Do you have money worries and a loan or credit card with your bank?

HELENC1984_2

i have a credit card with halifax and my mortgage is with them as well, since i joined on my dmp will they be able to do anything nasty with my mortgage or are they two seperate entities?

apologies if this is off topic!!

x

ceejaydee23

they always say to open an account away from your debts when you go into a DMP which is exactly what we have done.

doneroaming

My husband had an credit card bill when he died his bank took the money from his savings account and current account to clear the bill which our child tax credits and child benefit were paid into, i was left without a penny and the bank would not assist me in any way as the account was in his name.

valsarc

Are my sons savings safe?

I live in Northern Ireland with my partner. We have a 9 year old boy John who has been in receipt of Disability Living Allowance since 2007 and continues to receive it today.

Approximately £275 per month is paid into his account. This is a childs Halifax save for it account. It has a pass book. My name is on the account trustee for John . (His name is also wrote on the account.)

Over the years I have put the money into a higher earning account in my name trustee for John. His name is actually wrote on the account too. Interest has been paid gross.

However through my partners business dealings I mortgaged my home and I owed money to building society, banks and credit cards. The business crashed and I entered into an IVA (individual voluntary arrangement) this was on 6th August 2008.

I sold my home to pay off the mortgage, I cashed in savings, I gave them life assurance policies and gave them all the money I had. Etc.

• Can the IVA use this pot and claim it.
• The savings are presently with Halifax. I had a debt with halifax in my own name that is included in the IVA. Is it possible that they can offset my debt against his savings. And in effect claim the money for themselves.
• Is this pot considered John’s or is it considered mine because it has to have my name on it.
• The source of this lump sum is all from DLA paid to John.
• Is there a difference between an account in trust and a childs account

I have looked at the trust funds and their rate of interest is very poor for such a long term.


What is my best plan of action in order to

• keep this lump sum safe for John as he will need help when he is older
• Meanwhile I want to get him as much interest on the savings as possible.
• The present DLA he has coming in should also be growing with interest

MoneyWasting_Expert

Happened me a couple of times with Barclaycard. I have a Barclays Current Account so they dipped into those funds, if funds were not there, it was a doorstep collector instead. Only ever took arreasrs and usally on the 3rd missed month. However this did prevent the BC account defaulting.

MoneyWasting_Expert

It can be a disaster for some especially with a Mortgage, just another reason why we need all to learn how to manage our money correctly. Once in debt your enslaved to the banks. Highly recommend anyone with a Barclaycard and Barclays Bank account to use a different bank even temporary. December of last year I switched to Halifax and stopped paying into Barclays. However Barclays was a better account than the Halifax one I had. I also owed bank charges. Contacted Barclays explained to them and set up an arrangement to pay, which they freezed charges and I paid of the account. However I got a doorstep collector during the period because of 3 missed barclaycard payments and no money in Barclays bank which had there been BC would of dipped into my account. Now the BC cleared and Barclays bank account up to date, back to banking with Barclays. Any bank is good when your in the black.

BenS1

RBS did this to me. I had a basic account and then got a current account with overdraft. After losing my job, they started charging me £6 a day even through I had no income coming in.

Next thing I know, I had a new job and salary got paid into the basic account and I couldn't get any of it out. What's strange is that my direct debits havn't bounced because the money IS there, but I can't see it on internet banking.

Already changed banks, now with Lloyds who gave me a classic account and moved all my direct debits over. I really need this cash from the RBS account, won't be receiving any money for 2 weeks!

Is there anything I can do to get that cash returned, I think the account is just frozen.

tim_m

I had this with Lloyds TSB several years ago when I was at uni. I had a £1500 overdraft facility, and like most students spent most of the time in it. At the beginning of the summer term, my student loan was paid into my account. Several days later Lloyds wrote to me to say they had stopped my overdraft, which of course ate up the majority of my student loan in the process. This left me totally stuck for the forthcoming term. I arranged a meeting with the bank to discuss but they simply said I have breached their terms and conditions (apparently for going over my overdraft on too many occasions).

Milady64

Hi
I've just opened a NatWest account but have a credit card with Sainsbury's Bank. All payments on the credit card are up to date, but I'm about to go into a DMP due to unemployment.
Is Sainsbury's Bank still part of RBS/NatWest? And if so can they take money from my NatWest account to pay the Sainsbury's CC when I tell them about the DMP?
Thanks
Milady64

Leon_Telford

I believe Tesco is RBS........