Joint bank account but only one going BR

worriedwoman_2

Hi
Decided to start a new thread as no-one answered this question when I added it to the bottom of my last question!
OH is going BR. He originally had a bank account just in his name, but added me to it after a couple of years. The account is £2500 overdrawn.
When he goes BR does anyone know what will happen to this account (HSBC). Will it just transfer to my name only, and will I have to pay back the overdraft?
I am not considering going BR at the moment, but may have to in the future.
Thanks

sieve

Yes you will become solely liable for the debt on the account (and they may insist it is repaid immediately). You'll probably find they freeze it too so get your own account and get your income paid into the new account before he goes BR.

skylight

sieve wrote: »

Yes you will become solely liable for the debt on the account (and they may insist it is repaid immediately). You'll probably find they freeze it too so get your own account and get your income paid into the new account before he goes BR.

Echo
Ditto
Spot on
Yep
Got here first.............. (lol)

worriedwoman_2

Thanks. I do have my own bank account aswell. Should I get the d/ds changed now to come out of that account? what will happen if I don't have £2500 to pay in - which I don't ??

sieve

worriedwoman wrote: »

Thanks. I do have my own bank account aswell. Should I get the d/ds changed now to come out of that account? what will happen if I don't have £2500 to pay in - which I don't ??

You should be able to come to an agreement with them if you can afford it over a few months. But be prepared for them to kick up a fuss initially.