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    • Daisyjames
    • By Daisyjames 7th Sep 17, 11:05 AM
    • 9Posts
    • 1Thanks
    Daisyjames
    Child savings account
    • #1
    • 7th Sep 17, 11:05 AM
    Child savings account 7th Sep 17 at 11:05 AM
    Hi,
    I am currently undischarged bankrupt. Discharge date March 18. Child has been given money by grandparents and we are struggling to open an account. We bank with coop but they have declined. My OH is not bankrupt (only me with separate accounts now) and we put his name on application but still refused. Any ideas on what we can do? He has a DMP which is ongoing and not missed a payment.
    Thanks in advance!
Page 1
  • National Debtline
    • #2
    • 7th Sep 17, 11:40 AM
    • #2
    • 7th Sep 17, 11:40 AM
    Hi DaisyJames,


    You may need to wait as long as you can before trying to open another account as the searches on your credit file are now potentially contributing to the problem. Both of your credit files will be damaged with the bankruptcy and DMP and this can make opening accounts harder.


    If this money is to be put in an account, and held in trust, it is normally a different type of account that you need to apply for. It is important to make this clear to the bank, and then you may have more success. I would also suggest trying basic savers accounts as they should be easier to get.


    One thing you need to be extra careful about (as you are undischarged bankrupt) is that this money does not pass through your account, or appear to be yours, if it is specifically for the children, otherwise there is a risk the OR will take it. Good luck


    Laura
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • xylophone
    • By xylophone 7th Sep 17, 11:51 AM
    • 22,881 Posts
    • 13,241 Thanks
    xylophone
    • #3
    • 7th Sep 17, 11:51 AM
    • #3
    • 7th Sep 17, 11:51 AM
    Ask the grandparent to open the account in trust for the child.

    https://uk.virginmoney.com/virgin/savings/learn/childrens-accounts/

    Or does the child have a CTF/ JISA?

    https://www.gov.uk/child-trust-funds
    • ACG
    • By ACG 7th Sep 17, 10:19 PM
    • 15,400 Posts
    • 7,786 Thanks
    ACG
    • #4
    • 7th Sep 17, 10:19 PM
    • #4
    • 7th Sep 17, 10:19 PM
    It is not really my area but have you tried one of the friendly societies?

    https://www.shepherdsfriendly.co.uk/plans/child-savings (purely an example, not a recommendation). These companies are a lot smaller and presumably have the facility to make manual decisions.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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