Old Halifax card cash account with ex

smiffy5

Hi
I had an old Halifax card cash account that I used for Xmas savings (I know I shouldn’t have used it).
However he has disputed it saying that I have been using it to get credit cards etc... I haven’t.
So I have 700 in there belonging to my kids and now the Halifax won’t unlock it, with out both of us going in and stating that there is no dispute. Of course he won’t do that.
How can I get my money out and close the account?
Please help:(

EarthBoy

If it's a joint account then the money is legally just as much his, as it is yours. The Halifax won't unlock it unless you both agree to resolve your dispute.

eskbanker

Is he ex-partner or ex-husband? If the latter then a formal financial agreement would need to be reached when divorcing, although the lawyers' costs could wipe out that £700....

smiffy5

Hi
I am more than happy to resolve the dispute and close the account. He’s not moaning about the money it’s his perceived notion that I have used this to get credit. Is there a letter template to ask him to settle the dispute. We obviously can’t be trusted to speak

smiffy5

Ex husband already divorced and have split the proceeds. It’s the notion of me using his name to get credit

Terry_Towelling

I'm not sure I understand how holding a Card Cash account in joint names ties in with you obtaining credit in your name.

smiffy5

Err me neither.... no money has gone in from dodgy sources. So not sure what he is on about .... tends to shout a lot. Just want to get it put to bed

eskbanker

smiffy5 wrote: »

Ex husband already divorced and have split the proceeds. It’s the notion of me using his name to get credit

So after a divorce you still have a joint account with your ex-husband? To me that suggests negligence on the part of the solicitors charged with sorting out the division of assets, since the whole point is to make a clean break and sever all such ties - as you've now found out to your cost, either party effectively has a veto when it comes to a joint account so the only resolution is for both to agree.

His reasons for disputing the account don't really directly matter - all it takes is one party to notify the bank of a dispute (without having to explain or go into detail) and that locks it up until both agree. Having said that, it sounds like you need to convince him that he's mistaken about credit applications, which will inevitably involve cordial dialogue, so if it's important to you then you'll need to swallow your pride and sit down with him to discuss it....

xylophone

I would have thought that he would want to end the association as much as you do and have a clean break.

The point is that after the account is closed, there is no longer any financial association so you can't "use his name" for credit or anything else?

You say that this money is for your children. Do they have savings accounts?

Why not suggest to your ex husband that you go to the bank together, transfer the cash to the children's savings accounts, and close the account?

System

You could ask Halifax (with his agreement) to unfreeze and remove him from the account.

I'm not sure how you will convince him about joint accounts - it depends how amicable the breakup was and if he would take your word it was an silly oversight on your part.

Nicosy

MSE have a decent write up on kids' savings accounts at /savings/child-savings-tax-free/

Also worth considering a junior SIPP. The nice thing about a pension is the kids can't really mess it up. With an ISA you've got to make sure they're financially literate (always a good idea) and they're not going to blow it all on fun stuff as soon as they get access.

But with a pension, whatever happens you know they'll be financially secure in retirement when you're probably long gone and unable to help them out.

Also over 60+ years, the compound interest/returns are insane whatever you can afford to put in for them.