Joint accounts

[stirling]

Can anyone tell me what will happen to my(our)joint account if my IVA is approved. Will interest & charges still be added and will my wife still be liable for all or just half of it?

[kallis3]

I think that if you are overdrawn on that account,then your wife will become liable for all of the debt.

Not sure about interest and charges though.

Have you changed your bank account yet Stirling?

[MelanieGiles]

That is correct - but if the account is within facility, there is no reason why you should not continue to use it so long as your wife accepts full responsibility for the onging payment of interest and charges.

[kallis3]

Must admit that we kept our Barclays account open as they were not one of hubby's debtors.

I keep thinking of switching back as at least we have a debit card on that account. There was never an overdraft facility.

[stirling]

Yes I have a co-op joint accont now, but owe about 3500 on an overdraft to Abbey. Am I correct in assuming that if I can get this back under it's agreed overdraft,£2750 thay wouldn't harrass her?

[kallis3]

I take it the Abbey account is also a joint one?

As this will be included in your IVA, I'm not sure what will happen if it is below it's limit.

[stirling]

Does anyone else know?

[kallis3]

I'm sure Melanie or one of the other experts will be along with the answer shortly.

[soreloser]

NatWest are my largest creditor, I have a joint account with my wife as well as my own. She also has a solo account with them in her own maried name.

When banking facilities are withdrawn (any day now I expect) I assume this will apply to the joint account too?

I guess my loved one will hang on to the solo account though?

With the Co-op now - debit card included with the cashminder account.

[MelanieGiles]

That is possibly the case, but it would be wise to try and get your wife to reduce the overdraft so it does not need to be relied upon in the future.

[stirling]

would they still be adding interest on even though it had been accepted in my IVA hopefully?

[MelanieGiles]

Yes - if the debt is joint and several and your wife is liable as well.

[David Mond]

Sorelooser - if the joint account is within its limits the bank may still keep it open as your wife is liable under the joint and several rule (unless she too is entering into an IVA).

[soreloser]

Thanks for replying David - there is £2.97 in the joint account, but all my debt with Natwest (£25K) is in my name only.

Please tell me she can only be jointly and severally liable on any debt in the joint account itself..? She is not entering into an IVA.

I have my creditors meeting on 17th with your team (praying it will be ok).

[kallis3]

Your wife will be held liable for any joint debts, whether to do with your joint account or not.

If your joint account is not overdrawn, there will be no problem, if all the other debts are in your sole name she will be ok.