question category: Friends, Family, Loved Ones

Will my child's saving account be affected by my credit card debt default?
Submitted on: 17th Nov 2010 by Non-Member | Total Answers: 2

I have almost £20,000 credit card debt, and just being made redundant. So I need help from some kind of debt management plan to sort out my debts. I do receive child maintenance every month but it goes directly to my child's own saving account. I just wonder whether the creditors will take my child's saving as part of my income because I am the account holder but he's the beneficiary as he's only 1 year old. In addition, if I do have a CCJ, or being made bankcrupt, will this affect my child's savings?

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Re: Will my child's saving account be affected by my credit ...

If you have set up an account in trust for your child with you as the trustee, then the money in it cannot be taken into consideration by your creditors. However, if the account is in your name earmarked for your child, then technically the account is yours and will be included as a personal asset. If the account is yours a creditor could apply to the courts for a third party debt order allowing it to take funds from the account without your consent.

This question has been answered by Christians Against Poverty, a leading debt charity offering hope and a solution to anyone in debt.

Submitted on: 23rd Nov 2010 by TA Member

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