Hi, we have just had our IVA agreed in June. We now have a new baby and I would like to open a junior Isa for him as my other two children have trust funds.
Would I be allowed to apply for an account for him?, will my bad credit rating affect any application?
I know it may seem silly to want to save money when I owe money to creditors but I feel my youngest child will lose out if I wait until my iva is settled in 6 years time.
Thanks for your help.
You can do what you like with your allowances while in an IVA so there is no harm in saving for your child's future. However,make sure you have made allowance for any contingency items before you start saving as you do not want this to impact adversely on your IVA.
