credit card debt

[Eejit]

If I owe the bank money for a credit card bebt which is in an agreed monthly payment would they still take any money that I put into the account if it is over a certain amount. They haven't took any so far. Also, are the same bank allowed to take any money if it goes into a joint account

[STAH]

Yes, the bank are allowed to take extra money. However in the case you have mentioned, the money must come from your SOLE account. The bank reserves the right to do this due to the rule of set off. However, if you have agreed a monthly repayment plan, I would be surprised if they took any monies without prior agreement with yourself.

As credit cards are all ran in sole names (even if you have a secondary card holder, the main account holder is responsible for all transactions on the account) I do not think that they can take money from a joint account.

The exception being a joint loan, mortgage or overdraft. Here, the debtors have a joint liability and the bank reserves the right to take money from a joint account held in both the debtor's names, or a sole account in either names.

I hope that this clarifies the matter. If you need extra clarification then please post another answer and I will do my bset for you.

[Eejit]

Thank you. I'm just a bit worried because my boyfriend has lent me money and I want to pay him back before the bank can take any. I've tried to read up on it but cannot find answers anywhere. So you think I would definately be safe to put it in our joint account? As for my personal account, it is still running as normal and they haven't taken any facilities off me, overdraft, chequebook and debit card but I just don't want to take the risk.

Thanks again

[STAH]

I am 99.9999% sure that the bank are not allowed to take extra monies from a joint account; this is due to the credit card agreement being solely in your name.

Taking into account the bank has not taken any of your facilities away, I think that you are worrying unduly! I am sure that everything will be just fine.

I am sure that your joint account will be a safe home for your money.

[themas]

I agree with STAH - the bank cannot take money from a joint account without the agreement of all the account holders.

In your second post you refer to your "personal account". Is this a separate account in your sole name? If so, they could take money from that, although they shouldn't do so if you are keeping to the agreed monthly payment plan. Nonetheless, if you are worried about the possibility it might be best for you to open an account with a bank where you have no debts and use that instead.