We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Bankruptcy and your partner

Hello,

my partner is considering bankruptcy and I have some questions which I couldn't find the full answers to in the 'stickys'.

We have a joint bank account which is used soley for paying bills and is usually overdrawn.

If he declares BR then I understand the bank could close this account down and it would reflect on BOTH our credit files - is this correct?

Is it OK to take his name off the account before starting proceedings or does this reflect badly?

Ditto for a joint savings account which has about £3 at present.

I have no debts and a clean credit file. How would my OH going BR affect this and how long for?

I've checked my credit file and it shows us as being financially linked.


thanks
DEBT FREE! Sep '08/£9,800 in Oct '06 :beer:

Comments

  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Before he goes BR it would be best to have his name removed from any joint accounts. You should be able to have him removed from the current account as long as it's in credit, if you could time is so there is money in there it would be alot easier, some banks won't remove a name if the account is overdrawn.

    As for the savings account, as there's so little in there it shouldn't be any problem at all.

    Is that all you have a joint with him?

    Once you've removed his name from the accounts you can apply to have a disassociation noted on your credit files, which would mean his BR should have no impace on you at all.
    Accept your past without regret, handle your present with confidence and face your future without fear
  • hmm the joint acc is about £300 O/D so would need a bit of time to sort that out.

    we rent a house from his parents and I think his name is on some of the household bills - not all allow you to have joint names on, so will they have to come off as well?
    DEBT FREE! Sep '08/£9,800 in Oct '06 :beer:
  • peachyprice
    peachyprice Posts: 22,346 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    It's worth asking the bank it's 'only' £300, so they may well let you do it now, especially as the account is active, nothing ventured, nothing gained.

    Household bills in just OH's name are fine, they can stay as they are.
    Accept your past without regret, handle your present with confidence and face your future without fear
  • Thanks you.

    Tomm he's going to ring a few of the numbers given at the top of this forum.

    Then if he decides to go ahead with it we need to save up the money for the court fees.

    He still owes me money for car parts he bought using my card and his mam money for a loan she took out to buy his current car when his old one broke down.

    He's been making monthly payments to us both, but am I right in thinking he shouldn't include these debts on BR forms otherwise he won't be able to make continue paying us?
    DEBT FREE! Sep '08/£9,800 in Oct '06 :beer:
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.8K Work, Benefits & Business
  • 617.1K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.