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    quick question about joint accounts

    Needing to open a joint account with 4 people. anyone know if i open a current account with lloyds will they allow me to add 3 more people into the account?

    if so will we all be legally responsible for the debts? I wont be any more responsible because i opened it?

    20 Comments

    perhaps not the way to go as they are hell to manage with a group of strangers/new friends etc

    perhaps try:

    Share Accounts

    Original Poster

    due to moving into a house together for university. I am not putting the bills in my name

    Original Poster

    choc1969

    perhaps not the way to go as they are hell to manage with a group of … perhaps not the way to go as they are hell to manage with a group of strangers/new friends etcperhaps try:Share Accounts



    ooo this looks interesting, thanks!

    Original Poster

    ohh wow £13.23 per week! not too bad for everything included

    How is having a joint account going to help with the bills??

    In any case, all you do is put the bills in all of your names, making you all liable. Simples.

    Banned

    just have the bills put in all of your names and then pay the money into one bank account and use that to pay, wont make you any more liable.

    Original Poster

    tinkerbell28

    You do realise that having a bank account with someone links your … You do realise that having a bank account with someone links your financial history right?



    nope but the others aren't as organised as me and im not willing to put it in my name because it means my bank account will be liable for any debts. Plus asking for the money can be a pain! students dont pay up easily

    Original Poster

    lottysdad08

    just have the bills put in all of your names and then pay the money into … just have the bills put in all of your names and then pay the money into one bank account and use that to pay, wont make you any more liable.



    but if it comes out of my account and i dont have the money in, it'll charge me

    Original Poster

    kk i didnt realise, thanks for the info tinkerbell! Does this glide thing look like a viable solution?

    If you are sharing a house, just tell the letting agent to charge each person by direct debit. So if the rent is £400, then charge each person £100 direct debit each month.

    Original Poster

    Slash

    If you are sharing a house, just tell the letting agent to charge each … If you are sharing a house, just tell the letting agent to charge each person by direct debit. So if the rent is £400, then charge each person £100 direct debit each month.



    its for a student house, the rent is fine but then when it comes to water, electric, gas, internet its gotta be done seperate

    When I was a student we put one bill in each person't name - so the water, tv/phone, electricity and one other and so each person was liable for something and meant it wasn't all one person's name, but we shared the bills equally and sorted it out as soon as the bills came, some monthly and some quarterly.

    Banned

    I paid and organised all the bills for my rent with 2 others, made sure their names were on all the bills and they just paid me standing order.

    Do not trust the rest of them , no matter how kosher they seem. Under no circumstances what-so-ever open that sort of account. One fifth each of everything via agent.

    Seriously, do not open joint accounts with people you don't trust totally. You are jointly liable and joint holders of the account. That means any party can take out the money (al of it) and any party can be held liable for the debt (that would probably be you if you are the one with the decent credit history and can be found).
    When I was rooming with friends 1 person was the bill guy and collected from everyone but that is a risk for the collector, but it also gets awkward if that person wants to move out as everything is in that person's name OR if they skip with the money and don't pay the bills you end up sitting in the dark. Learn from my bad experiences and don't do those - pay the agent directly and make each person liable for thier own share and don't room with flakes.

    you can get payment cards for most utilities now so negating the need for account. Get a rough idea what the bills are going to be and break it down to either a weekly or monthly amount per person (personally I'd say weekly as then you'll get a quicker idea of who's going to be trouble paying and you'll never get that far behind without being able to catch up) and pay the amount every week/month then when the bill arrives you will only have a bit to find, if any, as you have paid up front. Just a suggestion but would be the way I went about it.

    How easy is it to get a person removed from a joint account or close an account with only one of the people?

    I ask because my brother still has an active account that has his ex's name on it even though they haven't seen each other in years.

    Ungreat

    How easy is it to get a person removed from a joint account or close an … How easy is it to get a person removed from a joint account or close an account with only one of the people?I ask because my brother still has an active account that has his ex's name on it even though they haven't seen each other in years.




    Crikey! he needs to get her name off the account quickly. I would guess it's not difficult to get a name taken off an account? but they will probably want confirmation from both parties

    caz1cool

    Crikey! he needs to get her name off the account quickly. I would guess … Crikey! he needs to get her name off the account quickly. I would guess it's not difficult to get a name taken off an account? but they will probably want confirmation from both parties



    He hasn't seen her in years.

    If I was him i'd be worried she doesn't just take some ID and an old bank statement and decide one day to walk into a branch and clear out his savings.

    Edited by: "Ungreat" 25th Jul 2010

    If the account is in credit, either party can close the account or have their name simply removed. If the account is overdrawn the account has to be brought back into credit so that this can be done.
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