quick question

savingmummy

Me and my DH have a joint bank account (HSBC we no longer use this though)
Without me knowing my DH got a management loan out in 2008 and i was just wandering if this is normal to beable to do this without the joint person being notified or agreeing?
I am unable to remove myself from the account due to the loan obviously and was told it is common practice to sell financial products to either joint acountee.

Thanks in advance.

Rafter

If the loan is in joint names then there is something wrong here! You would be liable for any overdraft on the joint account, but shouldn't be responsible for any managed loan unless you signed up for it?

R.

Tixy

I assume your name is not on the managed loan though savingmummy? Was there an overdraft on the bank account and did it form part of the managed loan?

If the bank account is currently in credit and you are not named on the managed loan there should be no reason for you not to be able to take your name off the bank account.

savingmummy

The loan in my husbands name i have double checked paperwork.
My husband fell behind on loan repayments and got overdrawn - DIDNT tell me and went to the bank for advise WITHOUT telling me.
He then got a managed loan to pay existing overdraft and loan payments missed, and they spread it over 10 yrs with very low monthly repayments to make it manageable.

Absolute killer!

I have no cheque book, debit card at all and don`t use the bank but was told i am unable to be removed from the bank account due to the loan, will have to enquire further as to their reasons why.

Thank you x

Rafter

Having both of your names on the joint account provides them with some extra security.

If you haven't already, move your salary to an account at a different bank - make sure the joint account isn't in overdraft and then HSBC will be on dodgy ground insisting that your name stays on the joint account - you might even be better off closing that account completely, although it might be a condition of the managed loan agreement your DH signed that you retain a current account with them?

R.

savingmummy

Well i dont use the account havent now for 2 years.
DH don`t use it either now (changed last week) only to put the loan repayment amount in each month so it is paid each month.
There is no overdraft as this was removed by HSBC following my hubby taking the management loan out x