Fairheads Benefit Services / trust accounts
Such a case represents the refusal for the purchase of property for my son using his own money held in trust by Fairheads Benefit Services. It appears I have a joint parental duty with Fairheads when they know nothing about my son. I'm the one that takes care of him and loves him with his best interest at heart.
The R 433 monthly payment by Fairheads Benefit Service for child maintenance has been unchanged for the past 6 years regardless of inflation. This amount does very little or nothing for the child considering the rise in food prices, fuel and the cost of living.
Fairheads Benefit Services charge Administration Fees amounting to R 2 680.96, Asset Consulting Fees R 139, 90, Reporting and Governance Fees R 352, 00, Fedility Cover, Bank Charges, Audit Fees, Communication costs and Indipedent Trustee Fees which are are all paid for from my son's Trust Account.
All this money could have been used towards his upbringing.
All the Fees deducted from my son's Trust exceed the monthly maintenance amount of R 433 he receives from Fairheads.
The reason Fairheads refuse to to purchase the is simply because the above fees will no longer be met.
Fairheads Benefit Services makes more money from my son's Trust than he receives.
I would like to purchase property worth R 250 000 for my son and I currently have R 170 000. Since the property would be bought and registered on my son's name/trust, I request that Fairheads Benefit Service assist with the balance of R 80 000 which they refused.
The property will be bought and rented out on behalf of the child. The rental income will be used for the upbringing and benefit of the child meaning any funds that remain in trust will be kept until he is of age while he lives on the R 3 500 rental income (with an annual increment of 14, 5%). In other words, the child will receive monthly maintenance of R 3 500 from rental income instead of the R 433 he gets from Fairheads Benefit Services. Fairheads has been requested to seize making monthly payment of R 433 to account for the purchase of the property without making any losses.
Rental is usually 1% of the property price per month. I can pay Fairheads 1% of what they contributed every month. This literally means my son will payback his own money. The only people that matter in this equation is Fairheads.
Alternatively, I would like to seize the monthly payment of R 433 made towards child maintenance
R 433 x 12 years = R 62 352
There is no loss in buying this property.
Corporate Greed with little regard for the livelihoods of black children.