Being given a lump sum and don’t know what to do

Jami74

beth1611 wrote: »

and have 2 children aged 11 and 5.

Could you open savings accounts for your children and ask your Mum to deposit it into their savings accounts? Or divide it into 3, £10k each to you and your children?

I don't know the legal ins and outs but it seems such a shame that the money worked hard for by your family and intended to benefit you and your children could be swallowed up without you benefiting at all.

Unicorn_cottage

Jami74 wrote: »

Could you open savings accounts for your children and ask your Mum to deposit it into their savings accounts? Or divide it into 3, £10k each to you and your children?

I don't know the legal ins and outs but it seems such a shame that the money worked hard for by your family and intended to benefit you and your children could be swallowed up without you benefiting at all.

This is along the lines of what I was thinking. Could you put it in ISAs under your children's names until the IVA is over but that doesn't deal with the benefits issue. When is the legal situation with your ex due to be finished? Would you consider moving to a different part of the country where housing is cheaper if he doesn't end up with access?

beth1611

Don’t ISAs for kids lock the money up until they’re 18?
I am planning on doing that with some of it but don’t want to tie the whole lot up

Ex will be getting access with my daughter but our son doesn’t want it which is why it’s dragging on so long

I think I’ll ask my mum to hang on to it for the time being, pop some in savings for the kids and then ask her to send me some over as and when I need it. When the Iva is over I can then put some in savings for me- not over the 6k limit though
A house deposit is totally off the table given my credit history so think trying to save as much as I can without falling foul of the rules is what I need to do

Unicorn_cottage

Beth

Credit histories get cleared up eventually so you might want to be thinking of the future for yourself and your children. You say you have only ever known debt but maybe the break from your ex etc is the opportunity to make a better life for yourself by doing things like budgeting etc etc etc. Obviously I do not know the extent of your circumstances but I think this £30k gift could really make all the difference and from there you can only build upon this

beth1611

So do we think putting some in savings for the kids now and then asking my mum to hang on to the rest of it for the time being is the most sensible way forward?
Or do I approach my Iva handler and ask if it’s possible to buy myself out early?

Unicorn_cottage

Put some in your kids accounts unless your ex could get hold of, then ask your mum to hang onto the rest until your iva is over. Are you incurring any legal fees re child dispute?

beth1611

I’ve got legal aid because there was domestic abuse from him- my parents are paying my monthly contribution for that as well at the moment
Another reason why I can’t have the money in my account

Yet_More_Puddylove

I'm a bit shocked that people are so keen to help you defraud taxpayers in terms of wanting to keep taking benefits when you don't need them, and/or avoiding repaying your creditors.

I have every sympathy for people who can't pay their debts due to circumstance, ill health etc. But no sympathy for those who plan to abuse the welfare state by secreting large amounts whilst still claiming.

Perhaps you should ask your mother to give your children the money in an account which you can't access. Then it can be their inheritance/university fund/house deposit?

beth1611

I do need them though- whilst 30,000 is a substantial amount of money I’m incredibly grateful to have been offered, it isn’t enough to fill the gap not receiving the benefits I currently receive would leave long term.
I don’t want to defraud anyone but I also, as selfish as this may be, have had a truly awful last 5 years that have been a real struggle thanks to my ex husband and would like the money to be used for something not tainted by him.
The Iva I’m in is not the result of me living beyond my means but rather naively trying to bail out the man I loved who kept quitting jobs, who then started gambling and who then started abusing me.
I paid off his debts to give us a clean slate but then he said he couldn’t handle looking after both kids by himself and he was going to kill himself or leave the kids alone etc so I reduced my hours to be around more but then I couldn’t pay the minimum payments and he wouldn’t give any money towards it even though he’d run up the debt in the first place.
Fast forward to now and I’m stuck working part time because childcare cancels out any extra I could earn working more, have no physical help day to day from anyone, have family court rumbling on, ex still gives me grief every chance he gets and I’m just trying to do my best by my kids and am just amount managing to keep my head above water.

Is it really so wrong to want to catch a break for once and be able to enjoy this gift?

Yet_More_Puddylove

Take the money, and declare it to both your IVA, and the benefits department then.

Otherwise, yes it is wrong to defraud UK taxpayers, and your creditors.

I have every sympathy with your situation - I too have had truly !!!! ex partners - but someone will report you for benefit fraud, and that's a whole fresh sea of trouble for you...