Joint Account / Divorce Issues - If left alone my credit score will be in ruins

[Deleted User]

Deep in your OD and interest taking it up to the limit every month and yet score 999 on Experian - does anyone really need a better example of why credit scores are junk?

colsten

kaMelo said:

colsten said:

Sadly, Natwest is one of the dinosaurs which require the agreement of both account holders for the closure of a joint account. Don't forget to put into your separation agreement that she needs to agree to the closure as soon as the overdraft is paid off, at the latest.

Aside from the fact there is an overdraft which will prevent the account being closed, Is there any provider that, in the absence of a court judgement, would close an account on the say so of only one party?

Yes, most banks allow closure by one of the account holders.

Shakin_Steve

kaMelo said:

colsten said:

Sadly, Natwest is one of the dinosaurs which require the agreement of both account holders for the closure of a joint account. Don't forget to put into your separation agreement that she needs to agree to the closure as soon as the overdraft is paid off, at the latest.

Aside from the fact there is an overdraft which will prevent the account being closed, Is there any provider that, in the absence of a court judgement, would close an account on the say so of only one party?

I closed a joint account last month with Tesco, five minute phone call.
The suggestion was that the overdraft should be cleared before the account was closed.

GeordieGeorge

BittyTang said:

Hi ya, 

The account isn't frozen but neither of us are using the account. It is the interest on the account that is added each month that keeps rolling the account up to the overdraft limit.

I will argue for half of the interest & my solicitor is aware of this issue.

I know these were the terms agreed to but this was a very long time ago. I have no problem paying the money back but it's not all any debt to pay back.

I just would have thought that under these circumstances the bank would have had to freeze the interest.

I am just venting, I have a decent 999/999 credit score & I would rather this wasn't ruined over this. Which is why I am still making the min payments but it's just annoying.

You’ll argue for half your interest from whom? The bank has no interest in which of you pays, as you are joint and severally liable for the debt.

As other have said, get it frozen, get it paid off, and deal with your wife and her share of the costs via your divorce lawyer.

[Deleted User]

colsten said:

kaMelo said:

colsten said:

Sadly, Natwest is one of the dinosaurs which require the agreement of both account holders for the closure of a joint account. Don't forget to put into your separation agreement that she needs to agree to the closure as soon as the overdraft is paid off, at the latest.

Aside from the fact there is an overdraft which will prevent the account being closed, Is there any provider that, in the absence of a court judgement, would close an account on the say so of only one party?

Yes, most banks allow closure by one of the account holders.

The bank can always utilise it's discretion and close the account.

Requesting this after bringing the balance to zero, cancelling the overdraft facility and direct debit mandates can work in these type of situations. 

kaMelo

I stand corrected, I'd assumed it would require both signatories. (Note to self, don't assume, it makes ......)
Actually after posting I came across this on NatWest which may be of help to the OP.

https://supportcentre.natwest.com/Searchable/913233452/How-do-we-close-our-joint-account.htm

Normally both account holders need to close an account however a joint mandate can be cancelled by one party. This will freeze an account and liabilities are still joint however the account can then be closed by one party as long as all liabilities are cleared.