We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Getting an ISA with bad credit rating?!
torikate
Posts: 140 Forumite
Hi,
I'm looking to open an ISA account. The situation is my uncle has control of my inheritance (from my Mum) and as it has been 5 years we either have to take it out of the current account or get taxed. I'm not allowed it for another 5 years (when I'm 25) so we were looking at an ISA to put it into. I'm in debt (though I am getting this sorted) and have a bad credit rating. Will my bank still give me an ISA account, just my Uncle was a bank manager and doesn't 'do debt' so I don't want him to know about my money problems and I'm a bit worried I might be refused. Any help/advise would be greatly appreciated.
Tori x
I'm looking to open an ISA account. The situation is my uncle has control of my inheritance (from my Mum) and as it has been 5 years we either have to take it out of the current account or get taxed. I'm not allowed it for another 5 years (when I'm 25) so we were looking at an ISA to put it into. I'm in debt (though I am getting this sorted) and have a bad credit rating. Will my bank still give me an ISA account, just my Uncle was a bank manager and doesn't 'do debt' so I don't want him to know about my money problems and I'm a bit worried I might be refused. Any help/advise would be greatly appreciated.
Tori x
Total Debt start June 09 £11,083.03
Current debt £1,200 :T
:footie: To dare is to do....COYS :footie:
Current debt £1,200 :T
:footie: To dare is to do....COYS :footie:
0
Comments
-
Credit rating doesn't matter when opening savings accounts as you won't be given credit....0
-
No problem opening an ISA.
Don't open it with an organisation you owe money - they could potentially use it under a "right of set off" arrangement to clear unpaid debt.0 -
Thank you for your replies. I can stop worrying now then!Total Debt start June 09 £11,083.03
Current debt £1,200 :T
:footie: To dare is to do....COYS :footie:
0 -
i would pay off any debts first0
-
I would but I'm not allowed to touch the money until I'm 25 so I cant do that atm.Total Debt start June 09 £11,083.03
Current debt £1,200 :T
:footie: To dare is to do....COYS :footie:
0 -
If you are able to open an ISA in your name then any money in that account is yours to do as you please (i.e. pay off your debt). Why can't you touch money in an ISA in your name?0
-
Because there was a clause in my Mum's will so I'm not allowed the money until I'm 25. Once I've opened the account and the money's gone in I have to then give my bank book over to my uncle as due to this clause he has guardianship of the money until then.Total Debt start June 09 £11,083.03
Current debt £1,200 :T
:footie: To dare is to do....COYS :footie:
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards