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Help!Can I take my name off a joint bank account with Lloyds TSB?
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cullen14
Posts: 2 Newbie
Hi guys, was wondering if anyone could help me out with a problem I have.
Long story short, when I was a student last year me and 5 other lads lived in a house and had to pay rent through a joint bank account. However the forms for this account were lost before it was ever opened meaning we incurred late rent payment fees from our landlord (a whole other story!) As I was the only one in the house at the time (others had not yet moved in and were still at parents homes after summer) I went into the bank to see what could be done to stop this happening. I was told I could open up an account in my name and get everyone to pay money into that, and thus set up the neccessary standing orders to pay rent. Naievely, I did this.
What I should have done I realise now is swap this into a joint account between all of us as soon as I could. But, however we have all left university now, and two of the lads still owe money on the account. I managed to get one of them to add his name to the account so I was not left with it on my own. However this turned out to be a bad idea as his debt has now trebled as he used the account as his own. The account is now £1650 overdrawn. I owe nothing on the account and have not for over a year.
The lad who owes the majority of the money is willing to let me take my name off the account, but the bank will not let me, saying it is impossible to remove a name while the balance is negative. We therefore tried to open an account in his name and transfer the balance, however his credit rating is not good enough to open a new account with any sort of overdraft.
What I really want to know is if there is any way I can legally remove my name? The bank obviously aren't keen for this to happen but after we met with one of their advisors last month, she said if the balance was reduced to -£1000 quickly, we could go back and she would 'see what she could do for me'. This leads me to think there is a way, but I don't know enough to force the issue. Does anyone have any ideas!?
Thanks!
Long story short, when I was a student last year me and 5 other lads lived in a house and had to pay rent through a joint bank account. However the forms for this account were lost before it was ever opened meaning we incurred late rent payment fees from our landlord (a whole other story!) As I was the only one in the house at the time (others had not yet moved in and were still at parents homes after summer) I went into the bank to see what could be done to stop this happening. I was told I could open up an account in my name and get everyone to pay money into that, and thus set up the neccessary standing orders to pay rent. Naievely, I did this.
What I should have done I realise now is swap this into a joint account between all of us as soon as I could. But, however we have all left university now, and two of the lads still owe money on the account. I managed to get one of them to add his name to the account so I was not left with it on my own. However this turned out to be a bad idea as his debt has now trebled as he used the account as his own. The account is now £1650 overdrawn. I owe nothing on the account and have not for over a year.
The lad who owes the majority of the money is willing to let me take my name off the account, but the bank will not let me, saying it is impossible to remove a name while the balance is negative. We therefore tried to open an account in his name and transfer the balance, however his credit rating is not good enough to open a new account with any sort of overdraft.
What I really want to know is if there is any way I can legally remove my name? The bank obviously aren't keen for this to happen but after we met with one of their advisors last month, she said if the balance was reduced to -£1000 quickly, we could go back and she would 'see what she could do for me'. This leads me to think there is a way, but I don't know enough to force the issue. Does anyone have any ideas!?
Thanks!
0
Comments
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You are all equally liable for all the debt.
Unfortunately you do owe money on the account. You owe the bank £1650 and they can follow any of you (or just one of you) for the money. There is no way the bank will remove a name whilst any money is owing, sorry.The account is now £1650 overdrawn. I owe nothing on the account and have not for over a year.
It is a very bad idea to have joint accounts with other people in circumstances like this as you will now all be linked financially - i.e. bad credit record of one of you will reflect against the rest of you.0 -
a bank account in joint names means all the people named are jointly and separately liable for any debts,
so if the chap who owes the money does a bunk, the bank will come after you....
the only way to close this account is for the overdraft to be paid off.....smile --- it makes people wonder what you are up to....
:cool:0 -
Yep this is pretty much what I thought. Lesson has been learnt the hard way, thanks guys.0
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