DRO and childs saving account

staciiee

I will be applying for a DRO within the next few weeks. I asked ny bank , HSBC, wether i would be able to keep my account which i have had around 10 year and owe no money to but the said no. But my question is i have a Childs saving account for my nearly 2 year old which is in both my name and his, and has around £300 on. Would this account be closed down aswell? Also could i be refused a DRO because of these savings even though they are my sons, with it been in my name also?

CKhalvashi

I'm sure that you would be administrator of the account, not the legal owner so shouldn't be an issue.

HSBC won't deal with insolvency. The best advice that can be given is to go in person to Barclays, to open a basic account.

I've never been through insolvency and am not 100% on the first (it's just my view), but wanted to give you some comfort as you are still showing online.

There should be full response in the morning for you

thewhiteavenger

As long as your current account is not overdrawn (i.e. a debt) then it does not get a mention on your DRO application.

Of course a bank could search the insolvency register and discover it. AFAIK only Nat West routinely does this, and downgrades the account to a basic one, if it isn't already.

They could also be alerted to a DRO if you have another debt to them, or if you tell them!

It's best to have your banking unconnected to your debts, keep it in credit and keep quiet.

As far as the £300 savings account is concerned, as your name is on it I would say it is an asset which should be declared, and there is a £300 asset limit for DRO applications.

wba31

thewhiteavenger wrote: »

As far as the £300 savings account is concerned, as your name is on it I would say it is an asset which should be declared, and there is a £300 asset limit for DRO applications.

Childrens savings are not an asset if the account is in the name of the child and you are only a named authority. You mustn't be seen to be putting any more money in this account in advance of and during any potential DRO. If a family member (such as the child's grandparent) wanted to pay amounts in directly, this would be ok

staciiee

thanks for the replies. Money i have put into the account isn't money from myself it is from his first birthday, Christmas and christening presents from other people. Shall get my husband yo pay in if anything needs to go into his account.

thanks