Husbands debts - My name on joint account

mulder0

My husbands alcoholism has created £32 k of debt - my name is on 2 credit cards though I have never had a card or used it so I do not know if I am am authorised user or an additional cardholder. £1000 of debt on a joint bank account which was his business account. I believe I am responsible for half of this bank debt, if I can borrow £500 can my name be removed from the account and also my name be removed from any black lists?

Knalchemist

mulder0 wrote: »

My husbands alcoholism has created £32 k of debt - my name is on 2 credit cards though I have never had a card or used it so I do not know if I am am authorised user or an additional cardholder. £1000 of debt on a joint bank account which was his business account. I believe I am responsible for half of this bank debt, if I can borrow £500 can my name be removed from the account and also my name be removed from any black lists?

You aren't responsible for 'half' you are both jointly responsible for the whole debt.

There is also no such thing as 'black lists'. It will affect your credit rating by having debt. However, as you have joint accounts with your OH, his bad credit will affect you anyway.

loveka

You can have your name removed from a joint account, just ask them to do it-though he will have to agree. Or you could simply pay off the overdraft and close it. However, the overdraft is seen by the bank as a joint responsibility. If he is willing to pay £500 too then alls well. If not, then you are seen as 'joint and severally liable' for any debt on the account. Which means that if he won't pay the bank will want the lot from you.

As for the cards, you need to know if its in your name. If you are a just an additional cardholder you are in n way responsible for any debt.

There is no 'blacklist' as such. It could be that as you are financially linked through the joint account his credit rating could impact on yours. The only way to check this is to look at your credit report and see what it says. If you close the account, your link would end, and you can write to the credit reference agencies saying that you are no longer linked. If you have a joint mortgage-or any other financial product this won't work.

You have my sympathy I have been in your situation with the debt and it is horrible when you feel you have not contributed to the debt but you are still paying the consequences. My partner lost 100k- 50k of it debt, the rest our life savings propping up a failing business. Its all gone now, and we will have to live with the consequences for the rest of our lives. I feel so angry still. But, in a way, he was suffering from an addiction to his business in the same way that others are addicted to alcohol or gambling. Its still very hard to stomach though.

Good luck. This forum has been a lifesaver to me, so keep reading.x

Poppops

Knalchemist wrote: »

You aren't responsible for 'half' you are both jointly responsible for the whole debt.

There is also no such thing as 'black lists'. It will affect your credit rating by having debt. However, as you have joint accounts with your OH, his bad credit will affect you anyway.

Not if she is just an additional cardholder she isn't. The applicant cardholder in whose name the account was opened is liable