IVA - My Childrens Savings

alan8817

I'm currently considering going into an IVA, will this have any affect on my childrens savings accounts? The accounts are in their names (they are only 2 years and 4 months) but have both £1000 plus in them.

Also, I would like to save £100 a month for things like car breakdowns, christmas, birthdays, home repairs etc. Is this acceptable on a IVA or would they increase my payments / take the money off me ?

Charco_2

You wouldn't be allowed a £100 contingency per month BUT if you found some wriggle-room in the expenses you were allowed then you can save what you like.

There are allowances for home maintenance and various sundries. Which should look after any emergencies that might arise... Plus if something arose that you couldn't deal with then you can talk to your IP about halting payments for a month or so bit save that for extreme circumstances.

If you budget in your IVA for £250 a month on groceries but you only spend £200 then you can save the excess, no-one wants to see your sainsburys receipts.

happychappy74

Honesty isnt always the best policy.

I had an IVA and didnt consider my childrens savings as a separate entity.

I wok with a chap who disclosed his childrens savings accounts and, as such, they were considered fair game. He hates this to this very day.

YOUR childrens savings are in YOUR name. A child cannot nbe deemed otherwise.

Put your children first.
:eek::eek::eek:

backhoe

I have savings accounts for my children in their names (with me as a joint signatory (sp), and they have nothing to do with the IVA. As far as my IP was concerned, it is their money in their name.

alan8817

I asked my IVA company if they would touch my childrens savings, and they said "if the accounts are in their names (which they are), then they can not touch them." Hope they are telling the truth.

Charco_2

Who is your IVA company?

I would say that HappyChappy's friend went to a less than reputable IVA company (even if they are a big name).

Certainly questions might be asked if your children are sitting aged 4 or 6 with accounts in their name with £X,ooo's in there... but if you know you're not pulling a fly one then stick to your guns!

There have been a few people on here last year asking about accounts they held for their elderly parents. The accounts were in their name for handiness-sake but the money therein belonged to their parents. Or the money was being held on trust. Basically though, while there were questions raised about the sums of money and the possibility of it being put towards their IVAs they were able to say that the money wasn't theirs and therefore there was no-legal claim.

If you're saying that the accounts are not even in your name (and definitely in your kids names) then i cannot see how there could even be questions asked about it!