Loan From Your Kids?

StrawberryYogurt

I personally think this is a joke thread. No one would be that awful I think to actually ask how to steal money off their 7 year old daughter. Most people like that would want to keep it a dirty little secret, as it is not something to be proud of at all.

If it is true, then I hope you can live with yourself if it all goes wrong, I hope you dont end up with a broken relationship with your daughter when she is of an age to know what you have done to her...how awful to know that your parents stole off you under the guise of paying rent and food at the age of 7.

What if you can't sell the house to pay her back? What if something happens before then God forbid, if you are desperate enough now to steal off her, once that is all gone and there is no other avenue, what if you find yourself in another desperate situation and lose your house, how do you propose to pay her back then? God forbid what if one of you dies and this is never settled?

You cant be sure that you can pay back every single penny of interest she will earn if her parents would only leave her money alone.

I am stepping back from this train wreck now, it just makes me sad that there *may* be parents out there that think this is ok.

steadynerve

A few psoters (actually a good many) have not grasped this is a money saving issue and not a stealing from your duaghter issue. as it is quite a long thread it may be better just to read the OP- original poster - STEADYNERVE- posts first - to get a clear picture of what the issue is on which advice is being sort.

I respect a lot of people feel that money gifted to children should be saved up until they are of age. Mainly becuase they have concern about the money being paid back at 18 if it has been taken earlier. I accpt this view point. This view has been well posted.

However the thread was about how to legally go down an laternative route of putting the childs moeny to the best use (paying of the mortagage) for the family and then paying it back later. The purpose of the thread is how to do this legally. It look like expenses for the child would be a way of doing this. ie say you were goig to spend £1000 on clothers anyway a year. When you do buy the clothers use the chids money and then put the £1000 you would have spent yoursef to pay of the mortgage . And then pay the child back the£1000 plus interest at 18. It was advice on how far one could take expenses ie could they incliude rent food erc s well legally that was asked

I obviously cn go to a sloictir - I think i might ask the bank first where the money is held - but thought i'd try the forums first for any advice.

RobertoMoir

steadynerve wrote: »

A few psoters (actually a good many) have not grasped this is a money saving issue and not a stealing from your duaghter issue. as it is quite a long thread it may be better just to read the OP- original poster - STEADYNERVE- posts first - to get a clear picture of what the issue is on which advice is being sort.

I said I was done with this thread but it turns out I was wrong.

I'd just like to make it clear that I have always understood your "issue". It's perfectly clear what you say you are doing and why. I suspect that most of the others have understood you perfectly well too. Have you ever considered that if everyone is criticising you this might actually be because you're wrong?

Frankly it sounds to me like you've already decided to steal from your daughter and now you're just hoping someone will tell you its ok to make you feel better. Sorry if you don't like that, but then it isn't me who's choosing to steal from my own kid. Please don't think that means I misunderstand you, I've met immoral low-lifes before and I understand them all too well...

SingleSue

steadynerve wrote: »

Thanks for the replies.
Yes as bitter and twisted indicated - a six year (she is now 7) old cannot give consent. So the option of a legal document loaning the money cannot work. This is why i think the only legal option is legally taking the money for expenses.

Once a gift is made it becones the childs money so i dont think its possible for the donor to change there mind later and say oh its for the parent. Unless there really was a nistake to start wtih ehich thre is't.

I'm bewginning to think its legally ok to taje the money as long as it is spent on the chid. As when people are given birthday money for a child they dont have to save it for ever they can spend it toys or shoes etc as some posters have mentioned.

So if toys and clothers are ok, i presum food and even rent are probably ok as well? As when older children give housekeeping this money presumably covers food and housing costs as well.

You are duty bound to provide a home, food and clothes for your children...regardless of if they have 10k in the bank. To not provide these things would be seen as neglect.

Older children paying housekeeping? They are usually adults when this happens and earning their own money. I certainly do not charge my eldest son (16 and still in full time education) for rent or food as it is still my responsibility to do so until he is of an age where he can gain full time employment.

By the by, I have just asked him what his thoughts are....he was absolutely disgusted at the thought of charging a 7 year old for rent and food and said if it was him, he would never ever forgive me and would probably disown me.

CHR15

steadynerve wrote: »

I respect a lot of people feel that money gifted to children should be saved up until they are of age. Mainly becuase they have concern about the money being paid back at 18 if it has been taken earlier.

No !!!!!!!!!!!!!

It's because the money has not been given to YOU !!!

It is NOT YOUR MONEY!!

You simply see the ££££ signs and assume it is yours and you have a RIGHT to take it.

Wickedkitten

Look at it this way, you certainly wouldn't be wanting to charge her expenses if she didn't have the money in the bank, now would you?

StrawberryYogurt

Oh we have grasped the issue just fine. This is a money saving site, not a site dedicated to stealing money.

jackieb

I borrowed £1000 from my son last year. However, he is 25yo and capable of making the decision to do so. He'd have been quite entitled to say no. I offered to let him live rent free (he pays £120 a month) until we could pay him back and deduct that from the £1000, but he's quite happy to wait for the full amount and still pay his board in the meantime. I'd never think of taking any money from a 6yo.

Edinburghlass_2

steadynerve wrote: »

O I should have added - in the real scenario - the money is not actually an inheritance. Its jsut money that has been gifted by friends of the family. it resides in a childs bank account with one of us as parents as the adult (presumably trustee) of the account. i believe the bank lets us take money out of the account when we want until the child is 18. The child can take money out after about 8 or so i think. but we wot be telling the child about the account until they are 18 as we don't want the child spending it until at least then.

the advice sort was really what sort of things can we legally take the money out of the account for. So for example if we were going to pay £1000 on a child skiing holiday. could we legally use this money and then pay the £1k we were going to spend on the trip ourselves into the mortgage. similarly could we legally do a the same thing with other expenses such as food,clothing rent etc. The query is what sort of deductions are ok legally and what are not. And what are the rules. i've only come acroos in the best interest of the child so far. so does food or clothing or holidays or what exactly cover this condition or not. does it matter if we would have spent this money anyway regardless of whether trhe daughter had the money to pay for it herself.

Slightly of topic but my dad left schhol at 14 and his first earnings at 14 went nearly all to his mum to cover his household expenses. I think this was common practise in the 1940s 1950s.

As you say now that its not an inheritance, why don't you ask the benefactor what they think of you charging your daughter for food, rent, clothing expenses as being "in the best interest" of your daughter. Why don't you just ask them for a loan to pay off your mortgage?

steadynerve

thats right the only reson for charging expenses is to get control of the money legally from her in order to put it to better use. if she had no money as in most cases we would just incurr the costs ourselves for all the things we would pay for.

The problem is really jsut one of the child not being able to give consent (being a minor) and therefore having to obey the laws of trust.

If the child was 18 then she may well agree to the proposal. There aslo would be no issue of charging rent or for food etc if she had money to pay for it legaly ( of course we may choiose not to or she might choose not to live with us if we insisted)