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Posted by Dollybird : January 16th, 2008

Debt and future partners/spouses

I have been going out with a guy for about a year who got himself into debt between 5 & 10 years ago due to an ex-wife who upped and ran leaving him about £10k in debt, which I believe has never reached a conlusion as in he never went to court or reached agreement to pay.etc...........He moved around the country over the years due to work, relationships, and the trail to tie him down to repay debts has gone "cold". I want to add his name to one of my accounts so he can have his wages paid into an account and be managed properly with my help instead of him having to cash cheques at Cash Generator places all the time and constantly walk around with all his earnings in his pocket, BUT would I become liable for any of his old debts from years ago if his creditors got in contact with him now and found him sharing an account with me?
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Hello

By adding your partners name onto your account any of his previous debt shouldn't affect you as the only person that can be made responsible for an outstanding debt is the person whose name is on the credit agreement. However what I would suggest to do is to get a copy of his credit file and find the current status of those debts. Some of these maybe covered by the limitations act but if you are banking with any of his previous creditors and his name is on the account they may decide to then freeze that account and use the money in there to pay off his debt. I would suggest that you keep your accounts seperate until the status of the debts is confirmed.
I hope this answers your questions.
Posted by: understanding debt

Thanks........just another question...

Thanks for your comments. Something else I forgot to add to my original post is.............obviously his credit rating is rubbish but I have always been good with money/loans/credit etc so have no bad points against my name, but again if/when I add him does his credit ratings affect mine? The account I have is really just for him to use for payment of wages and one which cannot go overdrawn. I also have no intention of applying for any type of loan or credit with him as I know in that instance his credit rating would affect our chance of getting a loan etc even though mine is good.............but just the fact his name is on my account.......would that affect my rating. He doesnt even live with me anyway, but obviously as the account was originally opened in my name the address it is associated to is mine.
Posted by: Dollybird

Hello

As long as the debt is in his name only and not yours then there shouldn't be a problem. Are your intentions to use the account yourself?
Posted by: understanding debt