iva and childrens bank account

Lilpalf

my partner and I are in our 2nd year of our iva and I've just discovered that I can't open an account for my 4 year old daughter because of the iva. makes sense when I think about it but we wanted my daughter to learn about money so that she didnt get in the same mess as us.

my bank told me that even if she was old enough to open an account herself she would probably be declined due to our shared address. I'm upset that our stupidity has stopped my child from having a bank account.

does anybody know if somewhere would let us open an account for her or does that breach the iva?

UpToMyNeckInIt

Hi Lilpalf,

As an IVA custoemr myself, i know all too well the restrictions of trying to open a bank account.

However, I recently opened a basic account with 'Secure Trust' bank, who are IVA-friendly, and so far, very good - they even pay interest!!!

You could also open a Co-Op 'Cashminder' account. Again, IVA-friendly.

There are alternatives from other companies such as 'CashPlus' and 'ClaerCash'.

Providing none of the above are your creditors, you should be able to open an account.

hope this helps.

Vikipollard

I'd like to think that the 'advice' from your bank is poppycock .. declining because of a shared address.

Debt is attached to a person, not an address. Does that idiot believe that the next person to live in your house (if you sell it) is also barred from opening an account anywhere? Ludicrous..

Lilpalf

Thank you, will look at some of the ones mentioned and see if they can help me.

Would the iva want my daughters money though?

UpToMyNeckInIt

If you have stashed something into your daughter's account by saving on your allowances, then no.

CCCS guidelines even allow a £11 pcm 'pocket money' budget. So make sure you argue your case for it at the annual review.

Good luck. Let us know how it goes.

Depth_Charge

UpToMyNeckInIt wrote: »

If you have stashed something into your daughter's account by saving on your allowances, then no.

CCCS guidelines even allow a £11 pcm 'pocket money' budget. So make sure you argue your case for it at the annual review.

Good luck. Let us know how it goes.

Hi

Just wondering if you would agree that the superb independent, impartial MSE site is now the place to be for IVA posts & enquires as the other site you have referred to on many occasions seems to have a lack of IPs and 'experts' answering & posting of late, from my observations anyway.

Where have they all gone and why?

Oh well, if they have time to spare, maybe they could always consider giving it a go on here.

You never know, they might want to mention, promote and tell us about bank accounts, including the ones that charge fees etc, like the clearcash one for example.

Its just my take again though, as always:)

UpToMyNeckInIt

Depth_Charge wrote: »

Hi

Just wondering if you would agree that the superb independent, impartial MSE site is now the place to be for IVA posts & enquires as the other site you have referred to on many occasions seems to have a lack of IPs and 'experts' answering & posting of late, from my observations anyway.

Where have they all gone and why?

Oh well, if they have time to spare, maybe they could always consider giving it a go on here.

You never know, they might want to mention, promote and tell us about bank accounts, including the ones that charge fees etc, like the clearcash one for example.

Its just my take again though, as always:)

For the record, I am not 'promoting' anything, merely suggesting alternative banking facilities for those struggling on the high street. But if I have had good/bad experiences with whoever, I am happy to share that opinion (which is just that). Most people are intelligent enough to read it as that for themselves, and make their own choices.

As for fees - well, the days of free banking are numbered in my opinion - time will tell.

If you want a debate on the impartiality etc. of this forum, maybe you should start a new thread, rather than hijacking this one?

Depth_Charge

UpToMyNeckInIt wrote: »

For the record, I am not 'promoting' anything, merely suggesting alternative banking facilities for those struggling on the high street. But if I have had good/bad experiences with whoever, I am happy to share that opinion (which is just that). Most people are intelligent enough to read it as that for themselves, and make their own choices.

As for fees - well, the days of free banking are numbered in my opinion - time will tell.

If you want a debate on the impartiality etc. of this forum, maybe you should start a new thread, rather than hijacking this one?

Hi

Fair enough.

I stand by everything I have put and people can make their own minds up.

As for free banking, no I dont agree.

The powers that be and many other agencies are highlighting the need for free available banking especially with the introduction of universal credit.

I will continue to speak up for free banking as the last thing people need now is having to pay fees for a basic bank account for someone else to profit from.

PS - As far as the hijacking is concerned, pehaps look at the title of the thread, it mentions childrens bank accounts.

My take again

UpToMyNeckInIt

Hi DC,

Don't get me wrong - if the powers at be can get free banking to stay, and make it more widely available to insolvent customers, I'm all for it obviously. As I said, time will tell I guess.

Being in an IVA is sometimes about making the best of a bad situation though. This business of opening a new bank account, certainly once your IVA is up and running is, trust me, nigh on impossible with the high street institutions. (CoOp seem to be one of the most widely publicised exceptions).

So, in defence of the fee charging basic accounts: 1). they let IVA/BR customers open one in the first place with minimal hassle; and 2). (The ones I've mentioned at least) usually do 5-10% cash-back deals. For example: I spend over £400pcm at Asda, and get 5% cash back - £20. More than covers the £12pcm fee, and that net £8 profit is more money than I ever earnt in interest per Month with a normal high street current account, oh yeah - and it's tax free, unlike interest.

Loads of other shops are included as well, so if you are a canny shopper you can make these accounts work for you to at worst cancel out any monthly or transaction (eg: cash withdrawal) fees, and at best earn you a few quid.

Just what the deal is with opening one of these accounts for a child, is something the OP is going to have to look at very carefully of course.

Back to you!!!

Depth_Charge

UpToMyNeckInIt wrote: »

Hi DC,

Don't get me wrong - if the powers at be can get free banking to stay, and make it more widely available to insolvent customers, I'm all for it obviously. As I said, time will tell I guess.

Being in an IVA is sometimes about making the best of a bad situation though. This business of opening a new bank account, certainly once your IVA is up and running is, trust me, nigh on impossible with the high street institutions. (CoOp seem to be one of the most widely publicised exceptions).

So, in defence of the fee charging basic accounts: 1). they let IVA/BR customers open one in the first place with minimal hassle; and 2). (The ones I've mentioned at least) usually do 5-10% cash-back deals. For example: I spend over £400pcm at Asda, and get 5% cash back - £20. More than covers the £12pcm fee, and that net £8 profit is more money than I ever earnt in interest per Month with a normal high street current account, oh yeah - and it's tax free, unlike interest.

Loads of other shops are included as well, so if you are a canny shopper you can make these accounts work for you to at worst cancel out any monthly or transaction (eg: cash withdrawal) fees, and at best earn you a few quid.

Just what the deal is with opening one of these accounts for a child, is something the OP is going to have to look at very carefully of course.

Back to you!!!

Hi

Thanks for the reply

The O/Ps post is about a opening a bank account for their 4 year old child.

Promoting fee charging accounts, is that really the answer?

All the big sell and marketing with these accounts & cards does not wash with me Ive seen enough of that with IVAs.

I wonder if this is how they will try to incorperate extra costs of these accounts for people in IVAs by using the savings you can make etc:)

Free banking available for all or at the least choice, thats my bottom line.

Care to comment on the other forum you have referred to in many of your other posts, especially as they mention the clearcash card on there quite a bit I think, strange really that, as Im sure it says somewhere on there that advertising is not allowed or maybe Ive got that wrong.

My take and over to you if you feel the need.

Depth_Charge

Lilpalf wrote: »

my partner and I are in our 2nd year of our iva and I've just discovered that I can't open an account for my 4 year old daughter because of the iva. makes sense when I think about it but we wanted my daughter to learn about money so that she didnt get in the same mess as us.

my bank told me that even if she was old enough to open an account herself she would probably be declined due to our shared address. I'm upset that our stupidity has stopped my child from having a bank account.

does anybody know if somewhere would let us open an account for her or does that breach the iva?

Hi

Have you looked at Credit Unions, is there one near you?

http://www.abcul.org/home

http://mymoney.nedcab.org.uk/moneyadvice/creditunions.asp

Just a thought

Best wishes