www.iva.co.uk

Hello

I am due to complete my IVA in April 2015 – subject to equity etc, but leaving that aside…

In March both my children will have a 15-year savings plan mature. We have been putting £12.50 into each account for the duration so each child is due approx. £2,500-£3,000. My son will have just 18 and my daughter will be approaching 16.

I have never disclosed this monthly payment to my IP. In fact, it was only about six months ago that my wife reminded me that these savings existed – I had completely forgotten about them – and she has continued to put the money in from her own bank account (which is not linked to my IVA). The payment isn’t included in our monthly expenditure budget – I suppose we can say it comes out of our contingency.

So, I guess what I’d like to know is – should I have told my IP about this at any stage (bearing in mind I have only quite recently remembered about it)?And if they find out, am I likely to be in trouble? Also, can they take the money from me when the polices finish – especially given that they will become available a month before the final payment of my IVA is due?

I am particularly concerned about the my daughter’s ‘savings’ because she will still being under 16 at the end of the savings term so the money still ‘sort of’ belongs to us.

Does that make sense? Any help, much appreciated.

Are the accounts in the children's names?

yes they are - although my daughter won't be able to get her money (without our signature) until she turns 16

I would say you have been 'frugal' in other areas to save for your children's future.

It doesn't appear to be a large sum so I can't see a problem.
However, I wouldn't take my word for it - maybe one of our professional experts will comment on this later.

This is the children's money and the IVA has no call upon it ( you are "merely" trustees ). How you have funded the deposits is of no interest to your IP either, as long as income and expenses have been calculated correctly, what you spend any of it on is your business.

thanks