Age 7 government child trust fund payments not being released!!!

jasmin10

I have read the threads with interest but couldn't see an answer to my query and was hoping that someone may be able to kindly assist.

From the threads, it appears that most people put their CTF into an account which was based on the market. As I am quite weary of stocks and shares I didn't do this. I put it into a normal CTF account and have just added to it over the last 4 years, so therefore didn't lose anything and has a balance just off £2k. previous threads said that the interest rate will eventually dwindle down, is this for ones based on stocks or would it affect mine too? Would I be able to transfer it into a different type of account childrens account that has a better rate?

What would you advise, shall I open up another account for DD and start making payments into that and leave the current CTF as is?

AMILLIONDOLLARS

DarkConvict wrote: »

my first baby is due on the 10th july.... does this mean i will get £250 automatically for my childs trust fund or will i have to be quick to get it all sorted before the 1st august

If you apply for the voucher before the 1st August you get £250, after that you get £50. And then after January 2011 you get £0.

That's a bit confusing, on that basis if you are pregnant and due before the 31st December 2010, you can get the CTF if you apply before the 1st August 2010. Could you please clarify.

AMD

liam8282

jasmin10 wrote: »

I have read the threads with interest but couldn't see an answer to my query and was hoping that someone may be able to kindly assist.

From the threads, it appears that most people put their CTF into an account which was based on the market. As I am quite weary of stocks and shares I didn't do this. I put it into a normal CTF account and have just added to it over the last 4 years, so therefore didn't lose anything and has a balance just off £2k. previous threads said that the interest rate will eventually dwindle down, is this for ones based on stocks or would it affect mine too? Would I be able to transfer it into a different type of account childrens account that has a better rate?

What would you advise, shall I open up another account for DD and start making payments into that and leave the current CTF as is?

The people who took the stocks and shares option didn't actually lose anything, the value of the shares fell, so it just meant that their contributions bought more shares at the time the share prices were low.

As the share price rises again, as they have been able to purchase shares at a lower price, it should mean that the CTF is worth more than it would if the share price had been constant.


From what I have read so far, you can only transfer from one CTF to another, you can't transfer to a different type of savings account.

BargainMad_3

AMILLIONDOLLARS wrote: »

That's a bit confusing, on that basis if you are pregnant and due before the 31st December 2010, you can get the CTF if you apply before the 1st August 2010. Could you please clarify.

AMD

The CTF goes by the DATE OF BIRTH of your child not the date of claim for a CTF.

The CTF voucher is actually automatically posted to you shortly after a child's birth when a claim for child benefit is received. So it is the claim for child benefit that triggers the voucher for a CTF. As child benefit is a universal benefit for all children, this database covers all newly born children. You do not have to claim for the CTF separately.

If you do nothing with the CTF voucher within 12 months then it is invested by the Government on your child's behalf with one of their selected CTF providers. There are thousands upon thousands of these "forced" accounts each year.

So although the payments are being reduced from August this year and stopped altogether at the start of next year, the 12 month window will still have to exist to mop up the dregs.

As I mentioned previously, a cumbersome, paper heavy administration system that costs millions each year to administer before you even start on the billions it has cost in vouchers since 2002.

bluebluecow

Hi

I for onr am glad the ctf is going, and I have 3 kid who all got the 1st voucher, it will be wortless really when they turn 18, on a low income, but they got £250 no top ups, so cant afford to pay into the accounts.

I am also one who thinks the surestart grant and hip grant should be stoped, i did use mine on my 1st and brought new pram, carseat, cot , toys clothes paint for nursery with it, and made sure that the other 2s money was spent on the children, nothing spent on me.

I also think that if you have 2 kids you get your child benifits, may qualify for ctc ect, BUT after number 2 you finance any other children, I would still have 3, but would quiet happly of not recived any money for her. We buy a lot of 2nd hand clothes for her and buy buggys ect from car boots.
My worry for my kids is that when they turn 18 we wont be able to afford for them to goto university, my eldest son is very clever and into science, but we may not be able to afford him to goto university, I always hated the CTF as I thought it would be a replacement for university grants and loans, ie use the CTF only to fund uni.

The one flip side to this, is how many goverment workers are going to be made unemployed by this andhow many will try to claim jsa and housing benifits ect. I know it wont be the same deficet as the ctf spend a year but would be interesting to work out

Liz

Deepmistrust

bluebluecow wrote: »

Hi

I am also one who thinks the surestart grant and hip grant should be stoped, i did use mine on my 1st and brought new pram, carseat, cot , toys clothes paint for nursery with it, and made sure that the other 2s money was spent on the children, nothing spent on me.


Liz

I don't understand why you were happy to benefit from the Surestart grant, yet want it to go?

Second-hand is all well and good, when you are on a low budget, but there is a limit to the availability of some equipment. I tried for months to get a pram to suit my needs, and everytime one came up it was gone by the time I rang. To be honest, second hand prams in good condition aren't actually that much cheaper than new. So, the £500 can be a godsend for some families.

tinkerbell28

Deepmistrust wrote: »

I don't understand why you were happy to benefit from the Surestart grant, yet want it to go?

Second-hand is all well and good, when you are on a low budget, but there is a limit to the availability of some equipment. I tried for months to get a pram to suit my needs, and everytime one came up it was gone by the time I rang. To be honest, second hand prams in good condition aren't actually that much cheaper than new. So, the £500 can be a godsend for some families.

Indeed, smacks of hypocrisy to me, I didn't need the money but claimed anyway.:rotfl: It's not like you HAVE to claim the grant. Some people are so selfish. Oh and I have never got the grant myself but can see who it benefits in some cases.

As for CTF total waste of time what good is £250 in 18 years, better savings options out there and I say that as someone who is due In Oct. Not bothered at all I expected it to be axed.

Gordon_the_Moron

I am a childless 25 year old male so I never received this money and if I have children they won´t it hasn´t harmed me or them much.

We have a mountain of national debt that needs to be dealt with, every pound put in a CTF is another pound of national debt that needs to be repaid by us or our children in the future so to say our children are any better off for CTFs is complete bulls##t, removing them also will save 5 million pounds a year in the admin costs of them.

I´m on little more than the minimum wage and I voted Conservative and wish they would go faster not slower in sorting out the financial mess Labour have left them.

Metranil_Vavin

bluebluecow wrote: »

Hi


I am also one who thinks the surestart grant and hip grant should be stoped, i did use mine on my 1st and brought new pram, carseat, cot , toys clothes paint for nursery with it, and made sure that the other 2s money was spent on the children, nothing spent on me.

So you made full use of it, got all your bits and bobs, but your happy that no one else will benefit from it now...?

ultrawomble

Gordon_the_Moron wrote: »

I´m on little more than the minimum wage and I voted Conservative and wish they would go faster not slower in sorting out the financial mess Labour have left them.

Just think, if it wasn't for Labour there wouldn't be a minimum wage.