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Money held in court for dd 17

(8 Posts)
donkeyderby Sat 22-Aug-09 08:40:56

DD about to turn 18. Her father died in an accident when she was tiny and the compensation has been held by the courts all these years until the age of 18, (we weren't married).

The amount is not clear - should have been about £40k but probably less due to economic climate. Not enough to buy a flat with, but too much to just spend on crap as is her wont.

I can't control what she does with the money, but would like to be able to influence her thinking or she will buy £40k's worth of dresses and hair slides and have nothing to show for it (or remember her dad by). She is hopeless with money!

I am thinking about trying to find a financial advisor to speak to her. Does anyone know how you go about finding a good one? I am out of my depth and would appreciate some advice. Worried that she will have regrets later in life if she blows the lot.

babynamesffs Sat 22-Aug-09 08:44:08

Does she know she is getting this money?

My only experience of this is a friend in very similar circumstances although his was about 30K

He was also rubbish with money mostly due to the fact that he always knew he was going to get his money when he was 18. He unfortunatly did just blow it all and had always regretted it. Sorry I don't have any better advice

dilemma456 Sat 22-Aug-09 12:20:44

Message withdrawn

donkeyderby Sat 22-Aug-09 22:57:44

Baby, she has no idea. I've been rehearsing telling her for years! Haven't told her before exactly because I didn't want her to be rubbish with money, but she is rubbish with money anyway!!

Dilemma, very good advice and something I have been advised to do before. I just need to make sure the amount she invests - if she agrees to it - is invested wisely. Having never had a bean, I have no idea how one goes about investing. I don't even know what an ISA is but it sounds promising.

Do you think the services of a financial advisor are worth finding?

dilemma456 Sun 23-Aug-09 11:49:11

Message withdrawn

ilove Sun 23-Aug-09 11:58:04

My son has just had his "court money" come through...he was 18 at the end of July.

You should have been receiving regular (6 monthly) updates as to what her compensation stands at now...I have been receiving them since DS first was awarded his compo. He was awarded 5k, and has just received 8k.

I insisted that he invest 5k in a bond for 12 months to go towards Uni next year, so he doesn't start with huge debts, and the other (just under) 3k is for him to do what he wants with.

But then, he has always known he was due to get his money as he had to go to court with me originally (dental negligence so slightly different than yours).

It will be a huge shock to her, but she is the one who will have to sgn not get the money as it is hers. You need to tell her about it!

donkeyderby Mon 24-Aug-09 15:17:48

Thanks for the replies and suggestions.

Bonds are sounding good. ilove, where did you get your son's bonds?

Will also do the premium bonds - my dad had a redundancy payout, invested it in premium bonds and won £30k! You never know, and it makes it more exciting for her.

I've always thought that unless she can afford to buy a property, the money will disappear, but I see there are other options that aren't necessarily complex. Thanks again

ilove Tue 25-Aug-09 17:06:58

Bond with the Abbey, and it can have to have two signatories to close it, meaning she cannot get the cash out without you signing with her. £% gross I think they are paying up to £9,999.

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