HSBC will not remove my details from shared account

GuySpec

Hi All,

I am trying to get my name/details removed from a HSBC current account I set up with a friend.

We set up this account in 2008 as we were renting a flat together. In 2009, we stopped renting the flat and I stopped using my card. Unknown to me, my friend decided to use over £500 of the £600 overdraft limit we had in place. This has been overdrawn (but not over the agreed limit) for over a year.

HSBC will not let me remove my details until the overdraft has been paid.

The problem I have is that I am applying for a sensitive job that will do checks into my financial history and has asked me to delcare any overdrafts I have outstanding.

This is the only one "in my name" that is outstanding, but it is not actually my responsibility.

What action can I take to getting my name removed from the acconut? We have been in to our local branch and my friend has admitted full responsibility but they aren't accepting it.

Many thanks.

bendix

GuySpec wrote: »

Hi All,

I am trying to get my name/details removed from a HSBC current account I set up with a friend.

We set up this account in 2008 as we were renting a flat together. In 2009, we stopped renting the flat and I stopped using my card. Unknown to me, my friend decided to use over £500 of the £600 overdraft limit we had in place. This has been overdrawn (but not over the agreed limit) for over a year.

HSBC will not let me remove my details until the overdraft has been paid.

The problem I have is that I am applying for a sensitive job that will do checks into my financial history and has asked me to delcare any overdrafts I have outstanding.

This is the only one "in my name" that is outstanding, but it is not actually my responsibility.

What action can I take to getting my name removed from the acconut? We have been in to our local branch and my friend has admitted full responsibility but they aren't accepting it.

Many thanks.

Nothing you can do. In the bank's opinion, you are jointly responsible for the overdraft. You say you are not 'responsible' for the debt. Wrong - you are. The debt might not be your fault, but it's your joint responsibility to clear it.

The only thing you can do is repay the debt and then close the account down, and learn a very valuable lesson - do NOT open joint accounts, unless they are a spouse, and even then, beware.

zppp

GuySpec wrote: »

Hi All,

I am trying to get my name/details removed from a HSBC current account I set up with a friend.

We set up this account in 2008 as we were renting a flat together. In 2009, we stopped renting the flat and I stopped using my card. Unknown to me, my friend decided to use over £500 of the £600 overdraft limit we had in place. This has been overdrawn (but not over the agreed limit) for over a year.

HSBC will not let me remove my details until the overdraft has been paid.

The problem I have is that I am applying for a sensitive job that will do checks into my financial history and has asked me to delcare any overdrafts I have outstanding.

This is the only one "in my name" that is outstanding, but it is not actually my responsibility.

What action can I take to getting my name removed from the acconut? We have been in to our local branch and my friend has admitted full responsibility but they aren't accepting it.

Many thanks.

None I'm afraid. You are jointly and severally liable for the overdraft irrespective of who ran up the facility. All ou can do is as they have said, pay off the overdraft facilty in order to remove yourself as a party from the account. It would not be in HSBC's interest to remove a party because they have two people to chase for the debt at present.

YorkshireBoy

Your job prospects are only one of the problems you face.

The joint account has created a financial association. Every time you apply for credit, the lender will search the (ex) friends file. If they are in financial difficulties you may be declined credit facilities...or at least have them substantially 'trimmed'.

Your best option is to repay the debt, close the account, and then chase your (ex) friend. However, I'd do the first two in one branch visit...to stop the (ex) friend seeing the funds are available again!

And once the account is closed, sever the 'association' by contacting the CRAs.

GuySpec

Hi All,

Thank you for the replies. If I managed to pay the overdraft and close the account. Will my friends future financial situation (i.e: say he went bankrupt next year or something) affect me too?

zppp

GuySpec wrote: »

Hi All,

Thank you for the replies. If I managed to pay the overdraft and close the account. Will my friends future financial situation (i.e: say he went bankrupt next year or something) affect me too?

File a notice of disassociation at each of the credit reference agencies, after closing any joint accounts and financial products. Filing this is free of charge, and removes the financial link between you.

bendix

And get some new friends . . .

thenudeone

bendix wrote: »

And get some new friends . . .

Yes. Some "friend" indeed.

GuySpec

Thanks for the replies.
Lets hope the situation doesn't get any worse until he can pay it off!

GuySpec

zppp wrote: »

File a notice of disassociation at each of the credit reference agencies, after closing any joint accounts and financial products. Filing this is free of charge, and removes the financial link between you.

Hi There,

How can I go about doing this, is there a particular template I could use?

The account is being paid and closed in the next couple of days.

Many thanks!

YorkshireBoy

GuySpec wrote: »

How can I go about doing this, is there a particular template I could use?

Experian have a form on their website you can complete. Presumably Equifax and CallCredit have the same?

The account is being paid and closed in the next couple of days.

Include with your closure letter a request that they sever the association they created with the CRAs they report to. Belt and braces!