Will my IVA affect my children?

taplady

I am six months into an IVA and soon my son (16) will want to open a bank account for when he leaves school.Will me having an IVA affect this when he goes to open one or does it not matter?

I'm would be grateful if any of you clever folk could let me know the answer to this .

keith_lard

Cant see it.
Its your name on the IVA not his, he should open an account asap some banks offer a good deal for under 18
dont think they offer credit straight away but I could be wrong on this, but the sooner he has a account in his name the better

K.

southernscouser

You have to be 18 to get credit don't you?

He shouldn't be affected by it. You and him have no financial association so he should be fine to get an account.

taplady

Thanks for the quick replies!
He has one account already but that is with Barclays, who are one of our creditors. It is one his Nan saves money in for him for the future so we wanted him to have a separate one with a card for the cashpoint for when he goes to college. I now bank with Lloyds TSB so will take him there.

postingalwaysposting

it should be fine but as the other posters said he will not be offered a credit card/overdraft till he turns 18. He may get given a electron or solo card though (i was when i was 16 (natwest))

davek1

Just a thought get him to sign up to one of the internet banks like smile he will get a better rate of interest then as well.

Dave