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Joint signatory implications
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What are the possible future legal/financial implications of becoming a joint signatory to a new bank account with an indivdual whose current bank account is frozen because of his debts? Could the joint signatory remove himself/herself from the account at any point without the agreement of the other party? The Citizens Advice Bureau are now helping the individual concerned deal with his various creditors.
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No best answer has yet been selected by WendyS. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.If you become a joint signatory on one account which isn't in debt then you should have very limited facilities just on that account and no major knock on effects on your other (unrelated) accounts.
Then again, this might establish a "financial relationship" between the 2 of you and this show up as a link between you both on credit searches.
The joint signatory definitely cannot remove themselves from any account without the consent of both parties although it can be possible for just one party to close a joint account.
I'm sure others can comment more on the "financial link - credit search" angle.
Then again, this might establish a "financial relationship" between the 2 of you and this show up as a link between you both on credit searches.
The joint signatory definitely cannot remove themselves from any account without the consent of both parties although it can be possible for just one party to close a joint account.
I'm sure others can comment more on the "financial link - credit search" angle.
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