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Joint Account
Alex1987
Posts: 11 Forumite
Hi all
Myself and my partner have a joint account, we use this account for my wages to be paid into and it covers all of the bills.
Her wages are paid into her separate account and we have a loan that consolidated all of our debt, which is paid out of my old single account.
Her credit rating is excellent whereas mine is poor, despite managing to get a loan in my name.
What I am asking is to do with our joint account. We are saving for a wedding and we want to get a new loan but in her name as the interest and terms are a lot better.
Would we be able to remove her from our joint account making it just my account, and then be able to disassociate so that we are no longer financially linked?
In hindsight the joint account has meant that she has been unable to apply for credit as well as before due to my link.
Thanks for any advice.
Myself and my partner have a joint account, we use this account for my wages to be paid into and it covers all of the bills.
Her wages are paid into her separate account and we have a loan that consolidated all of our debt, which is paid out of my old single account.
Her credit rating is excellent whereas mine is poor, despite managing to get a loan in my name.
What I am asking is to do with our joint account. We are saving for a wedding and we want to get a new loan but in her name as the interest and terms are a lot better.
Would we be able to remove her from our joint account making it just my account, and then be able to disassociate so that we are no longer financially linked?
In hindsight the joint account has meant that she has been unable to apply for credit as well as before due to my link.
Thanks for any advice.
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Comments
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If you still have a joint loan then you will still be associated regardless of the current account.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
You don't have to be the best -
Just be better than you were yesterday.0 -
Thanks for the reply - just to clear up, the loan is not a joint loan and is in my name only, this is linked to my sole bank account and not our joint account.0
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Your credit ratings are irrelevant as lenders don't see it.0
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Credit rating aside, would changing our account to a single account benefit her applying for a loan?0
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Yes it would. But it would be a vastly better idea to pay the debts off with the wedding savings, and leave getting married until you can afford it.0
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Deleted_User wrote: »Yes it would. But it would be a vastly better idea to pay the debts off with the wedding savings, and leave getting married until you can afford it.
Only on MoneySavingExpert would you get this sort of advice. Classic!0 -
Deleted_User wrote: »Yes it would. But it would be a vastly better idea to pay the debts off with the wedding savings, and leave getting married until you can afford it.
We can afford it, current loan plus wedding savings is more than if we changed the terms of my loan so it makes financial sense to do what we are planning as we will save money.
My loan is 16% whereas my partner can get one for around 3%.0
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