What to do about child savings plans?

safeashouses

icklejulez wrote:

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?

Hiya - at the moment we are living on £80 a month for food - for 6 of us, its so hard. There are no paper rounds in the village I live in sadly.

I have sold literally everything spare recently, the kids dont have games consoles and things, they are too young.

Idiophreak

Really hard to know what to do.

I would have real troubles cutting my losses on this.

Perhaps you could just take the eldest's savings, use this money to tide you over on the other two for a year and hope that by then you're in a position to pay them. Then, later down the line, you can just save a little and catch your eldest up to where they should be?

safeashouses

Idiophreak wrote:

Really hard to know what to do.

I would have real troubles cutting my losses on this.

Perhaps you could just take the eldest's savings, use this money to tide you over on the other two for a year and hope that by then you're in a position to pay them. Then, later down the line, you can just save a little and catch your eldest up to where they should be?

It is..... Right, I have called them and if I can pay off arrears of £100 then they will restart it and she is sending all the projection figures etc. If I can't, then I can make it paid up and the £250 will still eb subject to bonuses until she is 16 so in theory we should get a little more, if we withdraw it we los even more so I don;t intend to do that.
One policy (elder sons) has no arrears so will try to keep on with that I guess - youngest sons is in arrears by £30.

Have until April for eldest daughter to START to repay arrears... not sure if it is possible though? Hmm - very peed off!