bank accounts

TOOMUCHWORRY

I have read about not banking where you have debts and wondered whether if we ended up or rather my husband ended up with a DMP or an IVA or bankruptsy against him would savings that are in a joint account have to be used. The reason I am worried is that we have a joint account in barclays where I have just over £2000 which belongs to my daughter. She knows about this but does not think she can have it until she is 18. a it is an endowment policy that her grandmother paid for. (This has now matured but I do not want my daughter to have access to this until 9mths time). At the moment she would spend it all on handbags and shoes. She has no idea of the debt we are in and I have always told her never to have anything on credit or spend what she hasnt got (if only i took my own advice). My point is I am worried that we would have to use this money to pay off debts and I want to put it somewhere where it is safe.
We also have a small amount of savings with lloyds (where my husband has a loan). I will need to move this too. we will prob need it tho to see us through the next 2 months if he still has no work.

Can anyone advise me please. Should I try to just get my husbands name off the joint account or would I still have to declare any thing I have? Sorry if this is garbbled.

Gettingsortedslowly

I've only just joined the forum, and I did so specifically to answer your question TMW...

I went through a similar situation a couple of years back, where Barclays was one of my creditors, but I also had a savings account with them, which was to help pay for my son to go through Uni. I was advised at the time that Barclays are one of the more reasonable banks, if you keep them informed of what's going on, but that I should move the money somewhere else just in case.

I opened a new bank account at NatWest, and put the money in there. I don't actually know if Barclays would have taken it, but it's probably best not to take the risk.

Hope that helps, and good luck!

Tixy

If you were considering a DMP for husband then I would definitely put it just somewhere in your name and as soon as you can, and preferably with a bank you've not had joint accounts with. Could you prove the money was from grandmother and was an endowment policy in daughter's name/for her benefit?

If he is considering an IVA then I honestly don't know how they would treat this money having been in his name and now no longer there. I think I'd still move it now and then specifically discuss it with a debt charity or your IP if he does consider an IVA.
Again if he considers bankruptcy I would think this may cause an issue - perhaps try posting on the bankruptcy board to see whether others have had similar situations.

TOOMUCHWORRY

Thank you for your replies.

I can prove that this was an endowment in my mothers name as I have the original documents.

I have checked my barclays account. The bank account is in joint names but the ISA where i have my daughters money is in my name. Does this make a difference?