Joint Bank Account without linking credit history?

foodiestudent

Hello


Hope someone can give me a bit of advice!


I live in Edinburgh in a tenement flat, and we need to get some work done on our roof.
The council have stopped their repairs assistance scheme so I’m struggling to find advice.


We’ve got as far as getting the quotes, agreeing on the contractor and getting the neighbours to agree to pay for it. The next step is setting up a bank account for the money to go into. For various reasons it is best practice for this to be a bank account with more than one name on it.


My neighbour and I went into a bank and had a chat with them, and the guy behind the counter suggested we make an appointment to set up a joint account so that we can both be signatories. The appointment has been made for January.


However… I was under the impression that a joint account is likely to link our credit histories. My neighbour said that she can’t open an account with RBS due to some problems she had with them in the past so suggested we approach her current bank – this immediately rang alarm bells for me so I want to be very careful about this. Trying to get other people involved to come with us has been a nightmare so I’m reluctant to annoy or offend her by saying I don’t want to open an account with her. The roof really needs fixing! However – I also don’t want to link with someone else’s credit history.


Can anyone give me any advice on the type of account we should be looking at, or the kind of questions I should be asking when we go to the appointment?


Thanks! :-)

Archi_Bald

When you make a joint application, your financial details will be linked. No way to avoid this. The link will stay on your respective files for 6 years.

foodiestudent

Is this also the case for accounts such as "community accounts" like the one HSBC offers? Or for a maintenance account? I would have thought this is quite a common requirement for community groups or organisations.

Archi_Bald

I don't have personal experience with community accounts but I can't see why individuals holding them wouldn't be subject to at least the same stringent credit checks as holders of personal accounts. The last thing you want is have people with bad credit records to be in charge of community funds. Also if somebody is negligent with community funds, this should be reflected on their credit files.

DebsDD

My partner is treasurer of a local club and there are 2 or 3 signatories on the account. I am sure these do not affect each others credit rating. The account is a business account though and therefore doesn't have a debit card etc but this may be a way to proceed?

grumbler

Archi_Bald wrote: »

The link will stay on your respective files for 6 years.

I think the link can be broken after the account is closed.
Not that I advocate a joint account.

xylophone

Do you need to set up a Residents' Association for the block?

The account would then be in the name of the Association with the Secretary and Treasurer as signatories?

Aquamania

foodiestudent wrote: »

Hello


Hope someone can give me a bit of advice!


I live in Edinburgh in a tenement flat, and we need to get some work done on our roof.
The council have stopped their repairs assistance scheme so I’m struggling to find advice.


We’ve got as far as getting the quotes, agreeing on the contractor and getting the neighbours to agree to pay for it. The next step is setting up a bank account for the money to go into. For various reasons it is best practice for this to be a bank account with more than one name on it.


My neighbour and I went into a bank and had a chat with them, and the guy behind the counter suggested we make an appointment to set up a joint account so that we can both be signatories. The appointment has been made for January.


However… I was under the impression that a joint account is likely to link our credit histories. My neighbour said that she can’t open an account with RBS due to some problems she had with them in the past so suggested we approach her current bank – this immediately rang alarm bells for me so I want to be very careful about this. Trying to get other people involved to come with us has been a nightmare so I’m reluctant to annoy or offend her by saying I don’t want to open an account with her. The roof really needs fixing! However – I also don’t want to link with someone else’s credit history.


Can anyone give me any advice on the type of account we should be looking at, or the kind of questions I should be asking when we go to the appointment?


Thanks! :-)

Why, exactly, do you need to set up a bank account?

Who is the contract to fix the roof going to be betweeen exactly?

Does the block not already have a management company, residents association, etc to look after it?

Where does the landlord/freeholder fit into all this?

sheramber

Aquamania wrote: »

Why, exactly, do you need to set up a bank account?

Who is the contract to fix the roof going to be betweeen exactly?

Does the block not already have a management company, residents association, etc to look after it?

Where does the landlord/freeholder fit into all this?

There is no freehold in Scotland. The flats will all be privately owned, although may be let or owner occupied.

All owners will share the cost of the repair so to ensure the money is available to pay the contractor it is best to collect it in advance. Hence the need for a bank account.

It needs to be a maintence account for the roof repair. No way would I pay money into an account in a person's name.

Forming an association would be good but obviously more work However everything would be official.

You may find the bank would insist on some documentation.

Shelter offer some advice

http://scotland.shelter.org.uk/get_advice/advice_topics/repairs_and_bad_conditions/repairs_and_maintenance_in_common_areas/responsibility_for_repairs_and_maintenance_in_common_areas

or Google for' repairs to tenament roof'.