I have been to our current bank to close down all of our accounts except our current account which has an overdraft and will form part of our IVA (hopefully)
I had an account for each of my children and the balances (£200 each)
were transferred into my main account.
I have got forms from the Cooperative Bank to open new children's accounts with them.
Is it ok for them to keep their current savings or will it need to go into the pot to pay off our debts??
Advice would be appreciated.
7 down 53 to go
The pedal uphill may be hard but remember once you reach the top you can take your feet off and freewheel all the way down!!!
my childrens accounts were closed by rbs with ours as my name was on their accounts because of their ages. i tried to open an account with coop for them but this was after my iva was approved{i opened mine before it} but they were refused because of my credit rating, so if you are going to do it make sure you change at the same time as yours not after the iva has gone through.
Your children's monies are there own and can safely stay where they are - but if they are in your name you ought to move them to another lender who you do not owe any money to.
I managed to open a basic account for my son to use, he has disability living allowance and I wanted him to have some experience of managing money (not that I am any expert at these things myself). I am responsible for his account, my credit rating is shot to bits. At first they said no, the computer said no. I wrote to them saying if they did a credit on me it would blow up their computers. I asked why my son couldnt have this just because of me, they agreed and couldnt find a reason. They did rant on a bit about terrorism and money laundering. I had to provide loads of ID too. They agreed he wasnt a risk as it is only a basic account, they were also satisfied he had never or ever intended to be a terrorist or money launderer.
