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anonymous
02-05-2017, 01:09 PM
If one Is in debt (£10k) has savings of (£20k) I know that zakat is based on the difference which is £10k. The 2.5% of this on £10k can I use on myself to pay the debt off.
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azc
02-05-2017, 02:10 PM
Who do you owe the debt to..?
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Scimitar
02-05-2017, 02:12 PM
Originally Posted by anonymous
If one Is in debt (£10k) has savings of (£20k) I know that zakat is based on the difference which is £10k. The 2.5% of this on £10k can I use on myself to pay the debt off.
Why would you hold onto a debt of £10k when you have double that and can pay the debt back?

Scimi
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M.I.A.
02-05-2017, 02:48 PM
someone once sent me a page from a zakat rule book.

scared the hell outta me.. pretty big book.

most debt collectors are pretty reasonable once you are willing to negotiate terms of payment..

installments are probably easiest for you while affording you some security of savings.

but i dont know? depends on how they add interest..

you have savings so you can pretty much shop around with regards to interest lol.

i owe around 10k in student loans but iv never really earned enough to pay it back.. chipped away at it for a few years but its not easy.

if i remembers correctly o_0 (read: hopefully hopefully..insha'allah )

after 10 years of graduation if i have not repaid it then it is stricken off the record... because amazing degrees are amazin.

...2006.

i have no idea if you can use your zakat on yourself? await better answers i suppose.
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hisnameiszzz
02-07-2017, 09:36 PM
Pay the debt off asap. I don't like the thought of debt. It scares me.

Zakat can only be accepted by someone who has nothing (consult a Mufti, I am sure there is an exact description but I can't remember it off the top of my head). You have £10K stocked up, so you wouldn't be able to accept Zakat even if you gave it to yourself.
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