Child Maintenance Service. A Shocking Truth About Your Savings

#childsupport #childmaintenance #savings
Child Maintenance Service. A Shocking Truth About Your Savings #CMS
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Chapters:
00:00 Introduction
00:11 Can They Access Your Bank Account
00:27 How Do The CMS Know Where You Bank
01:47 Lets Talk Savings Accounts
02:43 Revolut Savings Accounts
04:26 Deductions From Earnings (DEO)
06:24 Summary

Summary
In summary, the video discusses the accessibility of savings accounts by the Child Maintenance Service (CMS) and provides tips on protecting your savings from being taken by CMS. The CMS can access your savings account by requesting information from your bank, which determines the deduction based on the rules they follow. The CMS obtains bank information from sources such as your past disclosures, your ex-partner, or credit reports. While credit reports may not reveal specific savings accounts, they often indicate your banking institution. The decision to deduct money from a savings or current account lies with the bank, not the CMS.

To safeguard your savings, it is advised to have a savings account with a different bank than your current account. CMS cannot access savings accounts held at different banks unless they acquire the information through other means. It is important to note that CMS can only approach institutions registered as deposit takers with the Bank of England. One fintech mentioned in the video, Revolut, is not listed as a deposit taker. While Revolut may be a safe option, caution is advised.

The video also touches on CMS procedures, such as issuing a Deduction from Earnings Order (DEO) to employers for wage deductions. Employers can face fines for non-compliance. CMS can only deduct up to 40% of wages but can potentially take all the money from a bank account, without making it overdrawn. Employers are encouraged to address any CMS communications promptly.

The video suggests proactive measures, such as engaging with CMS to rectify mistakes and sorting out issues before they escalate. Having a savings account with a different institution is recommended, and Revolut is mentioned as a potential option. Seeking advice from knowledgeable individuals, like Peter Anderson, is also advised. It is essential to protect yourself financially by having a savings account, especially in case of unforeseen circumstances or injuries where CMS may still require payments.

Overall, the video provides information and tips on protecting your savings from CMS and highlights the importance of being proactive and informed about your financial situation.

#cms #csa #childsupport #childmaintenance #childmaintenanceuk #childmaintenanceservice
#cms #csa #childsupport #childmaintenance #childmaintenanceuk #childmaintenanceservice #childsupport #dwp #hmrc