Joint Account with Ex

karenlyth25

Hi

Please can you assist me. I had a mortgage and joint account with my ex husband but we split sometime ago. Due to the finanical crisis we were unable to sell our house so rented it out. The money coming in covers the mortgage each month as well amount for tax and insurances. We have a surplus in this account of £400 which I do not class as my money but its there for "in the event of" type thing.

Now the ex is very much in debt and robs peter to pay paul wants to take "his" share of the cash. He claims if anything goes wrong with the house he will pay as and when but I have argued that the money is not technically ours but it belongs to the house and until such time as this house is sold and all bills paid we shouldnt consider it anything but.

Am I wrong to insist this money stays in the account and if not is there anything I can do to stop him from taking it?
Any advice would be greatly be appricated.

Many Thanks
Karen

pqrdef

I'd be worried about more than the £400. Get some advice before he starts defaulting.

KingElvis

Your joint account and house links you to him finacially, I would sort that out pronto or you'll find getting any credit very hard when he goes down the toilet.

Fiddlestick

karenlyth25 wrote: »

Now the ex is very much in debt and robs peter to pay paul wants to take "his" share of the cash. He claims if anything goes wrong with the house he will pay as and when but I have argued that the money is not technically ours but it belongs to the house and until such time as this house is sold and all bills paid we shouldnt consider it anything but.

If the money is in a joint account, he has a legal right to it.

karenlyth25

OK, but I cant get rid of the mortgage at present as houses just arent selling on our area.

So will the mortgage also link us I presume?

Loughton_Monkey

karenlyth25 wrote: »

OK, but I cant get rid of the mortgage at present as houses just arent selling on our area.

So will the mortgage also link us I presume?

Sadly, I think there is not a huge amount you can do. Whatever your marital status/relationship, you own a house jointly with him, being bought on a mortgage jointly with him. Payments regarding the house come from a joint accout with him.

All financial institutions involved can only look at it 'coldly' from a legal and 'terms and conditions' point of view. If one or other of you incurs an overdraft, then they will charge the account. Simple as that. Any defaults, and they will persue both of you.

Advice, therefore, can only centre around how you and he can try to agree and manage things in a way that is 'reasonable'. Both of you have you credit status necks on the same chopping board.

flea72

karenlyth25 wrote: »

OK, but I cant get rid of the mortgage at present as houses just arent selling on our area.

So will the mortgage also link us I presume?

what you mean when you say houses arent selling in your area is, that houses arent selling at asking price

if you price it low enough it would sell

tbh, i wouldnt want to be tied to my ex, and if that meant taking a known hit now, rather than waiting for him to default and clear out the bank account, i would just sell asap

F

KingElvis

flea72 wrote: »

what you mean when you say houses arent selling in your area is, that houses arent selling at asking price

if you price it low enough it would sell

tbh, i wouldnt want to be tied to my ex, and if that meant taking a known hit now, rather than waiting for him to default and clear out the bank account, i would just sell asap

F

I totally agree, the guy could do you loads of damage. I would want it settled and out of the way even if it cost me a few quid.

karenlyth25

Ok thanks for your help

zppp

I would suggest that if the problem continues, call the bank and they will put a stop on the account. (Mention the word dispute and they know what the process is) It would then require both of you to sign to state you are in agreement and it is resolved in order to remove the account stop.

jonesMUFCforever

zppp wrote: »

I would suggest that if the problem continues, call the bank and they will put a stop on the account. (Mention the word dispute and they know what the process is) It would then require both of you to sign to state you are in agreement and it is resolved in order to remove the account stop.

Before doing this consider one thing - if the account is blocked then the rent won't be credited - the mortgage won't get paid or the tax and insurance.
Take care - is there anything wrong with both of you taking £200 out of the account and you then opening a new sole account with your half?