House share bank account problem

Meercatc17

Hi All

I am in a bit of a problem as I our house needs to pay bills and my house mates want to open a shared account (I am aware of the implications of this! I SAID NO) so is there any thing I (or one of the others) can do to have a almost automatic bank account (owned by one person) with secured payments going in ? I mean I had in mind to set up another bank account in my name then ask them all to sign a DD into it and set standing orders to go out, but DD is not legally binding! is ther anything I can do .... like an agreement where only the two parties can cancel the DD?

Would really like some help in this matter as a joint account is NOT an option!

Mikeyorks

Meercatc17 wrote: »

but DD is not legally binding!

DDs aren't relevant for an individual's Bank account .... you need to be an 'originator' and signed up to BACS in order to accept DDs. Not a practical option.

A single account to pay the bills - but where you don't do so until everyone's contributed their share (via SO or Faster Payment) is one of several options. In a houseshare nothing is waterproof.

Meercatc17

Can you explain those options? are they more than stading orders?

Foggster

Would this be of any help?

http://www.glide.uk.com/tenants/services

ajharris

Mikeyorks wrote: »

DDs aren't relevant for an individual's Bank account .... you need to be an 'originator' and signed up to BACS in order to accept DDs. Not a practical option.

A single account to pay the bills - but where you don't do so until everyone's contributed their share (via SO or Faster Payment) is one of several options. In a houseshare nothing is waterproof.

Mikeyorks really has hit the nail on the head, what he suggests is without question the way forward. Just remember that money brings out the very worst in people so be careful. When they cry poverty you cry louder. All the best

dgp1000

Hi - My daughter in same position. While Mikeyorks suggestion would work, the real issue is if the bill is in your name you are the one liable. So even if you don't get everyone elses share you will still have to pay, otherwise you will be the one with the bad credit record. So good idea provided the bills aren't in your name.

To guard against fraud it would make sense to have a joint or club account where two or more signatures are required. That way the one with the account in their name can't abuse their position.

ajharris

dgp1000 wrote: »

Hi - My daughter in same position. While Mikeyorks suggestion would work, the real issue is if the bill is in your name you are the one liable. So even if you don't get everyone elses share you will still have to pay, otherwise you will be the one with the bad credit record. So good idea provided the bills aren't in your name.

To guard against fraud it would make sense to have a joint or club account where two or more signatures are required. That way the one with the account in their name can't abuse their position.

When I used to share a house the four of us had our names on the bills, as far as I know the only bill where this cannot be done is the phone bill. That said you all have your own phones. If everyone's name is on the bills then you should be ok. Good luck