MOney paid into wrong account that has debts.

wornoutandweary

Hi. I have a question. My husband has a bank account that has debts on it and hasnt used it for years. Bit of a head in the sand type thing, but thats not the problem. My father in law has given our family money to split up for christmas presents, and paid it into this account without asking if its the right one. What are the chances of getting it out? It is a joint account, but I dont know if there is a cash card. I am not aware of the bank freezing or blocking the account, but if I go into a branch will something flag up on their computer that there are debts on the account and can they keep the money? I dont mind so much, but its the kids xmas presents........ A bit of a mess, but would appreciate any advice. Thank you.x

Dovah_diva

When you say the account has debts, do you mean it is in arrears? If so, then you might not be able to withdraw the money as it will automatically be used for said arrears.

I once transferred £4k to my husbands account, which was in the red, by mistake. Took me 4 weeks to get the money back and the only reason I could was that I had an agreement in place with the bank that we were sticking to. Had we not, they could have kept the money.

wornoutandweary

Hi and thank you for replying. I dont think the account was in arrears, but I think there is a loan that he didnt finish repaying with the bank. My husbands and my finances are almost completely seperate, except the mortgage. Can they take money from elsewhere to take some balance off the loan?

Paul_B.

I see the pickle you're in. While you may feel you and your husbands finances are separate, any debts on the joint account mentioned you are also liable for it. This also impacts on your credit rating and standing. So there is more than just the mortgage you have together.

Most banks have in their terms and conditions that should the debt be bad enough or they wish to recall an overdraft that they'll use your money from elsewhere that they hold. They wouldn't be able to take money from an account at another bank however.

In short I can't see you getting the money back as it was a legitimate debt which part of has now been settled. You can maybe talk to them and see however I think they'll be happy they have some outstanding debt repaid.

Dovah_diva

wornoutandweary wrote: »

Hi and thank you for replying. I dont think the account was in arrears, but I think there is a loan that he didnt finish repaying with the bank. My husbands and my finances are almost completely seperate, except the mortgage. Can they take money from elsewhere to take some balance off the loan?

I hate to be the bearer of bad news, but that is exactly the same scenario we had. Husbands account, loan in arrears (but in our case an agreement in place) and the money was transferred from my account. Which is separate from my husbands account. As far as the bank were concerned it didn't matter where the money came from.

You can ask to withdraw it, but be prepared for the bank to refuse.

Archi_Bald

May be an opportunity now for your husband to agree a repayment plan with the bank?

Dovah_diva

Archi_Bald wrote: »

May be an opportunity now for your husband to agree a repayment plan with the bank?

Absolutely - the kicker of it is, if there had been a plan in place that the OP was honouring, they would have had to give this money back. That's how I got our £4k back.

bengal-stripe

wornoutandweary wrote: »

It is a joint account.....

wornoutandweary wrote: »

My husbands and my finances are almost completely seperate, except the mortgage. Can they take money from elsewhere to take some balance off the loan?

The bank cannot offset monies your husband owns, against an account that is solely in your name. But as the account in question is a joint one, the bank can offset debts of one or the other account holder (or both) against the funds available.

I believe, you can kiss the money good bye; but your husband has paid his debt to the bank (or at least a significant chunk).

Archi_Bald

Depending on the circumstances, they might still feel the festive spirit and release at least some of the money for Xmas pressies for the kids, in return for an agreed repayment plan.

System

Food or utility bills possibly.
Christmas Pressies? I doubt it

Archi_Bald wrote: »

Depending on the circumstances, they might still feel the festive spirit and release at least some of the money for Xmas pressies for the kids, in return for an agreed repayment plan.

agrinnall

Archi_Bald wrote: »

Depending on the circumstances, they might still feel the festive spirit and release at least some of the money for Xmas pressies for the kids, in return for an agreed repayment plan.

I think it's more likely that they will fall back on "computer says no".