child bank account

[flashingblade]

Hi all

Just a quick question.

My husband and i are in an IVA but wish to open a bank account for our 1 year old as he got a lot of birthday money (sadly not enough to pay off our IVA!!) and im just wondering if we will have any problems doing this.

As we will be responsible for his account, will we have to declare we are in an IVA, and could it be refused because of our IVA?


Thanks

[MelanieGiles]

Hi flashingblade

You are OK opening a bank account for your son, so long as it is only his money which is lodged at the account.

It will be up to the individual bank as to whether they will open an account for you, so you may be wise to apply to the bank where you currently hold your current account. So long as the money held in the account is only held in trust for your son, there is no need to declare this to the Supervisor of your IVA.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk