Husbands debt - joint bank account query

Kezzer74

Hi all, I am new here & hope you can help.
My husband is about to enter into a debt management arrangement with StepChange, one of the creditors will be Barclays bank as we are always in our overdraft thanks to my husbands constant overspending. What worries me is that this is a joint account. My husband spoke to StepChange and mentioned that I would take my name off the account so it doesn't affect my credit rating but the person at StepChange said that wouldn't be necessary. I'm nervous about this, should I go with my instinct and get my name off the account before it all goes through?
Thank you

sourcrates

If the OD is a part of the DMP, then you both should get new basic accounts, this would be normal practice for anyone entering debt management.

National_Debtline

Hi

If the OD is in joint names and goes into your husband’s DMP it will default, unless you can service the account yourself to avoid that. If it defaults it will show on your credit reference file as well as your husband’s.

You will also have a financial association with your husband through the joint bank account, so your husband’s defaulted debts could potentially impact your own credit applications that way.

You would need to take your name off the account and file a notice of disassociation to avoid it affecting your credit history, but the bank might not allow that while there is a debt owed.

James
@natdebtline

Muttipops

I would also suggest that you seriously look at seperating your finances from his, although I was also thinking that maybe the joint account allows you to keep an eye on his spending.
Basic bank accounts do not have an overdraft facility.
And be aware that Barclays basic account does not give you online banking, so if you like banking that way, it might be time to look around for another basic bank account.


Has this been enough of a wake up call for him to get his spending under control; it must be of great concern to you?.

Kezzer74

Thanks everyone, I'm unsure why StepChange told him what they did, I didn't think it was right.

We've both got separate bank accounts anyway but it's credit cards that are the ruin of my husband. Yes it has been a major worry for me Muttipops and will continue to be so in the future, unfortunately he has been brought up this way, I hope this is a wake up call for him.

National_Debtline

Kezzer74 wrote: »

Yes it has been a major worry for me Muttipops and will continue to be so in the future, unfortunately he has been brought up this way, I hope this is a wake up call for him.

He’s on a more positive path now so hopefully the DMP will help him to be conscious of budgeting and affordability.

James
@natdebtline