CF again....

[abbiesmum2003]

I know a few of you have changed how you use your bank accounts because of CF but what if you have to pay by card for something? We were given money at Christmas and our birthdays from family (£50 at each occassion so safe from the windfall clause!) and we would like to use it to have a night away without the children. Will CF have an issue with this if they see a payment for a hotel?! Cant pay by cash and dont have another account.

[Cariadqueen]

This is my worry at the moment Abbiesmum, We usually manage to save a little throughout the month with overtime ( which half is paid over) and also through other allowances and any birthday money which we get from family which we spend on treats for the kids, school trips, birthday pressies etc and im just hoping this isn't seen as money to be grabbed!

I'm just hoping im worrying about nothing but we have worked hard to cut back in some areas so that we can still have a few nice treats every now and then.

[Shining]

I would feel confident in saying you can spend your birthday/Christmas money as you see fit. I honestly don't see how with their caseload which must be much bigger than some how they can possibly have the manpower to trawl through every single transaction of a bank account.

Book your night away and enjoy yourself relaxing after all this stress of the change you've experienced.

[abbiesmum2003]

Its the not knowing though! The factvtheyre saying we cant have a savings accout and if so they will claim as an asset is really worrying me. Mel always said to have savings and to stash away the bits you can from allowances to have funds available for when cooker breaks down for example. Im so nervous they will go through with fine tooth comb and decline anything other than the direct debits.

[chocoholic2]

I think must have missed something.... when did they say we couldn't have a savings account?

[Cariadqueen]

I have to have a savings account as im self employed and i put my tax money over so its there when the bill comes in, but like you Abbiesmum Mel actively encouraged us to save from allowances if we could, for things like the washing machine blowing up/new cooker/boiler etc but she also said many of her clients had savings and even managed a holiday each year.

I wonder what CF's view of this is going to be? something tells me not the same as PJG's.

[Shining]

seriously they've said not to have a savings account??? oh my goodness that should be actively encouraged to put away your share of anything - now I can see your concern. I must admit I don't keep up to date fully with this but if this is correct (and I'm not suggesting it's not) it's totally absurd!

[abbiesmum2003]

Its on the post re: sharesave scheme. I dont know how to link things! It says about savings classed as asset because not an allowable expense but i could have got wrong end of stick. I get you cant put 'savings' as an expense but Mel always said put your monthly car maintainance aside for mot for example.

[Cariadqueen]

I don't see how they can ban savings accounts, in my eyes they are needed, not only for me for putting up my tax money, but like you say things like car tax/maintenance etc. Surely we can't be expected to keep it all in one account as that would be so confusing and drawing out and keeping cash in the house im very weary of doing for obvious reasons!

[recovering]

Let's hope this is a misunderstanding, thinking logically If you are self employed you would have to save the tax due

[chocoholic2]

Just read through the share scheme thread, and initially though it was just about that...but am shocked and stunned about Greg's response to the query about having a seperate account for our allowances that aren't regular monthly payments...there's another post about how they only look for windfalls or overtime on annual reviews, but this news makes me wonder if they don't look for transfers of funds into other accounts too!!!!

[Lou74]

I'm so sorry if I've caused anyone any unnecessary upset or concern. I had the email from Greg who categorically stated that savings accounts were classed as an asset and would need to be investigated. I started by asking him if i could join my companys sharesave scheme with my share of overtime. Thats gone completely out of the window now! I just felt I should share the information that I got as we are all having trouble getting answers from CF and worrying what there rules and policies are on everything. I think I will try the IP direct to get clarification as I have also been worrying about it. I have also had monetary gifts from friends and family for both us and the children. I've also booked one of the newspaper holidays from my overtime and bonus. I can't see how this would be an issue. It never was before. I would definitely book your night away, abbiesmum. You definitely deserve it! I will let you know if I hear anything.

[chocoholic2]

Lou, please don't apologise...I for one am glad I discovered this, and thank you for bringing it on here...just can't fathom Creditfix' s thinking at all... we might all find out little things that will be useful to others - just hope everyone keeps posting!

[Cariadqueen]

Lou, you really don't need to apologize! I think this forum is wonderful for finding out info we wouldn't have necessarily found out ourselves, Like Chocoholic i just hope everyone keeps posting with any info we find out between us.

[kev59]

so what would cf to do with YOUR MONEY put away for,
car repairs, road tax household bills. and your 50% of over time payments ?