bank still wont let go

bank,wont,let,go

In September 2004 i took the big step of going personally bankrupt, i was discharged september 2005. One of my accounts was a joint account with my wife it was in overdraft of approx 4K in sept 04 it is now just over 3k.

Both my wife and i want to remove my name from the account but the bank will not let us. they say we have joint resposibility still for the account even though it was included in my bankruptcy.

I have spoken to the official reciever who comfirms it was included in my bankruptcy

I am unable to start to build any credit rating in my own name as they are still tieing me to this account. We both feel that we have gone through all the heart ache for nothing at this moment. My wife and i no longer live togther.

NekoZombie

Are you sure they aren't saying that you wife is liable? That tends to be what happens with joint debts - they can go after your other half for the full amount outstanding. The only way to get round this would have been if she had taken her name off the account before you went bankrupt.

Is she still named on the account?

bank,wont,let,go

We understand that my Wife is liable for the debt there is not a problem there and is being paid off, the issue is that yes TSB has a policy of not removing a name from a joint account if the account is overdrawn even if one of the parties has been made bankrupt. Which means i cannot start to build a credit rating still in my own name. I clearly think they are missing the object of taking the very hard descidsion of making yourself bankrupt. Does anyone have any ideas how i can solve the problem?

bank,wont,let,go

Unfortunetely the loan option is not a posibility as she too has poor credit rating i think the only option i have is to challenge their policy in some way. I will have to start writing formal letters i think to the bank then to the Financial Ombudsman.

Richard_S

bank,wont,let,go wrote: »

In September 2004 i took the big step of going personally bankrupt, i was discharged september 2005. One of my accounts was a joint account with my wife it was in overdraft of approx 4K in sept 04 it is now just over 3k.

Both my wife and i want to remove my name from the account but the bank will not let us. they say we have joint resposibility still for the account even though it was included in my bankruptcy.

I have spoken to the official reciever who comfirms it was included in my bankruptcy

I am unable to start to build any credit rating in my own name as they are still tieing me to this account. We both feel that we have gone through all the heart ache for nothing at this moment. My wife and i no longer live togther.

Hi bwlg,

If you've been clobbered with bank charges on the account another approach might be to claim those back and put the account back in credit as quickly as you can.

If not then you've got an uphill struggle because if that's the bank's policy then it's going to take a lot to get your name of it. Don't forget bky stays on your credit file for six years so it's not just the TSB account that'll cause you problems.

Have you considered one of the outrageously high interest credit cards like Vanquish; spend on it frequently and pay it off each month. I wouldn't be overfocused on the TSB account as I'm sure that's not the only hurdle you'll have to cross.

Richard

bank,wont,let,go

By getting say a vanquish card and doing as you suggest will that help to raise my credit rating even though i have the problem with TSB, as i would like to rent a property and am worried the credit check will prohibit it even though i have a well paid job now

Richard_S

bank,wont,let,go wrote: »

By getting say a vanquish card and doing as you suggest will that help to raise my credit rating even though i have the problem with TSB, as i would like to rent a property and am worried the credit check will prohibit it even though i have a well paid job now

If they do a credit check now your bky will still be showing but if you can demonstrate that you can handle debt responsibly then it's a step in the right direction. Bky doesn't exclude you from being able to rent a property, it certainly makes it harder but it's eminently achievable.

If you've got a well paid job you should be able to afford a bigger deposit , or maybe a friend or family member who would guarantee the lease; I would start making enquiries and see what transpires. Expect it to be difficult and you may well be pleasantly surprised; we managed to secure rented accomodation and we were both bankrupt before we started looking.

Richard