Joint Account

AMarques

Good morning everyone,

I’m after some advice and tips.
My situation is I’m looking to get a joint account with my wife.
My issue is that I have couple of loans, couple of credit cards and overdraft. My wife also has a personal loan and couple of credit cards.
Basically I’ve been thinking on a joint account and think this would work better for us because at the moment we have too much outgoings and at the moment is difficult to know where we stand.
My questions are; Do you think this will be good? Can we still have a joint account even I have a overdraft? Also is this possible even though we have credit card and personal loans? Do you have any suggestions?

Thank in advance.

Noneforit999

Having loans, overdrafts, credit cards etc has no bearing on getting a joint account.

You can make your main account 'joint' and keep your existing overdraft, your Wife just then gets a new card and access to the overdraft etc.

Whether its good or now is down to how you both manage money.

Do you both work? Where does salaries get paid into? What about bills?

My Wife and I have a joint account and all our household expenses go out of this.

eskbanker

Nothing wrong with the principle of using a joint account, but realistically it won't resolve debt issues unless accompanied by a proper attempt to plan and stick to a budget.

In general, having loans and card debts makes you less attractive to potential lenders so it may be that opening further accounts isn't as straightforward as you'd hope. Check credit files for both of you, via https://www.moneysavingexpert.com/loans/check-free-credit-report/, to see info about how you'd be seen by prospective lenders.

Also read through https://www.moneysavingexpert.com/banking/cut-overdraft-costs/ and consider completing a Statement Of Affairs and posting it on the debt-free wannabe board for other ideas about how to address debts.