Dealing with joint accounts and loans after a relationship break up |

In this video I'm going to talk about joint accounts and joint debts and what you can do if you and your partner split up Now if you have a joint loan, a joint mortgage or a joint bank account with an overdraft facility then you are what's called jointly and severally liable and that means that the bank can go after either of you to pay back the whole debt

So for example say you and your partner have a joint mortgage for £100,000 and that later on you split up Now if your ex can't or won't pay the bank can ask you to pay back the whole £100,000 So if you do have joint accounts with your partner and you split up there are several steps that you can take The first is to get in touch with your bank, especially if the break of his acrimonious or if you think your ex won't pay You can ask them to change the way that your joint bank account is set up so that both you and your ex have to agree to any money being taken out or for things like the overdraft limit to be raised

You should also check with your bank what happens if you bank online or by phone The last thing you want is for your ex to be able to log on an empty your joint account Another option is to freeze the joint account, but there can be problems with this So say for example your salary is paid into the joint account and you rely on it Once the joint account is frozen the money is stuck there and you can't get at it

The other issue is that while you or your partner can ask the bank to freeze a joint account you both have to agree to unfreeze it Now from time to time I hear from people who split up and who've had joint accounts and where the bank hasn't done what it's supposed to and sometimes it seems that not all the branch or call centre staff know the rules So if you think your bank hasn't treated you fairly you should complain Now there's a lot more information about how to manage your money if you're in a relationship and how to protect yourself if you and your partner is splitting up on my website savvywomanco