Adding Bankrupt partner to account 14 February at 1:42AM in Bankruptcy & Living With It 7 replies 372 views

Nate1506

Hi

Looking for some advice please?

My wife went bankrupt and came out her first year in January. Up to this point we have never had any financial ties and I have a good credit rating.
Now that we live together and she has come out of the bankruptcy, recognising it is on her file for 6 years, it would be practical to have a joint account for bills etc, however I am concerned
a) whether this is possible?
b) will it effect my credit rating?

Would another option be to add her to one of my current accounts that the bills currently come out of, or would this pose similar risks? i.e, if the existing account has an overdraft set up on it would this be an issue?

Thanks for any advice

boo_star

Don't do it.

DCFC79

Dont focus too much on your credit score as lenders dont see it, your history is whats important here.
Just have her transfer an amount that covers the bills.

TheGardener

It is useful to avoid financial links until the 6 years is up if possible. 

Somerset_La_La_La

Your credit 'score' (i.e. one CRAs flog you) will drop like a stone if you financially link someone that's bankrupt.

In terms of actual lending (what's important), it all depends on whether lenders include/score the associate data or not (i.e. your wife's data). Some do, some don't.

I'd wager that the majority do - so you'll find yourself getting straight declined for things that you'd otherwise be accepted for. As above, avoid it if you can.

A_Lert

An alternative would be an account in your sole name that you both transfer money into and have bills paid out of. Or for some uses a prepaid debit card could work.

KeepOnKnitting

This is something that is much easier to do than to un-do if you change your mind. I would suggest not to do this until her file is clean 6 years on. Without a financial link, you have a better chance of getting good rates for both borrowing and saving.

On_my_way

It is not worth the risk to join finances in this situation.