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ITF account & Sequestration
Kim_Anglin
Posts: 3 Newbie
Hi,
Feeling gutted!! I am looking at sequestration as my debt solution but have just been told that my sons ITF account will be taken as it has my name on the account.
Is this the case and if so is there any way around it.
I feel gutted as my gran left him this money before she passed away 2 years ago.
Any advice would be appreciated.
Feeling gutted!! I am looking at sequestration as my debt solution but have just been told that my sons ITF account will be taken as it has my name on the account.
Is this the case and if so is there any way around it.
I feel gutted as my gran left him this money before she passed away 2 years ago.
Any advice would be appreciated.
0
Comments
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Open an account in your sons name, transfer the money into it.
How much money are we talking about here ?
Wait a while, make token payments to your creditors, then apply for sequestration.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Thanks for the reply.
The account is already in my sons name but I also have to be on the account as he is only 8.
I have been told that if I start moving money then it could look like I was hiding money. I thought about transferring it to his trust fund account but am worried about the consequences?0 -
How much money are we talking about ?
The OR can look back up to 5 years to see if you have disposed of any assets, so a tricky one i agree.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
It is for 2.5k. My gran gave all the great grand kids something to put in their accounts.
Maybe I should just transfer it & suck up the consequences?
It’s his money, not mine & I feel that he shouldn’t suffer for my mistakes.0
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