Hiya, will children's bank accounts be affected by our IVA? I've just opened a bank account for my two young children, the bank is not one of our creditors. They often get Christmas and birthday cheques in their name so that's what the bank account is for.
As they're underage and we as the parents will be managing their account, could their money (it's only about £50 each at the moment) be pulled into our IVA for our creditors?
As long as the account ( and the cheques) are in their name it is OK --- any money in the account belongs to the children, not to the trustees of the account and so cannot be drawn into the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
My Iva recently approved and my 12 year old daughters account havent been affected. I did let my iP know just in case, but been told as long as its on my daughters name thats ok..
