joint bank accounts

stroppy

Hi another quick question,

If myself and my husband have a joint account and he goes bankrupt what happens to this account?
We have one at Lloyds TSB,he also holds his own personal account with them as well and 3 credit cards which have a lot owing on them.
Thanks:o

fiveyearplan

You could either take his name off the account or open a new one in your name only. I had my name taken off our one joint account at Barclays. Do it before he goes bankrupt as it could take some time and once he's bankrupt it may be too late. Is there an overdraft on the account?

purplepinhead

Hi and welcome, I agree with above do this before your hubby goes BR.

stroppy

I have two other accounts in my own name with HSBC and Abbey so would it just be best to leave it as it is?It has 100 overdraft and we are 60 overdrawn on it at the moment,hubby was going to make it up so it was slightly in credit so it didnt cause any problems for me,is this necessary?
Our whole situation seems so complicated,we have just started to fill in our SOA,think it may take us a while...:)

fiveyearplan

You would need to pay the £60 overdraft or it will fall to you to pay. Put a rough estimate of your SOA on here and you'll be surprised how quickly it can get filled in with other people's help!

List your income and expenses and see what we can come up with.

stroppy

I am planning to do that at some point but first have to sift through heaps of paperwork to get most of the information needed,having three children running round shouting I suppose doesnt help:) our plan is to get really organised when they are back at school and go for it then.
I will probably still be posting numerous questions up until then as I seem to think of about ten a day at the moment!

fiveyearplan

You could start with:
mortgage/rent
council tax
gas & elec
water
Food (how many (& ages) of children do you have?
phone
pets?

etc. etc. etc.