Over half of adults don’t know who’s responsible for debts on joint accounts
SavvyWoman’s research shows 61% of people didn’t know that either partner on a joint loan is responsible for the whole debt.
I regularly get emails from women who signed up to a joint bank account or a joint personal loan with their partner where the bank is pursuing them for the whole debt after the relationship has broken down. Or where their ex partner refuses to pay their share. So what are the rules and how can you protect your financial position?
Understanding your rights if you have a second card on your account.
You don’t have to opt for his ‘n’ hers credit cards, but if you do, make sure you know who’s responsible for the bill.
You know what it’s like, you have a joint bank account, joint savings account, joint mortgage – so why not a joint credit card? Well, the main reason is that in the UK there’s no such thing as a joint account on a credit card. It’s different in other countries such as the United States, but here, there always has to be one person who signs the credit agreement, which means there’s one person who’s responsible for the bills - no matter who spends the money.
People save more when they’re together but divorce and breakup contribute to debt
Is being in a relationship good for your finances? It can be but it’s not guaranteed.
Research from National Savings & Investments shows that people save almost £70 a month more when they’re in a relationship, with over half of couples saying that their partner influences them positively when it comes to money. Meanwhile, research from Relate and the debt advice charity the Consumer Credit Counselling Service shows that over 9,000 people who had debt advice said that divorce/separation was the main reason, with twice as many women as men.
The material provided on this website is general information that is intended for general guidance and is not suitable for professional advice. You should always obtain independent financial advice.
