Joint Acoount Query

tiptoptony

My wife and I have allways had seprate current accounts and a joint savings account. We both bank with HSBC.

We have decided to have a joint current account. However, I still have 12 months of a personal loan to pay off and a small overdraft. Will they be able to combine this into the joint account, and would it mean that this debt would legally become my wifes as well???

dexters_mum_2

Is your personal loan with HSBC?
My husband and I both used to bank with HSBC and when we had a similar experience to yours, HSBC combined his loan and overdraft (extended the loan by £400) and then we could open a joint account where the payments for the loan would come out of, they then closed his sole account.
This was a number of years ago so I don't know if this would still be viable these days. Might be an idea to pop into a branch and sit down with someone and have chat?
DM

jonesMUFCforever

Your loan is your loan.
If you make your account joint then both of you will jointly and severally responsible for repayment of any overdraft. (Including any existing overdraft)

dexters_mum_2

Just to add we found our paperork regarding this (circa 2000) and this was done as a consolidation package not as a routine request and was actioned by the home branch not the regional lending centre so I am unsure as to whether this would be applicable in your circumstances, certainly would be worth a pop into your local branch for a chat with them.