Paying interest on a bond with interest money

Yes, it is permissible. However, you should sincerely repent and beg Allah Ta'ala to forgive you for getting involved in this grave sin of interest.

Severe warnings have been sounded in the mubaarak Ahaadith for all those who get involved in this grave sin of interest.

Hazrat Jaabir Radhiyallahu anhu reports that Rasulullah Sallallahu alaihi wasallam cursed the one who consumes riba (interest), the one who feeds it to others, the one who records it (i.e. the transaction) and those who are witness to it (i.e. the transaction). Rasulullah (sallallahu ‘alaihi wasallam) also said, “All of them are equal (in the sin of interest).” (Saheeh Muslim #1598)

Try your best to pay this debt and come out from this curse of interest.

And Allah Ta'ala (الله تعالى) knows best.