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DMP associated bank accounts
januaryblues25
Posts: 6 Forumite
I am intending on starting a DMP - I owe money on my overdraft on my current account- I have a new account elsewhere. However, I have associated accounts for my children, they are 16+ and use the debit cards in their names to spend with.
Is their money safe? or can the bank call upon the balance and attached to my account?
Is their money safe? or can the bank call upon the balance and attached to my account?
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Comments
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Are the accounts just in their names or joint with you?If you go down to the woods today you better not go alone.0
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You open them though the parent account - I really cant tell - its called "spending account" but they were set up as childs account.
I think I'm going to move them just in case.0 -
I think it is better to move them just in case.If you go down to the woods today you better not go alone.1
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If they are 16+ it would make sense for them to have their own independent account anyway.0
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Money can be removed from any account by the process of "offset".
The account must be in your sole name only, and can be taken from any account within the whole banking group.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
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