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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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  #1  
Old 01-20-2010, 12:55 PM
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tugofwar tugofwar is offline
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Default joint line of credit

I hope someone can help me out. My ex and I opened a joint account and deposited money from my shower and our wedding into this account. My ex ( husband at the time) wanted to get a line of credit and the only way he could was if I co-signed it. So, I did. Anyways, I have asked him since seperation to take my name off and he couldn`t afford to pay so I have just received a call from the bank stating that payments haven`t been made and money is due tomorrow. What should I be doing to protect myself. If he doesn`t make a payment- Im guessing I have to inorder for it not to affect my credit. Im not sure if he`s doing this on purpose or not. Please advise. I am going to contact the bank and get statements printed from the time the loc was opened to todays date.
What can I do to protect myself.
HELP!!
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Old 01-20-2010, 10:32 PM
amin99 amin99 is offline
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WOW this is so scarily like my situation. Call the bank immediately and have the line of credit frozen. Then make the payments....you don't want your credit ruined. Tell the bank you have separated and would like the account closed. They won't actually close it until it's paid off, but at least your Ex. won't be able to run it up. If you have any other credit cards in both of your names, you should do the same.
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Old 01-20-2010, 10:41 PM
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Ive talked to them about it and they cant do a thing about it. I will call them in a few days to see if he made the full payment if not then Im not sure what to do.
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Old 01-20-2010, 10:47 PM
jennacarter2003 jennacarter2003 is offline
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I had the same thing happen to me. The bank told me their was nothing I could do about it, but when my ex went in about a year later and told them we were separated they switched the account to a deposit only so it could get paid off and notified me about 3 weeks later when I tried to get some money out for Christmas.

It would appear that women are treated like second class citizens by some banks. Ours was CIBC...
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Old 01-20-2010, 10:50 PM
amin99 amin99 is offline
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Talk to your lawyer. I know they can do something to prevent $ being withdrawn. They should be able to freeze it....don't give up, it's a good thing that you will try to call again, and document document document!
Ask to have all the statements sent to your address.
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Old 01-20-2010, 11:22 PM
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It's pretty much maxed out
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Old 01-21-2010, 09:11 AM
Cobourg Cobourg is offline
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I also got a line of credit with my ex (wife) in order to pay off her credit card debt (30K). It was joint, secured against the house.
When we separated, one of the first things I did was to contact the bank and freeze the line of credit. I didn't even have to go into the bank.
I have been making interest only payments on the account until our house can be sold and the debt can be paid.
I didn't want it to hurt my credit rating, so I pay the $150 per month.
We deal with the RBC, but I don't think it should make a difference.
I would contact the branch again and ask to speak to someone else. If that does not work, call the head office.
There are many people that have the same thing happen to them everyday.
It should not be that difficult to get the account "closed" in order to protect yourself.

Good Luck
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Old 01-21-2010, 10:16 AM
billiechic billiechic is offline
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We've had this problem too. STBX agreed that he would assume the debt as I would assume another equal debt. Well, he withdrew $1000 when he wanted to buy me out of the house (for lawyers fees) but he didn't buy. He never put the money back. Then he took $500 for a retainer for his lawyer. So he was racking up the debt and my only choice was to withdraw the remainder and put it in another personal account. Tit-for-tat I say.

Now that the house is sold (conditionally) the LOC will have to be paid off and will come out of the profit. By maxing out the LOC I made sure that I would not be paying much more than half of that debt. Other wise they would have split the debt and I would have ended up paying for his lawyer!

You should be able to freeze the account. Try again and make sure to explain the situation. If you don't get the answer you want, always ask for the manager or supervisor.
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Old 01-22-2010, 02:45 PM
Linjohn Linjohn is offline
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jennacarter2003:

I don't believe a bank can close a joint line of credit account if there is a balance owing but, in the case of a separation, they can definitely switch it to "deposit only" so neither party can withdraw any further funds. My ex and I separated 2 years ago and had a joint line of credit with CIBC. I called my branch and had it switched to "deposit only" without any problems, so it's more than likely you spoke to a bank employee who was clueless.

Linda
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