is charging me another £50 interest.
My boyfriend went mad when i told him and im just wondering how others would react, would your family ever charge you interest on money you have leant off them?
2007-02-01 00:23:50 · 16 answers · asked by Unhinged.... 5 in Family & Relationships ➔ Family
i would be shocked like you, but i would pay it out of respect.
just think of what a mess you would be in if she didn't lend you it.
2007-02-01 00:27:58 · answer #1 · answered by Anonymous · 6⤊ 0⤋
This is a really tricky one - did she ever mention charging interest when you first agreed the deal? If she didn't, then I think that you could (gently!) say that you were a bit surprised that she has suddenly decided to ask for an extra £50 and that although you are still very grateful for her help, you might have looked elsewhere to pay off your debt if you had known she was going to charge.
It's understandable that your boyfriend was cross as you have presumably had to save hard to pay off your Mum, and just as he thought it was finished you had this bombshell. Try not to get caught between him and your Mum though, as it will only make the situation worse. Perhaps you could offer something else to your Mum - help with some DIY, house minding, something she needs which isn't finanically based - to say thank you rather than an interest payment.
2007-02-01 00:35:39 · answer #2 · answered by Rory's Dad 1 · 0⤊ 0⤋
I think you need to remember - your mum got you out the poop when you needed her - if you had got a loan to repay the debt - how much would that of cost you?
Its a bit wrong of her to just drop the bombshell on you as I dare say you had been counting down the months till your last payment (like I am - 5 payments left to go). but maybe she's just trying to teach you a lesson?
why not ask her why she didn't tell you about the interest when she first offered to help - tell her its not a problem but would of been nicer if she had given you some notice as you have plans for the money now your debt is clear.
2007-02-01 00:36:16 · answer #3 · answered by Anonymous · 2⤊ 0⤋
Thats the kinda things my parents would do, im paying my parents £100 a month for a car I bought. However i know they would just say it was because they are trying to introduce you to the real world. I would discuss this with your mum and say if she was gonna do this she should have told you, you cannot sting someone for money when they have paid all up, if she wanted interest she could have a put a few quid on each month not ask for another months pay...sounds quite selfish
2007-02-01 00:29:02 · answer #4 · answered by summer nights 2 · 1⤊ 0⤋
Good for your Mum. Of course she should charge you interest, hopefully it will give you a wake up call as to the importance of managing your finances. Good for you for paying Mum back but it is important to remember you were lucky to have her to bail you out. You must learn to proactively manage your own money, unfortunately the number of people who obliviously lumber through their financial lives is increasing at a rapid rate. Be smart, take this as a life lesson and move forward positively. By the way if this boyfriend of yours gets mad when charged interest, maybe he feels he's entitled to a free ride in life. Be wary of this. If you are taking responsibility for yourself you don't want to be with someone who feels people owe him a free ride.
Oh, and a nice bunch of flowers along with the interest would be a nice and very mature gesture to Mum.
2007-02-01 05:24:15 · answer #5 · answered by justme 2 · 1⤊ 0⤋
I think it's cool that she charged you interest. I know my grandparents have loaned money to family over the years and they always charged some interest on those loans.
I mean it's like this. If that money they loaned was drawing interest in a savings account, it won't draw any interest once it's loaned to you. So she's being well within her rights to charge interest on the loan she made.
Life isn't a free ride these days. You should be grateful she loaned you the money in the first place, and as far as the boyfriend being mad, tell him to bugger off and mind his own business.
2007-02-01 00:36:11 · answer #6 · answered by michael_trussell 4 · 2⤊ 0⤋
Perhaps she is just trying to teach you a lesson - not to get into debt again!
If she had enough money to lend you it in the first place, she can't be so bad. I say pay her back and hopefully next time you think about spending money you don't have, you won't bother.
And would you rather give the "interest" to your mum or to some fat cat? I know who i would rather it went to.
2007-02-01 02:47:31 · answer #7 · answered by peachy 3 · 1⤊ 0⤋
No, I think it is out of order! Families are supposed to be there to help you out of a scrape when you need them! Obviously it would be different if you did it over and over again, or if you weren't grateful, or didn't pay them back, but it seems to me you made a mistake, you learned your lesson and you have paid everything back so to ask for interest is a little hurtful xx
2007-02-01 07:46:05 · answer #8 · answered by lou lou 3 · 0⤊ 0⤋
i think its a little strange....especially that AFTER you pay it off she mentions out of the blue that you need to pay interest...she should have mentioned it earlier or while you were paying it off, not as an add-on. i think that she was nice to pay off your debt and let you pay only 50 a month to pay it off but i think she's doing you a disfavor by charging for interest now.
2007-02-01 00:28:50 · answer #9 · answered by lola 4 · 0⤊ 0⤋
I expect that she is trying to show a bit of tough love. You dont say how much debt you got yourself into- but £50.00 isnt a lot of interest and your Mum is trying to teach you a lesson about life and money!!
2007-02-01 00:30:35 · answer #10 · answered by gsladenyc 3 · 5⤊ 0⤋
i'm sure it's just a fraction of whatever interest you debts had accrued over the time it took you to pay her off. give her the interest and thank her for doing such a wonderful favor for you. not all mom's are that helpful.
2007-02-01 02:04:24 · answer #11 · answered by marie 4 · 1⤊ 0⤋