Managing Overdraft fees

RobRoblett

Hi everyone, I am new to this forum although I have used the advice here many times for various things.

I am asking if there's any advice on managing overdraft fees, y'know, the £1 a day fee, etc.

I apologise for the long post but this is the situation....

My name is on a joint account with my ex-wife, which is £2000 in the red. When we seperated in 2007 we agreed to split our debts between us, she took the joint account. I am now debt free now but my name is still on the joint account which has not been payed down at all in 8 years. My ex is paying between £30 and £60 per month in overdraft fees. The bank won't remove my name until the account is brought back into the black. Which would be the cheapest easiest way for us to do this. My ex says she can commit to a monthly payment of £30. She cannot get credit with anyone as her history isn't so great, but I can and am willing to put my neck out after all this time to remove/close the joint account.

Thanks in advanced

grumbler

separated

The only way is to pay £2K. You, as a joint account holder are jointly and solely liable for the debt, so no way will the bank remove your name from it while it's in red. Even 50/50 split is out of question.
Be happy that it's still £2K, not £5K.

YorkshireBoy

She has a couple of options:

1. Switch (if possible, and it doesn't sound like it is) to another provider with an interest based charging structure.

2. Reduce the number of days she's overdrawn, by shifting bills back towards the end of the salary month (assuming she's drawing a monthly salary?).

Is she incurring unauthorised fees (as well as authorised £1/£2 per day fees)? If not, then have you considered paying it off and immediately closing the account to have done with it? Because at £30 a month, if it can be maintained, you're going to be a long time before the effects have diminished.

NectarCollector

Pay off the £2000 debt. or your she will just be paying the £30 overdrawn charges the rest of her life and you will have poor credit.

Maybe an idea to go into a branch and do this , so you can close it immediately afterwards and prevent any other fees being charged

G_M

when you divorced the settlement should have made clear who got what assets and what debts, then those assets and debts should have been transferred into that party's sole name.

Why eople getting divorced maintain these financial ties is beyond me - at best it ends up costing; at worst it's a disaster.

2007?? !!

Do a deal with your ex whereby you pay off the overdraft and get the account closed and she transfers something (car?) worth £2K to you.

You'll both be better off with those monthly fees ended.

Is she a home-owner? Take a Charge (2nd Charge if she already has a mortgage) on her property for the £2K.

RobRoblett

Thanks for the replies.

YorkshireBoy. A switch could be possible. My credit isn't so bad at the moment. Are there any account that offer interest based fees? Shifting bills isn't an option, the account is dormant. I have toyed with the idea of biting the bullet and paying it off myself and having done with it but only as a last resort.

G_M. Yes, I am a sucker for doing these things for ex's. Lesson learned here. She doesn't have many assets that she could transfer me and nothing I would want anyway. She's also not a homeowner.

The reality is, I think I might use some of my available credit to pay it down, close the account and ask her to pay me back at a similar amount that she was paying in fees. No change for her but I get the account gone and she is at last paying off the debt instead of lining the pockets of the bank. Maybe?