My two very young children have been given a cheque by a family member which needs banking asap. Majority of it will stay in the account but some will need to be used for some things they need. If i open a new savings account for them with our new bank it says it needs to be held in trust under my name until they are a certain age. Will their money be safe. We are just under a year in our IVA. Thanks for any advice
The money is legally theirs, you are only a trustee, so the IVA would have no claim on it. I opened a savings account with the Swinton Building Society during my IVA in my son's name with me as trustee ... just to put a bit of extra distance between my finances and my son's .
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk