Bankruptcy on Thursday n so confused !

Little_miss_worried

Hi everyone

I'm really hoping for some advice, i have an appointment on Thursday to declare myself bankrupt. My confusion is with Halifax save for it account that I am a trustee of for my 6 year old daughter. Halifax have said they will freeze the account and may close it, even though it's in my daughters name with me as a trustee, official receiver (help line) have said there would be no interest in the savings in the account. My dad deposits money into the savings account every month and Halifax have mentioned they may write to him and advise him of my bankruptcy!!!!!! Can they do this???

Thanks in advance

longtermplanner

On a practical note, I am unsure how they would know how to contact your dad if all he does is a bank transfer to the account each month?

Halifax can decide to freeze the account if they want.

woodformoretrees

Did they give any reason why they would write to your dad? Would they even have his contact details to write to him?

Sorry, I can offer no help, other than an outraged stare.

National_Debtline

Hi LMW

Welcome to the forum.

It sounds as though your bankruptcy will disqualify you from acting as a trustee on this savings account, hence Halifax's announcement that they will close it. Are you the sole trustee of the account, then?

As for the notion of Halifax writing to your father, I am merely speculating - is he a co-trustee of the account? That would make a lot more sense.

Your bankruptcy will be a matter of public record so there isn't a confidentiality breach-type issue that leaps out at me right now.

Regards

Dennis @NDL

Little_miss_worried

Hi

Thanks for your replies. Halifax said they would inform my dad simply because he deposits into the savings account for my daughter and Halifax would be closing that account. I am the only trustee on the account no one else. I didn't know they would close the savings account as it's in my daughters name I'm a trustee and the OR isn't interested in it. Can and would they inform my dad of my bankruptcy on the basis he makes a deposit every month?? I've spent 7 years of my life hiding my debt from my family and now it looks like their going to find out and it's beyond my control.

woodformoretrees

I wonder if maybe they were saying that if/when they closed the account, and A N Other person tried to pay money in, then they would have to inform that person's bank that the account was closed.

If your dad just pays money in they wouldn't have his contact details.

National_Debtline

woodformoretrees wrote: »

I wonder if maybe they were saying that if/when they closed the account, and A N Other person tried to pay money in, then they would have to inform that person's bank that the account was closed.

If your dad just pays money in they wouldn't have his contact details.

That sounds logical to me. If your normal deposit were rejected, the bank concerned would most likely advise you of the account's closure rather than let you carry on trying to make further deposits in vain. I'm not sure that they would go as far as giving reasons for the account's closure, however - maybe this was a throwaway comment by bank staff?

Regards

Dennis @NDL

nervousandready

Thanks for this question. I am going BR on Friday and am trustee for my sons savings account. If I move the money out of it today into a new bank account he has opened in his own name, is that OK? After all, it's his money, not mine.

woodformoretrees

Well at the moment you're the trustee and entrusted to look after the money in his best interests, which would be to make sure it's in an account that isn't closed down.
I think if you're open and show what the account was, how much it was, and show it's gone in to an account in his own name - so basically that you're not hiding its existence and the OR can see you've not been dishonest or secretive then it's just his money being moved to a new account and you have a paper trail to show it.
Is it instant access at the moment?

nervousandready

woodformoretrees wrote: »

Well at the moment you're the trustee and entrusted to look after the money in his best interests, which would be to make sure it's in an account that isn't closed down.
I think if you're open and show what the account was, how much it was, and show it's gone in to an account in his own name - so basically that you're not hiding its existence and the OR can see you've not been dishonest or secretive then it's just his money being moved to a new account and you have a paper trail to show it.
Is it instant access at the moment?

Yes, it's an instant access account and we'd already decided that he would get more interest from Lloyds in a young person's account - we just hadn't got round to transferring the money. I shall move it today. Do I need to put this account on the forms as it's not my account?

woodformoretrees

I don't know whether it goes on the form. Someone here will.
All I would advise is that you keep every bit of paper relating to it and take it to your OR meeting, just so that they can see you've not done anything that you don't want to mention.
They won't be interested in the money x But you can let them know and they can look at you with great disinterest
There's nothing wrong at all with closing the account and putting the money in a new one.