Please Help.

LannieDuck

AlexLK wrote: »

We have saved quite a bit of money for our son as my wife has paid the child benefit plus tax credits into an account for him since birth and also the £100 per month we have been saving went into his account too. In total he has £12,500 in his account. I'm afraid I don't really understand how we could pay back the money we have potentially borrowed from our son's account?

I think the idea is that you would use the £12,500 to clear some of the debt to your creditors... but you commit to repaying it to your son with the interest he'd otherwise have earnt from his bank account.

So you still have to save and pay it, but at least your son is getting the interest rather than the creditors! It will probably be a much lower rate of interest than the creditors would demand, so easier for you to achieve, and you won't have anyone hassling you for repayment.

nicp60

AlexLK wrote: »

nicp - Oh my, I thought our income was so low coping with any debt was going to be unmanageable. I hope you are out of the worst of it

Yeah - check out my diary (https://forums.moneysavingexpert.com/discussion/4370623)!
Ready for the next adventure!

antonia86

Alex,

Well done. I have read through the whole thread and am delighted to hear your plans. I'm very pleased that your wife is standing strong with you, and together you will sort this.

As someone else mentioned, children when they are young really do not worry about the monetary value of things. My daughter is 4 and loves spending time with hubby and myself, be that doing jigsaws, having a 'cinema' (watching a film with popcorn and the lights off), an adventure walk in the woods or a picnic. The important bit to her is getting Mummy and Daddy's attention without any distractions!

Good luck with the rest of your journey x

tiny_courageous

Really pleased to see you sounding so positive, and that you're approaching this as a team with your wife. She sounds very driven and you sound proactive and creative, and I'm sure that together you'll get the debt sorted sooner than you can imagine.

Orange_Ena

Oh my! I am so glad to read that things are on the up. What a turn around in 24 hours! :T:T

I am so chuffed that your wife is onboard and you are ready to tackle this together. I have every confidence that you'll soon be debt free and then well on the way to becoming mortgage free!

I'll be reading your diary...................cause I'm nosey. And to follow your journey of course!

Wow your son is rich I think what gallygirl meant by "borrowing" from your son was to clear your debts, then pay his account back with all the spare money you'll have, but keeping track of what should be in account at whatever point in time. Eventually you'll catch up with what should be in there, if you see what I mean. Maybe I've just confused things!

Anyway, best of luck to you both, you will get this sorted

gallygirl

LannieDuck wrote: »

I think the idea is that you would use the £12,500 to clear some of the debt to your creditors... but you commit to repaying it to your son with the interest he'd otherwise have earnt from his bank account.

So you still have to save and pay it, but at least your son is getting the interest rather than the creditors! It will probably be a much lower rate of interest than the creditors would demand, so easier for you to achieve, and you won't have anyone hassling you for repayment.

Orange_Ena wrote: »

Wow your son is rich I think what gallygirl meant by "borrowing" from your son was to clear your debts, then pay his account back with all the spare money you'll have, but keeping track of what should be in account at whatever point in time. Eventually you'll catch up with what should be in there, if you see what I mean. Maybe I've just confused things!

^ What they said .

Things are looking up but this is a marathon, not a sprint so be prepared for flat spells.

Great to hear about diaries and looking at being mortgage free :T. Encourage your wife to register and share your diary with you - that will lead to online bickering which we all enjoy .

snookey

Well done Alex just think how much better you are already feeling by opening up and dealing with things.

Orange_Ena

gallygirl wrote: »

^ What they said .

Things are looking up but this is a marathon, not a sprint so be prepared for flat spells.

Great to hear about diaries and looking at being mortgage free :T. Encourage your wife to register and share your diary with you - that will lead to online bickering which we all enjoy .

I think LannieDuck put it a little more succinctly than I did :rotfl::D

HPoirot

AlexLK wrote: »

Yes, I have to admit I am afraid of what others might think. Mind, it's not like I really speak to anybody anymore so I suppose I shouldn't be that bothered.

We shouldn't mind what others think, and true colours and genuine friends and all that... But I find I have been lying low from my old friends . In any case I wouldn't have the money to spend on socialising so all for the better... Priorities is what it's all about right now

AlexLK

Thank you all so much.

Responses:

Lannie - I appear to be having a good day today and it has been productive. However, I can sometimes go for days when I simply cannot face the day.

antonia - Thank you, some really fun ideas to explore with my son. Today we did manage to go for a little walk to the village post office and he love it. (We usually go everywhere in the car)

nicp - I'll definitely check your diary out.

tiny_courageous - My wife is a very driven woman, she has had a few years quiet in her career but that was because our son was very young and I was still quite ill at the time. I'm trying to be proactive but usually I am not. As for creative, you could say something along those lines, had I followed my heart I would have chased the dream to become a classical musician after studying.

Orange Ena - please feel free to comment on my diary, I need all the help I can get! And thank you so much for your advice.

gallygirl - I understand now. We think it may be a good idea but is not something we can act on straight away because we need to think about it and if we can promise to pay our son back. Ideally we wanted to add to his savings until he had finished university. LOL, not sure Mrs K will actually sign up but she'll be keeping me on track and adding her own comments now and again.

snookey - I feel better than I've felt in years right now.