helppppppppp!!

LOZZY1

hello

sorry if this is in the wrong place

few q

unexpected split with hubby last monday, tried to sort out to no avail, finances in a mess for ages but really need to put in some sort of order now as i have NO income, 2 kids, mortgage and all the bills will post seperatly about help i can get

need to open new bank account, currently joint with a and l with a huge unimaginable overdraft!! so need to open something new away from there to get moeny paid in. can i ask if i open santander (which is now with a and l) could they take money out of my new santander to pay overdraft on a and l account??? if so any other banks to reccomend. cant go with halifax see below!

also halifax. have two childrens accounts with approx £2500 total. also have cc with them, loan and mortgage, which i cant pay/will pay £1 a week whatever. can they touch kids money? if so i will have to move it sharpish.

any advice. im am going to do a budgeting sheet tomorrow to show why i cant pay (guessing i will be on income support??). my hubby works and some of the debt (loan, mortgage, od) are joint. so i expect he will be expected to pay them?? never had to deal with "not paying" any advice appreaciated.

lauren

fermi

LOZZY1 wrote: »

can i ask if i open santander (which is now with a and l) could they take money out of my new santander to pay overdraft on a and l account??? if so any other banks to reccomend. cant go with halifax see below!

Quite possibly. Certainly not worth risking it.

Open up a basic account with a bank not connected to Santander or Halifax ASAP.

LOZZY1 wrote: »

also halifax. have two childrens accounts with approx £2500 total. also have cc with them, loan and mortgage, which i cant pay/will pay £1 a week whatever. can they touch kids money?

No they can't.

katsu

Get an appt with Citizen's Advice ASAP.

You could open a Barclays or Co-op basic bank account.

Good luck.

DarkConvict

I recommend a barclays cashcard or coop cashminder account. No overdrafts and no credit check, just make sure they apply for the right account as bank clerks regularly open ones with an overdraft.

What you want to do with all joint accounts is ask them to be closed, as it requires both account holders and the debt to be paid off it should at least freeze the account so no money can be taken out, just charge/interest added if applicable.

The kids money is safe so long as the account is in their name only.

LOZZY1

thanks for the advice guys.

the accounts are me and my hubby (2 to sign for withdrawls) in trustee for ???? the kids. does this cound as being in thier names??

fermi

http://www.halifax.co.uk/savings/forms/generic_sav_app/forms/pdfs/1_336203-7.pdf

"We will not take the money from an account which, according to our records, you are holding on behalf of someone else (for example, as trustee or executor)."

fermi

Despite the above, I would be tempted to move the child savings anyway.

While they shouldn't be touched, Halifax and other banks don't have a great reputation for sticking to either regulations or their own terms and conditions if you owe them money. Although you could get anything they might take returned, you probably don't need the hassle.

If you put them somewhere else then you can rest easy.

Probably being way way over cautious, but I don't trust banks to act properly at the best of times.....

DarkConvict

I cant agree more, its best to be safe not sorry. Move the money to a bank you have no debts with.

LOZZY1

thanks for the advice, have applied for a basic bank account with co-op. got accepted straight away thankfully.

will try to sort kids money out but its a two to sign job :mad: so if he doesnt agree well i am stuffed. i think i will have to go to cab asap as i am still all over the shop. at least i have a bank account now so when i do get some money i will have somewhere to have it paid. thanks for the advice. just one more thing how is an overdraft treated in terms of debt?? will they accept a payment each month until it is cleared or will they demand full payemnt when they realise that no money is going in??

DarkConvict

Can't really say how they will react, overdrafts are repayable in full given 30 days notice anyway and the bank doesn't have to give a reason for wanting it back, so never live in an overdraft.
If you repay some money into the OD and treat it as a normal debt should be fine.

Orville

LOZZY1 wrote: »

thanks for the advice, have applied for a basic bank account with co-op. got accepted straight away thankfully.

will try to sort kids money out but its a two to sign job :mad: so if he doesnt agree well i am stuffed. i think i will have to go to cab asap as i am still all over the shop. at least i have a bank account now so when i do get some money i will have somewhere to have it paid. thanks for the advice. just one more thing how is an overdraft treated in terms of debt?? will they accept a payment each month until it is cleared or will they demand full payemnt when they realise that no money is going in??

You sure..? We have 3 child's accounts with the halifax and move their money around. Both of our names are on each book, but i can go into the bank on my own and withdraw from their accounts. As long as the signature marries up there is no problems