Taking name of joint account

Lelc · 27 January 2006 at 2:37PM

I have agreed to go through Payplan. My husband has no idea about my debts but I know I will need to tell him soon. We have 2 joint accounts and I also have my own account (and he has his own account too). Payplan have advised that I need to take my names off the joint accounts as some of my debt is through the bank at which the joint accounts are held and also that some of my debts are paid by dd out of the joint accounts (hubby has no idea as he never looks at the statements - I do all that).

I'm worried that when I ask the bank to take my name of the joint accounts they will get wind that I'm about to default on my debts. Has anyone else had to do the same and how easy is it? Do I just phone them?

I'm really anxious about the whole process so some sort of advice and reassurance would be much appreciated.

keith_lard · 27 January 2006 at 4:43PM

Maybe get a new joint account before you go into a DMP, tell your other half you have switched to another bank (that you owe nothing to) :rolleyes:

to get a better deal.

May give you more time to tell him what you wish to tell him about your debts.

Have been in the same situation.........it's hard to talk about it
:rolleyes:

good luck :A :A :A

K. :beer:

Lelc · 27 January 2006 at 5:49PM

Thanks Keith. I hadn't thought of that. I'm going to try to tell him this evening but I might suggest changing banks anyway.

Have a nice weekend.

L

keith_lard · 27 January 2006 at 6:10PM

Change banks and make 'a new start'

Be positive in you thinking!

With that you will start in the right direction!

K.

Queenie · 27 January 2006 at 7:17PM

Lelc wrote:

Thanks Keith. I hadn't thought of that. I'm going to try to tell him this evening but I might suggest changing banks anyway.

Have a nice weekend.

L

Good luck.

bank_of_slate · 27 January 2006 at 7:35PM

Hi lelc,
be positive when you tell him, don't just tell him you're in debt, let him know that you are taking responsibility and control by saying 'This is the situation...and this is how I'm going to get it sorted out'
That way you are offering him the solution so he doesn't have to panic about what to do
Good luck hunny!
...Linda xx

kathfisch · 27 January 2006 at 7:44PM

Just to echo others, good luck and ((hugs)) if you do decide to tell him. As has been said, you are doing something positive about it which will hopefully help him to accept the situation. If you need a chat or some advice after you've spoken, we're all here!

Best of luck :grouphug:

tattooed_lady · 27 January 2006 at 7:57PM

All the best Lelc, I hope it goes well for you xx

jonesMUFCforever · 27 January 2006 at 9:33PM

To take a name off a joint account BOTH parties need to sign the authority.The Bank may also refuse the reuest if the account is overdrawn.

skystar · 27 January 2006 at 10:14PM

Don't know if this is the same for all banks but the bank I work for won't allow a joint a/c to be changed to a sole a/c except if one of the parties passes away.

firebucket · 27 January 2006 at 10:54PM

I was in the same position regarding a joint account when my IVA was being set up and caused no end of problems - my wife was unaware of my debts! It needs to be sorted quickly as the bank was very quick to freeze the account! hope everything turns out ok .