2 bank accounts (1 with husband & 1 with someone else) - Am I responsible for the other persons debt

Jo4

I have a joint bank account with my husband, his name is on the account first.  I have another bank account with another person at the same bank and that person's name is also on the account first.  The other person and their significant other have almost £30,000 of debt which is in their names and associated with their address, not mine.  If anything happened the other person or their significant other would I be held responsible for their debt?

[Deleted User]

Only if the debt is in joint names - ie a joint loan or overdraft.

Ergates

Unless you're a co-signee of the debt in question (e.g. a joint mortgage) then you are never responsible for other people's debt.

However, if there are any funds in the joint account with them, then *some* of that money would form part of their estate, and would be used to clear any remaining debts they had.   It would be up to the executor of the estate to determine how much of the money in the joint account belonged to the other party, and how much belonged to you.  I expect it would be split 50/50 unless there was some compelling reason not to do so.

Daliah

You need to read the T&Cs of the current account. Pay dpecific attention to offsetting. I wouldn’t have thought that you are responsible for more than the balance in the joint account BUT you have a financial association on your credit reference files with the people you have joint accounts with. This can/will affect your creditworthiness

Jo4

Deleted_User said:

Only if the debt is in joint names - ie a joint loan or overdraft.

Thank you!

The debt is their combined credit card debt and in their names.

kazwookie

I suggest you get your name off this other account asap.

Jo4

Ergates said:

Unless you're a co-signee of the debt in question (e.g. a joint mortgage) then you are never responsible for other people's debt.

However, if there are any funds in the joint account with them, then *some* of that money would form part of their estate, and would be used to clear any remaining debts they had.   It would be up to the executor of the estate to determine how much of the money in the joint account belonged to the other party, and how much belonged to you.  I expect it would be split 50/50 unless there was some compelling reason not to do so.

Thank you!

All the money in the account is theirs.  They wanted my name on the account so that I could lodge money in for them and pay their bills because they would have to make a 2 hour return journey to get to the bank and they are not confident with on-line banking.

Jo4

Daliah said:

You need to read the T&Cs of the current account. Pay dpecific attention to offsetting. I wouldn’t have thought that you are responsible for more than the balance in the joint account BUT you have a financial association on your credit reference files with the people you have joint accounts with. This can/will affect your creditworthiness

Thank you!

I must check this out.

Olinda99

you are not responsible for their credit card debt

however, if they ran up an overdraft on the joint account you would be equally responsible for that

Jo4

kazwookie said:

I suggest you get your name off this other account asap.

Why do you say that?

400ixl

In theory they could pay some of that debt off of the cards by putting the joint account into over draft and then you will be liable as much as they are.