Joint accounts,Join...
 
Notifications
Clear all

Joint accounts,Joint solutions?

3 Posts
2 Users
0 Reactions
1,257 Views
(@pamjo)
Reputable Member
Joined: 14 years ago
Posts: 355
Topic starter  

Hi
From any of the experts' knowledge/experience, can 2 people married or otherwise joint parties to some but not all accounts, have a deifferent solution?
eg are trust deeds, DAS and Bnakruptcy always joint if assets are jointly owned?
Can partner 1 have TD for example whilst partner 2 is bankrupt?


   
Quote
TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

That's a great question Pamjo.

It's actually incredibly common for partners/spouses to enter into different debt solutions. For example, one partner may start a trust deed while the other goes bankrupt.

Bankruptcy and trust deeds are always handled individually. There is no such thing as a joint trust deed or bankruptcy.
Obviously if partners were to enter trust deeds with the same firm at the same time everything would be set up in a co-ordinated way, but it would still be two trust deeds set up.

It recently became possible to do a joint Debt Arrangement Scheme, but a couple could choose to do this individually if they wished.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
ReplyQuote
(@pamjo)
Reputable Member
Joined: 14 years ago
Posts: 355
Topic starter  

Thanks, that shows the danger of making assumptions. I thought that joint ownership of most assets and accounts automatically meant joint bankruptcy/TD/DAS etc. Another member's reference to her TD finishing and discussing TD with her partner made me realise that was perhaps wrong.


   
ReplyQuote
Share: