Joint Bank account formal demands

[Alan Donegan]

If the bank issues a formal demand on a joint account does that formal demand have to be made on both parties that are named on the account? or can they go after one party and then move onto another party after exhausting measures with that party?

 

A formal demand was issued to my Father and not to my mother (the demand was made on 6 accounts three of which were joint accounts). I am fighting the case on behalf of my mother as my father disappeared a few years ago leaving her with the debts.

 

Can the bank issue a formal demand on a joint account to only one party? Do you know what laws govern this?

 

Any help would be greatly apperciated! Thank you

 

Alan

[gloryhunter]

Hi This can sometimes cause problems, especially in cases such as a split in a relationship. If one party decides not make any contributions to the repayments, the other party will be left with the debt. As far as the lender is concerned, the agreement is for either party to repay, if the agreement is not kept to, the lender can either choose to pursue one of the borrowers for the repayments or both. Regards GH

[Alan Donegan]

Thank you for the quick response GloryHunter.

 

This was before the breakup. So the lender can choose to only persue one party with a formal deand and then has the rights to come after the other party at a later date?

 

The reason for asking is that the formal demand on my father was made in February 1998 and as such the bank are not out of time under the limitation act of 1998.

 

However my mother's name was not on the formal demand. We are arguing that the formal demand did apply to her as well because it included three joint accounts that were in her name.

 

What are your thoughts?

 

Thank you so much for your quick response! Alan

[gloryhunter]

Hi Alan what bank was this with as many banks have there own rules !

[Alan Donegan]

Thanks GH. It was with RBS, Royal Bank of scotland.

 

Alan

[gloryhunter]

Hi Allan sorry had a busy day at work today After speeking to my sister-in-law who works for a well known high street bank both parties are responsible for the account and the bank will always go after one or the other !!!! Is it the bank that are after your mother? or is it another company ? (ie have the bank sold the account) where all 6 accounts in debt or just the joint accounts ? Do you not have your farthers address ? Reagards GH

[Alan Donegan]

GH, thank you so much for speaking to someone about this.

 

That was our fear that they could go for my Dad and then 13 years later come back and have another go at my mother!

 

It is RBS directly that are after her. All six accounts are in debt for a vast sum of money. No hope of paying it back. I have not spoken to my father for 6+ years but have an inclining of where he might be. What were your thoughts.

 

It seems as though they were perfectly in their rights to issue a formal demand to one party (married couple) and not the other. If they are a marreid couple is writing to one of the couple the same as writing to both?

 

Thank you so much for your advice. We have to get the witness statment in for the case next week so we are working on our final points!

 

Alan

[gloryhunter]

Hi Alan just got of the phone with my sis-in-law my understanding is they will go after one or both ie your mum or dad not fair i know you said you have a case next week? have you taken any legal advice ? my thoughts about your father, maybe tell the royal bank of scotland of his where abouts ! As they would more than likely got after both , therefor standing more of a chance getting there money. I am going to ask another CAG member with a bit more know how on this to have a look at your thread.GH

[AndyOrch]

Subbing be back later Alan/Gloryhunter.

 

Andy

[gloryhunter]

Subbing be back later Alan/Gloryhunter.

 

Andy

 

Thanks Andy

[gloryhunter]

After looking at the dates 1998? is this not STATUE BARRED ?

[AndyOrch]

After looking at the dates 1998? is this not STATUE BARRED ?

 

If its not been acknowledged or serviced within a 6 year period then yes. Litigation commenced yet in this matter?

 

 

Regards

 

Andy

[gloryhunter]

Where's he gone ?????????????????????????