MONEY MORAL DILEMMA: Should Darth take money from his kids accounts?

Mics_chick · 28 March 2007 at 7:12PM

This one is simple for me coz I've already had to do this with my kids accounts

but we know how much money we've borrowed and when we get on a better financial position we'll pay it back plus interest.

Synics among you might thing this'll never happen but we know that things can't get much worse than it is at the moment coz we're both off work through illness. So we know that eventually things will improve and we will go back to work although it may take a few months or even a couple of years

BUT we know we'll get there and we class our kids as debtors we need to pay back so we will

sinbinjack · 28 March 2007 at 7:18PM

as long as the guy is not using it to gamble or drink or drugs then yes ,there is no point in having the kids go without when there is money there,he can replace the cash if things get better but should not replace it unless he can afford too.I did it myself in the past and managed to replace it when things improved (Maggie got thrown out on her ear)so all was well

sla66 · 28 March 2007 at 7:24PM

He can't take money from kids account FULL STOP...... My EX did that and never repaid it,once it is gone it is so hard to repay.... That money was never his anyway, dont even think about it.

kaysamoly · 28 March 2007 at 7:56PM

When my husband left me the car I had was still insured in his name then I had an accident and my car was written off. The insurance paid the claim out to him even though it was my car. Then I had to dip into my childrens savings to purchase another vehicle to enable me to work. That was 10 years ago I kept my job and my kids kept a roof over their heads I paid them back after a few years when I was able and everyone was happy so yes if Darth needs it he should have it.

lincolnscot · 28 March 2007 at 8:10PM

I have done this in the past and currently have 1 child still in this process. However my rule for this is that the child should not loose out.

Thus I note the withdrawl date and the repayment dates and calculate compound interest effects between the 2 dates, I always set a generous interest rate. Thus the child gets their capital and the interest back, hence they have not suffered any loss.

This however is always the last resort, and as the kids get older cash bribes on top of the above plan may have to be employed.

Justamum · 28 March 2007 at 8:11PM

I've had to borrow money from my children's accounts before now, but I have treated it as a debt to pay back. As young as my children are they would give me all their money if they knew I needed it because that's the kind of people they are.

tiamaria · 28 March 2007 at 8:23PM

When my kids were very little and we were poor my ex used to "borrow" small amounts of cash from their piggy banks. They never had very much anyway, just a few quid but he would never pay it back, in the end I had to hide their moneyboxes away. It would really get my back up.

UglyBetty · 29 March 2007 at 12:12AM

Absolutely not. Don't even ask the children for permission because of course they will say yes, children don't like to upset their parents. Don't offload to the kids. They'll have time enough when they are older to have money worries so just teach them the value of money. Open your own savings account don't raid the children's account, it's too easy to delay repayment. Find another way Darth (Darth 'Raider' I presume).

Green_Fly · 29 March 2007 at 1:13AM

Very tricky. If Darth could pay off his debts, or at least a substantial amount of it, and this meant he was now not paying high interest payments; then perhaps. This should also mean that if there was any debt left to pay it should now be well within his budget. He should also then repay his twins ASAP and perhaps a treat as a thank you. Otherwise, if Darth is so much in debt that the money from the twins is going to make no, or negligable, difference, then definately not. Debt management through Citizens Advice should be concidered.

trejoy · 29 March 2007 at 10:23AM

He should only pinch his kids money if in doing so, he keeps a roof over their heads. He, and their mother, (it`s her debt too), need to get professional help to sort out the families financial future and should pay the kids back with interest.
I do believe that a family works together for the benefit of eachother. Our kids always knew our finances - if we said we couldn`t afford something, they knew it was true, and appreciated the luxuries, like when I worked nights in a garage, (as a second job).,so that we could have a family holiday.
My brother and his wife plundered their child's account many years ago, he had been put on 80% pay. Eventually things improved and she has had her money back, Uni fees, car, deposit on house, luxury holidays etc.

MONEY MORAL DILEMMA: Should Darth take money from his kids accounts?

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free