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liz
Starting Member
United Kingdom
12 Posts |
 Posted - 12 March 2010 : 16:40:37
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Hi again,
As I've now decided on BR before the end of the month, I'm trying to tidy up a bit. I went into town to close several old accounts on which I am trustee for my children.
All went well except at the Alliance and Leicester, they would not close the accounts of the older (18+) children nor remove my name as trustee without them being present. The accounts are dormant and probably nil balance.
WORRYINGLY I was told that my BR would affect their credit files through association on these childhood accounts. Is this true?
Would appreciate your advice on this one as it could be one less worry in the next couple of weeks.
There is usually a lightswitch at the end of the tunnel. |
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RHB
Senior Member
1159 Posts |
Posted - 12 March 2010 : 16:49:29
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| I don't see how it could impact on their credit tbh, but I would give the passbooks to your children as now they are 18 you will no longer be the trustee. I think it reverts at 16 with my youngest child (who is now 3) |
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liz
Starting Member
United Kingdom
12 Posts |
Posted - 12 March 2010 : 21:08:06
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Thanks for your opininion RHB. Could anybody offer any informed advice about this issue?
There is usually a lightswitch at the end of the tunnel. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 12 March 2010 : 22:59:22
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Hi Liz
RHB has given sound advice
if the accounts have nil balance, you do not have to close them as the OR will do so when you declare BR. The OR will check back on transactions on any declared bank account and has the powers to credit search you to establish if you have other loans or bank accounts
as long as the debts are in your name and there is no debt associated with the A & L bank account, it will not effect your children.
If you have taken out joint loans then they may be a different story
good luck regards Richard |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 12 March 2010 : 23:11:37
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Hi Liz
The Alliance & Leicester cannot close the accounts of the children who have reached the age of majority, or remove you without their consent. As trustee of the younger childrens accounts the trustee in bankruptcy has no claim to the contents of the account you as trustee are the owner of the account but have no beneficial interest in the contents of it. I cannot see how the childrens credit files will be affected by your bankruptcy, they arent bankrupt,I would ask the staff what can be written on these credit files to affect them. |
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liz
Starting Member
United Kingdom
12 Posts |
Posted - 15 March 2010 : 16:21:25
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Thank you all for your advice. Have closed two of the accounts this morning. The A&l are sticklers for paperwork - it took half an hour, a long queue and screaming baby to get this done! The other accounts will ride for the OR to deal with. If anything comes of credit files being affected I will post that information.
There is usually a lightswitch at the end of the tunnel. |
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Have I been misinformed?
