What to do about child savings plans?

safeashouses

We were paying £10 a month into plans for our 3 oldest children. We cannot afford it any more but I am told if I stop we will only get a settlement of around £250 for the eldest - having been paying in £10 for 8 years ( but are behind now)! I haven't checked the value on the others. Do I just bite my tongue and accept that we made a mess? I really cannot afford the £30 for them at all, we are behind on too much!

lynzpower

I personally think you should cancel & REcoup any monies forthcoming.

You can save at a rate of knots once the debts are out of the way and you are back working I think.

lynzpower

HAng on ignore that last comment from me too hasty

Why on earth if you have paid in 960 ( ish) would you only get 250 back

whos it with?

safeashouses

Childrens mutual it is with. They said that since the plan was for 10 years and we want to cancel early, that is the early settlement figure basically?

lynzpower

Ok iI get it now.

Erm, I think if you can manage it, Id keep this one going for the next 2 years, otherwise your loss is huge.

I would find out about the others though - and make assessments on the merits of each one.

bommer

Can't you just stop or suspend the payments and leave the money with them until the end of term?

livinginhope

Hi there SAH,that's a huge loss for early settlement,I agree with Lynz,but what about grandparents,are they in a position to take it over instead? you could then even share some of the money with them at the end if needed.
Just a thought!
LIH

safeashouses

Thanks Guys, unfortunately I don't think we can manage to pay it at all, even £10, we have people phoning asking for money left right and centre!

I cannot ask my parents as they live abroad and my husband's mother is too ill to trouble.

Guess I have to write it off as a baaaaaad move

livinginhope

Sorry to hear that SAH,probably best to write it off and put it down to experience,is a big loss though.I would give them a call and ask if you can leave the money till the end and suspend payments like bommer suggested,they can only say no,so you won't lose anything by asking,maybe if you explain the situation they may be able to help you somehow.
LIH

immoral_angeluk

Ouch that's a massive loss. But if you're desperate for the money then apart from friends and family I don't see what other choice you have?

icklejulez

Do the kids not have any tos or games consoles you can sell as when the two years is up you can treat them all to a wii or even playstation3? Explain it to them and they will offer to sell things. Just earning the £30 a month... Maybe also take on a paperound or something to cover the money. Id be heartbroken to lose that amount of money. Have you reclaimed bank charges? Can you reduce your shopping bills?