Worried about banks taking from wifes account

edgarsdad

Hi,This is my 1st post,I have seen the light at last and am commited to tackle my debt once & for all.

The 1st thing I have done is arranged a meeting with a local council debt advisor who will hopefully help me to sort out a DMP.

I have CC debts with Natwest,Barclaycard,RBS & Halifax.
I have 2 secured loans against our house with Natwest & Halifax.
Our mortgage is with Bank of Scotland.

Myself and my wife have a joint bank account with Natwest which has a £2,500 overdraft which I use to the limit every month,in addition to this my wife has her own current account with Natwest,
yesterday I opened a Cashminder account with the Co-op which I intend to use as my new bank account.

My main concern is, will Natwest & associate banks be able to take money from my wifes currant account to recover what they are owed?

Just to clarify all the CC debts are in my name,but the 2 secured loans are in joint names,will I be able to add the overdraft into the DMP?

There is about £60,000 of equity in our property & my debts total about £33,000,will I be forced to sell our house to repay my debt?

All of this has built up over a long period of time and I dont want my wife & children to suffer because of my stupidity.

Sorry for the rambling explaination,I hope somebody can make sense of it,
Thanks.

YorkshireBoy

edgarsdad wrote: »

My main concern is, will Natwest & associate banks be able to take money from my wifes currant account to recover what they are owed?

Yes, because your wife (through joint and several liability) is overdrawn on the joint account with you.

I'm not sure about the RBS/NatWest 'set off' situation though. Maybe you should read your account T&Cs to see if it's documented there?

By switching your income away from NatWest you're likely to trigger a review of your NatWest current account facilities.

CLAPTON

if you fail to pay any joint a/c then they will expect your wife to pay so no you can't put the joint OD into a DMP unless your wife also has a DMP

it does seem sensible for both you and your wife to open new a/cs elsewhere and have your income paid into them but without seeing the full financial picture its not possible to be definitive about your wife's position