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Adding Bankrupt partner to account

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Adding Bankrupt partner to account

7 replies 372 views
Nate1506Nate1506 Forumite
1 posts
MoneySaving Newbie
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



Replies

  • boo_starboo_star Forumite
    3.2K posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    Don't do it.
  • edited 14 February at 9:09AM
    DCFC79DCFC79 Forumite
    38.1K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    edited 14 February at 9:09AM
    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.
  • TheGardenerTheGardener Forumite
    3K posts
    Tenth Anniversary 1,000 Posts
    ✭✭✭✭
    It is useful to avoid financial links until the 6 years is up if possible. 
  • Somerset_La_La_LaSomerset_La_La_La Forumite
    886 posts
    Fifth Anniversary 500 Posts Name Dropper
    ✭✭✭
    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.
    Work in Underwriting (Mortgages) - posts are my opinion/experience etc, not official company policy/lending rules.

    Only the underwriter assigned to a case at full application stage can give a 100% definitive answer to queries
  • A_LertA_Lert Forumite
    141 posts
    100 Posts
    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.
  • KeepOnKnittingKeepOnKnitting Forumite
    289 posts
    Fourth Anniversary 100 Posts
    ✭✭
    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.
    Save £12k in 2020 #90
  • On_my_wayOn_my_way Forumite
    405 posts
    Fifth Anniversary 100 Posts
    ✭✭
    It is not worth the risk to join finances in this situation.
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