Scottish and English debt laws are different, so if you are a Scottish resident and have questions on debt, then this is the place to post.

Moderators: TalbotWoods, JaneClack

By Kiman
#468763 Hello, I need some advice please.

I am at the moment in debt totally 15000 with 2 creditors. Up till now I still manage to pay my debts never miss any payments. But after this week my income monthly drop ( I am self employed so my income not fixed )and I am about to manage my monthly expense for my family every month.

I am married but we always have different accounts and all the debts in my name and my husband is not aware of my debts at all.

I am thinking of a trust deed for my circumstance , I will open a new account before my trust deed but I want to open another account to save money for my children because now and again family give some money for them and I usually keep it. So do you think my trust will find out this account if I don't tell ?

Thank you in advance for your help.
User avatar
By TalbotWoods
#468803 Hi and Welcome

I am afraid you will need to declare the account, and if found out it is possible that the IP could fail the Trust Deed.

OK this is not about the kids account not being part of your IVA, it is about you demonstrating that you are not hiding additional income sources or windfalls. So yes the kids accounts may go up a few quid each month and the IP would not bat an eyelid, but if the IP was to see large amounts of money going into and out of the account, or a sudden deposit of several thousand, then there are questions to ask.

You must also remember that IPs can as for all reasonable documents to ensure you are complying with the TD, and they have to do this as they are responsible to ensure that the creditors get back what is legally due to them.

So yes you must declare it, but just justify why you have it, what it is for and be prepared to explain where money from it has come from.

By Kiman
#468813 Hi got another question please! I got a saving account for my
daughter since she was born with a £200 voucher from government and every month I paid into that £20 and the deal is she will get that when she is 18 years ( I think it called child trust fun ) do you think the bank will take that money away or not ?
User avatar
By TalbotWoods
#468833 No

Child Trust Accounts are safe, but you may have to stop contributing into it yourself during the period of the TD. The IP and the creditors will expect you to maximum your return to them, and (I know nobodies like this) not to your child future!

What is already in there will be safe, UNLESS you suddenly throw a large amount into it!

By wdm2
#468843 No, the CTF money belongs to your daughter and is safe. Conceivably it could be an issue if excessive payments were made into it (which would give rise to the possibility that you were seeking to put assets beyond reach) but not for twenty quid a month.