Bank account for my Dad - affect my credit history?

fluffymovie

Hello

Apologies if that has been asked and answered - I hate highjacking threads is all....

My Dad is useless with Money and has run up large debts which he is now getting support to deal with.

However, one debt, is with a County Council for over £7000 and he is making payments to me of £10 per week and I have a standing order for £10 per month to them from my current account. I wanted to make sure it got paid!

I keep a spreadsheet of every credit, debit and the balance of the money owing. As he pays me £30 more than I pay out every 4 weeks, I kind of have an emergency fund to help him with things like a new front door, things like that!

However, now that I have managed to get his Local Cllr to support him with Ctax, bailiffs debts written off etc, I would really like a seperate account in his name, that I hold the cash card for and that he cannot access on line. He lives in lancs and I live in Berkshire!

I was thinking about opening a joint account but my hubby is concerned that my Dad's issues will affect our credit rating and could cause issues when we try to move our mortgage (On SVR at present so as soon as rates rise!)

I know that there are some banks who will accept 3rd party signaturies but don't know any more than that - could anyone advise what might be a good course of action in such a case?

Many thanks for taking the time to read this!

InsideInsurance

If you open a joint account with him there will be a financial association created with the Credit Reference Agencies.

He should be able to give you third party authorisation on an account in his sole name to enable you to deal with the current account but it would be in addition to himself so if he decided to use telephone banking etc then he could make transactions. Third party authorisation wouldnt create a financial link with the CRAs.

The way you are doing at the moment is the only way to ensure the money stays outside of his reach and doesnt create and CRA links