Joint account advice

gerrard88

Just looking for some advice

in credit card debt and in a self managed DMP at moment

me and partner have a joint account with Halifax. Its same as mortgage 

All our bills come out of the joint. 

Few in my name

Do we contact the bank to make it a sole account in my partners name? What will happen to the bills etc that are in my name?

Brie

Hey there

Most people advise that when there's a debt issue and you have found your solution (DMP) the first thing to do is to get a new bank account completely unrelated to any of your debts.  So if you have a Barclaycard debt don't get a Barclays account.

You and your partner could still have a joint account some where but would need to set that up manually - don't use the easy account switching services as that leaves a trail.  Should any of your creditors decide to pursue you for debt more aggressively than you like then you don't want them to be able to access your account where you money is.  

You could still retain the joint account with Halifax on the basis that the only money going in there is for the mortgage.  

You might want to talk to whomever helped you set up the DMP - they might be able to advise you further.  

gerrard88

Thanks for this

just doing a self managed at the minute

so should we set up a joint somewhere else? And just transfer the DDs manunally?

Would a joint not be good for my partner due to my poor credit score?

Nasqueron

gerrard88 said:

Thanks for this

just doing a self managed at the minute

so should we set up a joint somewhere else? And just transfer the DDs manunally?

Would a joint not be good for my partner due to my poor credit score?

Credit scores aren't real, ignore them

We have a Starling account (no overdraft) and there is no financial association showing on my credit files. Financial associations do tend to be linked to credit e.g. a joint mortgage

gerrard88

How good is Starling? Would you reccomend moving our joint to there?

Rob5342

gerrard88 said:

How good is Starling? Would you reccomend moving our joint to there?

They are very good and so are Monzo. Their apps are the best around which is one of the most important considerations these days. Opening a new account and manually transferring the direct debits will probably be less wotk than trying to get Halifax to take you off the joint account.

Regarding the DMP, did you wait for defaults before starting payments? 

Nasqueron

gerrard88 said:

How good is Starling? Would you reccomend moving our joint to there?

I can't recommend it because I don't know your needs

It works fine for us as we both pay in, both use it for paying for joint stuff, but we haven't migrated much over to it. It pays monthly interest and is simply to manage, immediate notifications of payment by either of us (provided you have phone reception!) etc. It was very simple to setup too, each apply for a solo account, then use a QR code in one to pair to the other

gerrard88

Rob5342 said:

gerrard88 said:

How good is Starling? Would you reccomend moving our joint to there?

They are very good and so are Monzo. Their apps are the best around which is one of the most important considerations these days. Opening a new account and manually transferring the direct debits will probably be less wotk than trying to get Halifax to take you off the joint account.

Regarding the DMP, did you wait for defaults before starting payments? 

Yes I have a Monzo. Should i just turn that into joint with my partner and manually move DDs from our halifax joint. Then close the halifax joint completely?

yes i am doing a self managed dmp. Only 3 out of 5 have defaulted but I am making payments to the credit agencies. £20 per month at the moment


thanks for the help

Rob5342

I'd keep it as a spare, it's always good to hsve a few accounts in case you hsve problems with any.