Children's bank accounts affect by IVA's?

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Honeybee1980
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by Honeybee1980 » Fri Apr 14, 2017 11:31 am
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?

Thank you
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Foggy
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by Foggy » Fri Apr 14, 2017 12:57 pm
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.
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Oya
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by Oya » Fri Apr 14, 2017 10:54 pm
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..
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luluj
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by luluj » Sat Apr 15, 2017 4:34 am
You will be ok as the accounts are in the name of your children
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