Hi MrsC

Are you both considering a Trust Deed or just one?

If its just one and there is an overdraft, the other will be liable for the full amount, not half.

I think when looking at a Trust deed, its always best to have a new account. Honestly, it makes things far easier in the long run and gives you back a wee bit of control.

Mark

Thanks Mark - just considering a TD for myself.

I assume as a creditor my bank account provider will be advised if I enter a TD - in that event what are the implications for my husband - can he continue to have his salary paid in and the direct debits paid?
Thanx

Hi MrsC.

There is a fair chance that this account will be closed if and when you sign a trust deed.

I'd agree with Mark that it would be best to get a new bank account (or bank accounts) open in advance.

Your husband would remain fully responsible for any overdraft on that joint current account.

Do you also have a joint mortgage or any other joint financial affairs?

We have a joint mortgage however no equity to pay off debts [:(]

Thanks for your replies [:)]

No problem MrsC.

I was just thinking whether it would be better for you each to have your own current accounts so that your husband could "financially disassociate" himself from you.

That would mean his access to credit would be less likely to be affected by your trust deed. However, with a joint mortgage you will remain financially associated anyway.

There doesn't seem to be much downside to getting a joint account if you prefer. Try to stick to one of the basic accounts that banks offer and certainly avoid any account with credit facilities like an overdraft or chequebook.

lol - think he would be delighted to "disassociate" himself from me generally [:D]

Thanx for advice - v helpful [:)]

Hi Mrsc

It may be an option for you and it seems the main issue is the joint bank account. If you can sort this out, everything else seems pretty straightforward.

I think the no equity position may make things easier, however always best to look at all the options and see what best suits.

Mark

I do not know if what I am about to suggest would be allowed, maybe some of the experts could answer this but if your husband was to take his name off your joint account and leave the account with the overdraft in your name alone this could be included in your trust deed along with your other debts

Hi Mrs Mac.

It's really a question for MrsC and MrC's bank to answer.

If they're happy to convert the account to an account just in MrsC's name that's really a matter for them (though obviously any questions asked as part of the process should be answered truthfully).

Isn't it getting a bit formal around here? [:)]

Mrs TDA

Hi mrs mac
As TDA says, you can ask to take your husband's name off the account if the bank will allow it, they can be a bit fussy about this though. Once yu have a new account it will make life a lot easier for you both, as you can srart living in 'the black.'

It may be hard to financially disassociate from someone you clearly are financially linked to,whether you change bank accounts or not there will still be historical evidence of joint borrowings(even a joint application can show evidence of a link,regardless of whether the borrowing was actually carried out),so I would expect hubby to take a hit on the credit score front.

Does hubby know about the debts?

Paul

Thanks everyone - advice is much appreciated [:)]

Hi Paul - yes, hubby knows all about the debts - my grey hair and high stress levels couldn't hide them [:p] The only joint debt we have and have ever had is our mortgage and our bank account. I have arranged to open up a new bank account as suggested.

Thanks again

Hi MrsC

Fab, hopefully the path forward is a lot clearer.

Regards

Mark