Advice on going BR and joint account please...

Antagonistix

Hi,

After having thought about it for several months, and then speaking to national debtline and also a debt management company, I have decided that going Bankrupt is the only way forward for me.
I have many questions but one or two plague my mind the most and I am glad to have found this forum which looks like its full of experts!
To cut a long story short, I used to be a high earner, then got taken out by a type of Kidney disease known as Renal Tubular Acidosis. I was bed bound for over a year and am gradually being treated to be able to manage the symptoms and have some sort of life. I dont earn anymore (havent sinced 2007), and am reduced to benefits and family support. I have a wife and 2 kids aged 14 and 12.
Due to my condition, I incurred debts in the region of 50K, and have been on a debt management plan with a professional company that have actually been effective at keeping the wolves from my door.
For the last 2 months, the debt payments have gone to a BR fund and I will be able to afford the full amount in March or April.

My first question is about bank accounts. I currently have a joint account wth my wife which we have kept far away from debts. Its with the Halifax. We have a 1K overdraft which I need in emergency situations with health etc..I know that they will probably close the account when I go BR, but what will happen if I take my name off the account ? Will my wife still be allowed to have it ? Under the advice of the Debt Management Company I have opened an account with Barclays, and will transfer most transactions to that, leaving the OH with some of the benefits showing monthly.
Will the OR still freeze the account if its my wifes only ? The account used to be in her name in the beginning but I joined it about 2 years ago.

Anyway thanks for reading, any advice much appreciated.

PS - Already frightened at the prospect of being grilled by the OR !

now

Antagonistix wrote: »

Hi,

After having thought about it for several months, and then speaking to national debtline and also a debt management company, I have decided that going Bankrupt is the only way forward for me.
I have many questions but one or two plague my mind the most and I am glad to have found this forum which looks like its full of experts!
To cut a long story short, I used to be a high earner, then got taken out by a type of Kidney disease known as Renal Tubular Acidosis. I was bed bound for over a year and am gradually being treated to be able to manage the symptoms and have some sort of life. I dont earn anymore (havent sinced 2007), and am reduced to benefits and family support. I have a wife and 2 kids aged 14 and 12.
Due to my condition, I incurred debts in the region of 50K, and have been on a debt management plan with a professional company that have actually been effective at keeping the wolves from my door.
For the last 2 months, the debt payments have gone to a BR fund and I will be able to afford the full amount in March or April.

My first question is about bank accounts. I currently have a joint account wth my wife which we have kept far away from debts. Its with the Halifax. We have a 1K overdraft which I need in emergency situations with health etc..I know that they will probably close the account when I go BR, but what will happen if I take my name off the account ? Will my wife still be allowed to have it ? Under the advice of the Debt Management Company I have opened an account with Barclays, and will transfer most transactions to that, leaving the OH with some of the benefits showing monthly.
Will the OR still freeze the account if its my wifes only ? The account used to be in her name in the beginning but I joined it about 2 years ago.

Anyway thanks for reading, any advice much appreciated.

PS - Already frightened at the prospect of being grilled by the OR !

Hi and welcome to the board, I am sorry you have not been well, BR is not easy but for me it was the best thing I ever did.

If it was me and your partner is not going br then take your name of all the joint accounts as she will be linked with you, you can ask the credit agencies to file a disassociation on your wifes account so as she keeps her clean file. if you are not working the chances are that you will never clear the debt leaving you even more stressed. The OR can only deal with the affairs of the person who is br unless the accounts are joint so it might be best to get your wife to open an account in her name only and close any that are joint.

Good luck with whatever you decide to do but BR should not be looked at as being the end but as fresh start and steps to rebuilding your life without the stress of debt.

Try not to worry about the OR they are only doing a job and are not out to get you unless you have done something really bad. I was a bag of nerves imagining all sorts of things like being hauled in front of the judge, people pointing a finger feeling really low like I had failed, but it was not like that, even being pulled in for a face to face interview just short of AD I was convinced we were going to get a bro, but if we had so what it is only for a few years and it will only matter if you want to borrow money, WHICH I WILL NEVER DO AGAIN:eek: so please try not to stress

Antagonistix

now wrote: »

Hi and welcome to the board, I am sorry you have not been well, BR is not easy but for me it was the best thing I ever did.

If it was me and your partner is not going br then take your name of all the joint accounts as she will be linked with you, you can ask the credit agencies to file a disassociation on your wifes account so as she keeps her clean file. if you are not working the chances are that you will never clear the debt leaving you even more stressed. The OR can only deal with the affairs of the person who is br unless the accounts are joint so it might be best to get your wife to open an account in her name only and close any that are joint.

Good luck with whatever you decide to do but BR should not be looked at as being the end but as fresh start and steps to rebuilding your life without the stress of debt.

Try not to worry about the OR they are only doing a job and are not out to get you unless you have done something really bad. I was a bag of nerves imagining all sorts of things like being hauled in front of the judge, people pointing a finger feeling really low like I had failed, but it was not like that, even being pulled in for a face to face interview just short of AD I was convinced we were going to get a bro, but if we had so what it is only for a few years and it will only matter if you want to borrow money, WHICH I WILL NEVER DO AGAIN:eek: so please try not to stress

Thanks Now,

How do I get this Disassociation exactly ? Do I simply write a letter to the 3 main agencies ?

I really want to keep my OH far away from any repercussions, and as you say, she has a clean file at the moment.
The reason I dont want to close our joint account is for the 1k overdraft which whilst I am not using it - an emergency situation may arrise where I need it.
Do you know if it is possible to remove one of the entities from a joint account without closing it ?

Anyway thanks for the response. The more I read here on this forum, the more I understand that there is no other option but BR for me. Its rather depressing to think of but I cant take any more of the phonecalls and letters and the DMP is eating up a good chunk of the benefits without denting the sums.

Hopefull I can get on top of my health issues gradually, but Im quite worried about seeking employment a little down the line with a BR on my record. I wont be getting any more loans or credit cards thats for sure. Still dont understand how 2.5K turned into 14K with interest in 2 years ?!

More reading to do....