Advice on children’s savings and UC
This has been the biggest stress for me for the last 3 months and I’m still in a weird limbo of not really knowing what to do for the best. We found out recently that children’s savings accounts that are accessible might be included as our capital. We had no idea prior to this as we’ve never considered it our money and have never withdrawn from them only paid in. They were opened 13 years ago children are now 14 & 13 so over the time they now have 5k each.
Of course if UC decide this is our money this puts us over the 6k by 4k for the last 2 years since our claim. We declared the children’s savings on our journal stating that they are in the children’s names and how much is in them and that we have been paying £50 a month into them for years. We clearly stated that this is not our money. We fully expected for them to ask for statements etc but they didn’t they only replied with the general guidance saying that children’s savings in their name we don’t need to tell them about. We confirmed that the accounts are in their names and that was it heard nothing more from them. But now I’m worried it will come up again if reviewed and looked at differently. We would like to move the money to JISAs now that we know those are accepted as ok but would that make a difference now?
We are hoping to close our claim in a few months time anyway but even this is giving me anxiety as are they likely to see the journal note at closure and then want to look into it then? We just want to protect our children’s money and have it right but feel a bit stuck now as what to do?