Can they take my wife's small savings?

live'n'learn

My wife has just over a £1000+ savings but she is afraid to put it into her bank account as she seems to think when i go bankrupt (just me) then they can take it of her, as i am the only one going through the BR i assume its only any savings i have (i wish) that they could take?

Also i have a savings account for my daughter who is 4 yrs old with a small amount in it connected to me at the same bank and was wondering if they would touch that? Its just a few hundred that we add when anyone gives her money and would move it if i thought they would take her savings!

MikeJO

Wife's money is fine as long as the account is just in her name...my son's account (with the Halifax) that I was a trustee on was closed and they sent him a bankers draft for the balance. Possibly different banks have different policies though.

live'n'learn

Yes its in my wife's name only!!

fiveyearplan

If your child's account is in your name then you need to move that to an account either solely in her name or with your wife's name. Don't leave it to chance.

fiveyearplan

.. and open yourself a new account to use post bankruptcy. I would try either Coop or Barclays if you don't owe either of them money. If they are one of your creditors then probably best to wait until BR then open Barclays.

live'n'learn

fiveyearplan wrote: »

.. and open yourself a new account to use post bankruptcy. I would try either Coop or Barclays if you don't owe either of them money. If they are one of your creditors then probably best to wait until BR then open Barclays.

I am with Barclays at present using a visa debit, if there is an overdraft available i have never used it. Is it possible to hold on to this and get them to disable things like the overdraft or do i have to change and start moving my direct debits etc?

alastairq

you will only be 'allowed' what is known as a 'basic' bank account..in BR.

The Co-op's product is known as a 'Cashminder''account...which has a visa debit [electron usually] plus full internet banking access...

BArclays have a similar account, but it doesn't have internet access until after discharge from BR.

Ineedaname

It's probably best to sort the bank accounts out before BR or your existing Barclays one may be frozen. Just pop into your branch and let them know you're going BR and they should be happy to open a new basic account for you and transfer all DDs etc over too. You'll only need to sort out income payments to be paid into the new account.

DON79

MikeJO wrote: »

Wife's money is fine as long as the account is just in her name...my son's account (with the Halifax) that I was a trustee on was closed and they sent him a bankers draft for the balance. Possibly different banks have different policies though.

Halifax chose to use the money in my son's account to offset what I owed them, regardless of the fact I was only a trustee of the account. got it back but they are on my hitlist and I never resist a chance to give them bad press lol! So even if it is a trustee account, don't believe they won't try get their hands on it.

NeverAgain_2

Your wife's money would be safe in her bank account, but if she is worried, tell her not to pay it in.

Interest on £1,000 will hardly pay the bus fare to get to the bank anyway.

There is a security risk keeping cash about the house, but I'm sure you can hide it somewhere.

Even if you are burgled, the burglar will only be in your house for a few minutes, so will not have time to conduct a thorough search.