Withdrawing From our child's Isa

2

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  • Wow thank you so much. Will look into this now
  • AnotherJoe
    AnotherJoe Posts: 19,622
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    Your feelings you've put very clear here emphasis on the steal part but I can assure you stealing from our daughter is something we would never do!

    I'm sure your intention would be to give it back, so you can kid yourself it would be just a loan, but you certainly wouldn't have been the first to start with that intention and not fulfill it, after all you must be in dire straights if you cant even put this spending on credit card for a month or three.
    It's not uncommon to have posts here with takes of relatives taking money out of children's building society savings accounts and there's no real way of them getting recompense. And how many times does it happen and the child's not even aware, as an adult,that it occurred.
  • tommyfc1980
    tommyfc1980 Posts: 8 Forumite
    edited 14 October 2018 at 2:57PM
    Anotherjoe,

    Oddly enough your comment from earlier was the one that hit home the most between myself and my fianc!. We don't have credit cards or anything like that. But as painful and brutal as it was to read, I think I had to read it to get some perspective on what we were going to do, we are not going to pursue this thought anymore.

    We are continuing to pay in monthly and we'll just find some other way.
  • jimjames
    jimjames Posts: 17,532
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    We are continuing to pay in monthly and we'll just find some other way.

    I really can't understand the logic of doing this. If things are so tight that you were aiming to remove money from this ISA, why would you continue to put more in. Instead it's money that you could use for the required purpose and to build yourself a suitable emergency fund that IS your money and can help avoid such situations in the future.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Is child benefit money that we've never used. Having it transferred monthly to our account would put that in our grasp and we'd end up incorporating it in, the situation we are in although dire is temporary.

    Thanks
  • Lungboy
    Lungboy Posts: 1,953
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    I don't see a problem spending child benefit on these costs as they benefit the child.
  • jimjames
    jimjames Posts: 17,532
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    Is child benefit money that we've never used. Having it transferred monthly to our account would put that in our grasp and we'd end up incorporating it in, the situation we are in although dire is temporary.

    Thanks

    In which case I'd use the money now and then ensure you replace it once the temporary situation is resolved. Requiring short term loans because you're putting too much into your child's ISA seems a little back to front.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Alexland
    Alexland Posts: 9,653
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    I agree you shouldn't be saving child benefit into a Junior ISA if your general living situation is insecure. The money is provided by the government to help with day to day costs of raising a child which you are undoubtedly incurring. Only lock money away after you have secured your basic living situation.

    Alex
  • We're not doing loans or anything like that guys, thanks for all your views and opinions even though it has all digressed from the original question/subject. We have a resolution in place ��
  • Good to hear, can we ask what the resolution is?
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
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