Kids & Savings

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Ponkers

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Post by Ponkers » Sun Feb 21, 2010 4:26 pm
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How are kids' savings viewed in relation to an IVA?

Both my kids had a few hundred in savings when we started our IVA - something that was never asked about. However, we had to use this money to buy a new (14 year old!!) family car when our old one conked out.

It is now my older son's birthday coming up, and he tends to get quite a bit of money, the majority of which I would normally put into his savings account.

What I don't want to happen, though, is for the IP to say that this money has to be given up to the IVA - it isn't my money!

Anyone have any advice? Obviously I know I can put the cash in a tin under the bed or whatever, but that doesn't help for cheques etc!
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Shining

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Post by Shining » Sun Feb 21, 2010 4:47 pm
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Your childrens money won't be touched in your IVA, what he receives as a birthday gift will be his money to keep.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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lltain

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Post by lltain » Fri Mar 05, 2010 1:53 am
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children money has to be given up to the IVA - it isn't your money!
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Julie

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Post by Julie » Fri Mar 05, 2010 2:54 am
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I disagree Iltain, savings that can proved to belong to children will not be included in the IVA.
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kallis3

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Post by kallis3 » Fri Mar 05, 2010 6:33 am
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Childrens money does not have to be given up, it is theirs and not yours and won't be touched.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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kallis3

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Post by kallis3 » Fri Mar 05, 2010 7:19 pm
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My daughter is the same - she never saves![:D]
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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Aaran Gleam IV

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Post by Aaran Gleam IV » Wed Jun 29, 2011 10:46 am
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I'm in debt, but I can still send my kids off to an exciting summer camp, thanks to my employer's childcare voucher scheme.

I have been able to put money aside on a monthly basis since joining the scheme last August. On top of the money I saved, tax-free, through the scheme, I am delighted to say that the voucher company also provided us with a further 32% off at Camp Beaumont!

It's truly wonderful now I can sit down and sort out my finances without children and animals scampering around me - not that I don't love them, but the break is a Godsend!

I'm recommending this company: https://www.kiddivouchers.com
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plasticdaft

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Post by plasticdaft » Wed Jun 29, 2011 3:07 pm
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I have recommended the kiddivouchers scheme to many friends in the NHS.

Dont think direct links are allowed though!!

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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plasticdaft

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Post by plasticdaft » Wed Jun 29, 2011 3:10 pm
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Just realised how far back you trawled to find that old thread! Are you working on a commission basis?!?

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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