Joint bank account

charlie's_mum

Hi everyone. Have been considering bankrupcy for some considerable time now, just need to get on and do it ....

I have a joint bank account with hubby, cashminder at the co-op, we went there because we were so over the overdraft limit with Lloyds that our wages were being eaten up by the overdraft. We still have the lloyds account, now £600 overdrawn, but we haven't paid money into it for about six months. We are both having to declare bankrupcy, but I think that one of us will have to declare first and then the other declare bankrupcy after another six months or so, as we can't save enough cash to do it together. So if I become bankrupt and hubby doesn't (yet), will I need to get myself a new, seperate bank account, or can we keep the current co-op one, or what? And what about the direct debits etc - can they carry on in hubby's name, or do they need to be stopped and restarted in a new account? And will we need to do this all again when hubby declares bankrupcy?

thanks as usual

tattycath

Hi charlie's mum. Not sure how joint accounts work regarding bankruptcy. When I went BR a couple of years ago I had a nationwide account as I was seriously overdrawn with HSBC, I asked the Official Receiver if I could carry on using the nationwide account and he agreed. So it is definitely worth asking about using the co-op as long as you have no debts to the co-op. I also have a car and asked OR if I caould keep it as it was a necessity (didn't work on a bus route and was due to move to a different area I didn't know) and he also agreed to that-obviously my car wasn't worth a fortune or it would have had to go.
Once I had gone BR it was a great weight off my mind and was not nearly as bad as I had expected.
Hope some of what i have said helps, sorry I can't be more helpful regarding your particular situation.

dalip

CM

My suggestion would be to take your name off the joint account. Now before anybody shouts that a co-op cashminder allows bc,the reason being once you are bc ,due to the joint account,your hubby will be linked credit wise to you. If he is not going bc for another 6 mths that may cause extra hassel with the crediors he owes such as lloyds. Take your name off now(you still have to put that account down on your SOA,explain to OR about it when you get your brief call after court)and then when hubby goes bc in 6 mths you will still have account in operation. Although because it will have been open for a while be prepared for it to be poss frozen briefly,but thats a long way off yet.

I had my name taken off a joint acc acouple of days before bc and still have my wages paid into it and we had no problems with the OR touching it.

Hope that helps.D

Posthinking

Are you saying that you are considering BR for £600 OD?

tigerfeet2006

Post they have £40,000 worth of debt including council tax (for which I think the bailiffs have been out for.) Here is a post from earlier

http://forums.moneysavingexpert.com/showthread.html?t=341334

k2nga

Just to be on the safe side i would go for another Cashminder account anyway.