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  • Resps

    Has anyone made their group joint plans “paid up”?

    There is some big interest penalties for me to do this. But if I keep contributing dads share at the end he gets half the benefit and plus I can’t afford to keep paying his share.


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  • #2
    Open your own. Problem solved!

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    • #3
      Originally posted by rockscan View Post
      Open your own. Problem solved!


      That’s exactly my plan. But me being naive and nice have him all the information about what the plans will lose and a chance to pay what he is behind on and to continue paying. I’m sure as usual it will go ignored. But at least I have him the option and it shows I kept him informed. Only one plan is in both our names. It’s our youngest child’s. His will suffer the most.


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      • #4
        Who cares!! He doesnt care. Open your own, get the government grant and use it for your portion. If he is this difficult about cs and section 7 now hes going to be difficult when they go to school. Might as well reduce your stress anyway you can. Even $50 a month goes far and you can ask relatives to contribute too.

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        • #5
          Originally posted by Mom 2 Two View Post
          That’s exactly my plan. But me being naive and nice have him all the information about what the plans will lose and a chance to pay what he is behind on...
          Do you have a normal bank RESP plan? You shouldn't lose anything and how can you fall behind? Do you mean on your savings goal expectations...or some plan that actually penalizes you if you don't sock enough money away?

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          • #6
            Originally posted by dad2bandm View Post
            Do you have a normal bank RESP plan? You shouldn't lose anything and how can you fall behind? Do you mean on your savings goal expectations...or some plan that actually penalizes you if you don't sock enough money away?


            Unfortunately it’s a group resp. I haven’t fallen behind yet. My ex is supposed to be contributing the same amount of money as me. He stopped paying in March. I have to pay his share each month as well as my own. I can’t wait two years for the court to decide he has to reimburse me. So my only solution is to stop all payments. I will start a new resp just in my name with just the amount I was contributing. It’s just sucks as my youngest’s plan will lose 1/4 of his money due to an interest adjustment. I don’t quite understand why that happens ?


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            • #7
              Originally posted by Mom 2 Two View Post
              Unfortunately it’s a group resp...

              Ahh okay. That explains it. Yeah, those group RESPs have some pretty draconian penalties and limitations built to take your money. For any future RESP stuff, I would just look at one of the regular individual or family ones.


              Maybe review your current RESP plan, with whoever you're thinking of going to first, as they may be able to help you figure out the best way to switch, without losing as much money.

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              • #8
                Resps

                Originally posted by dad2bandm View Post
                Ahh okay. That explains it. Yeah, those group RESPs have some pretty draconian penalties and limitations built to take your money. For any future RESP stuff, I would just look at one of the regular individual or family ones.


                Maybe review your current RESP plan, with whoever you're thinking of going to first, as they may be able to help you figure out the best way to switch, without losing as much money.


                Thanks a bunch for the input. I am trying to look at every solution so we don’t lose money. But in the end even the lawyer said carrying a joint resp plan after separation always leads to some conflict. Might be best to just cut our losses. It’s funny though as dad says if I cancel plan I am in breach of our agreement. But he is not in breach for not paying his share?[emoji849]


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