Joint account on dmp

BlueManc10

Hi all. I’m currently in a DMP and am about to start my payments on the 1st April. However I noticed a comment in here saying I need to remove myself from any joint bank accounts? What is the reason for this and is it essential? As all of our bills come from this account and we like the bank we bank with. Is this essential? 

Rob5342

I can't see any reason why you'd need to to that. What you should do is make sure that you don't have any money in accounts with banks that you owe money to, to avoid the possibility of them taking that money to repay the debts.

fatbelly

I think the reason for that is that any joint product creates a financial link. So when your credit file gets defaults, your partner's ability to get credit is also affected.

You would have to have a discussion about whether that matters.

Things could get complicated if you also have debts where you bank

BlueManc10

I have a joint account at the same bank I have a small overdraft that’s included in my DMP. But this is on a personal account and I’ve stopped using this now. It wouldn’t be the end of the world if they did take the money as it’s only a couple of hundred pounds.