Have I missed anything before going BR

stubie

From my understanding, based on my extensive research, I should take the following steps before going BR but I would like to know if I have missed any info off.

1/ Remove my wifes name from our joint bank account as most of the heavy debt is in my name i.e credit cards and unsecured loans. As our account is OD I believe the bank will request half of the OD to be paid back by my wife? Hence by removing my wife from the account she will not have any association with the OD.

2/ Set-up a new bank account for my wife and have my wages paid into that instead.

3/ Set-up a new credit card for my wife in her name and me as a second card holder. I require this facility for my work expenses.

4/ Cancel all direct debit in the OD account and reset them up in the new wifes account.

5/ Pay the essentials bill up to date like gas, electricity, water etc....on a remaining credit I have left on a card.

6/ Get professional advice.

FYI, I have no house (had paid some debts off with the sale but not all, same old story I'm afraid) and our family car is in my wifes name, every car we have owned has always been in my wifes name.

Any additions to the above would be welcomed.

Thanks
Stubie

stubie

blind-as-a-bat wrote: »

1 sorry but they will go after her for all of the OD ive got the same prob

I think I can remove her name once the account is in credit?

Luckly I have just recalimed £2k back from our bank in charges, so this will clear the OD. Hopefully they will pay it next week then I will get her name removed.

I'll ask the bank first and see if they can do it.....marital problems has been suggested

allofadither

Can I add my two pennarth about the bank account....I removed my name off the joint account (it was only me going BR), bank were fine about that and left the OD facility on it too, as well as all the DD's etc. It was actually in credit when I removed my name, but the bank said it would have made no difference if it was in debit, the OD would have then become my OH responsibility. I also set up a basic account in my name only.

What I'm trying to say for stubie's benefit is that he could remove his name off the joint account, then set up a basic account in his name. Then the old joint account in his wife's name can function exactly as before and it won't be frozen...phew, got there in the end!

allofadither

Ahhh, see what you mean (i am thick!) In that case I guess the bank will look to his OH for the debt. Not good. But, stubie also needs to consider the 'favouring creditors' scenario, another one of my worries at the time.

Here goes, I';m spitting it out...if stubie reclaims the bank charges and uses them to pay off the OD then the OR might ( and I say 'might' cautiously) see this as favouring one creditor over another.

Any thoughts?

allofadither

Thanks Blind. I'm gonna leave this thread for now, hopefully stubie will keep in touch.

stubie

allofadither wrote: »

Here goes, I';m spitting it out...if stubie reclaims the bank charges and uses them to pay off the OD then the OR might ( and I say 'might' cautiously) see this as favouring one creditor over another.

God you stay up late!

As for the above, I would have no choice as the bank automatically transfer the funds (re-claimed charges) in to the account and it will clear the OD off. The bank will not issue a cheque if the account is OD, only if it is in credit.

If the bank then refuse any OD limit after I have removed my wife off the account then **** will hit the fan and the OR will be given a very good excuse of why I went BR

Thanks for the posts

allofadither

blind-as-a-bat wrote: »

Sounds pretty good to me The OR may even Go after them for taking it instead not sure if they can but it would be poetic justice:D

I echo Blind...wasn't trying to create more problems for you stubie, but dither by name and dither by nature, I worry about everything!

Banks are a law unto themselves, so I guess this one is out of your hands.