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Topic starter
27/01/2010 2:53 pm
Hi there just wondered I am currently undergoing the process of entering a trust deed. I just wanted to ask the question regarding my 5 year old daughters savings account. If she were to have savings that my husband and I have not contributed to solely grandparents saving for her would this be expected to be given to my creditors? Are bank statements required each time an assessment is made? Just wanted to know as with now not having an overdraft and if we managed to leave a couple of hundred pounds in the bank for car repairs/emergencies e.t.c or a build up of our allowances for clothes e.t.c would they expect that to be handed over if it was surplus in bank account? Many thanks
27/01/2010 3:39 pm
Your daughter's savings account would be safe. There would only be an issue if someone had transferred a lot of money into their child's name prior to signing a trust deed.
I'd say that leaving a bit in your bank account for emergencies is a good idea and any reasonable trustee wouldn't require you to hand over money you have managed to put aside from your budget for emergencies.
Good luck with everything
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
27/01/2010 3:48 pm
Thanks for your reply Kevin. Im just very anxious at the whole process and worrying myself sick it will become protected when the time comes. I am dealing with Julie so I have every faith in her as my Trustee. Thanks again
27/01/2010 9:24 pm
Hi LMM, Try not to worry too much about your TD becoming protected, i know how you feel cause iam 2 weeks into mine with 3 to go.As mentioned on an earlier thread, i used Mark from this site and was put at ease and told not to worry to much. I am sure Julie wouldn't put it forward if she didn't think it would become protected. Your in good hands let us know when the TD becomes protected. Best of Luck
28/01/2010 11:44 am
Hi LMM
As Kevin says, your daughterÔÇÖs savings account will not be taken in to the equation. I would also normally suggest to everyone that it is a really good idea to leave some money in your bank account for emergencies, particularly if you have budgeted for it!
I know easier said than done, but try not to worry, there is a light at the end of the tunnel!!
Julie
Julie is not currently posting in the Trust-Deed.co.uk forum.
