I have poor credit history, but my new husband is in an IVA. For the wedding we received some cheques in our joint names. My issue is that we don't have a joint bank account.
Rather than have to get the cheques re-issued I'm trying to find out if there would be any complications to opening a bank account with my husband. We only want to open an account to access anything we receive in joint names, now and in the future. It will then be transferred out of said account so there will rarely be any money in it. Is there any risk to my credit rating or risk of me being liable for his debts if we open a joint account? Would there be any risk of him getting in trouble for having the account either?
If the cheque has both names on it, then you should be able to pay it into any account that has either name on it. It doesn't have to be a Joint account.
You may be able to get a joint account but I personally wouldn't.
Your credit rating won't be affected as such and you won't be liable for his debts.
I wouldn't recommend you open a joint account though.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
A joint account would link you financially and any credit search they do on you in the future (well -- next 6 years)will be affected by his IVA, but, as you say, your rating is already poor.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi there, welcome and congratulations on your marriage.
If you take a copy of your marriage certificate in to your bank they may allow you to pay in the cheque to one of your single accounts rather than opening a joint, which maybe isn't advisable at this present time.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
