Sons Savings

[Virtual-Unknown]

I have a young son and even though i have had my difficulties, i do not want him to suffer because of this.

I am wanting to put away £10/£20 per month into an account for him for Uni fees etc as he gets older.

Is this allowed or would/could it be seen as me trying to save money for myself?

[Evilmoo]

As far as I'm aware you are allowed savings via your contingency allowance but not so sure about saving for children.

Hopefully someone who knows for sure will be along soon

Amanda

[MelanieGiles]

Are you in an IVA already Virtual-Unknown? If so, them so long as the money is being saved from your allowances I cannot see any problem with this. And even if you were saving it for yourself, there is again no problem as most IPs encourage their clients to set up savings accounts.

[Struzzo39]

We give our children spending money into their bank account which we encourage them to save. This comes out of our allowances as Payplan wouldnt allow it as an expenditure x

[MelanieGiles]

Are you saying that Payplan would not allow you an allowance for childrens' pocket money Struzzo, or just their savings?

[Struzzo39]

Wasn't allowed an allowance to give them pocket money . So have to try and pull it from other allowances

[Michael Peoples]

The guidelines allow for £12 per child per month for pocket money so you should ask Payplan why this was not permitted.

[MelanieGiles]

I do think you need to ask Payplan why they have disallowed this item of expenditure. Your children should not be suffering, and it is an allowance which is never questioned by creditors.

[Struzzo39]

Thanks for the advice will give them a ring on monday .

[mitch2311]

Tell them your food allowance has gone up then save it that way.