Joint credit cards don't dissolve with divorce
Removing one person from a jointly held card typically isn't done
By Sally Herigstad
Dear To Her Credit,
How can I remove my husband from my Bank of America Visa
credit card that we have jointly? The bank says to close it and re-apply. We
have been married 17 years. We are getting divorced.
This was my card, and I added him to it years ago. I don't want to start over because I need the credit and credit rating. It also has a lot of mileage rewards on it. Besides, I don't make much money now, so I may not even qualify. Both my husband and I have very good credit scores with no outstanding debts. -- Teresa
Dear Teresa,
The bank has the last word on this one, I'm afraid.
If your soon-to-be ex were only an authorized user on this card, it would be easy to drop him. As a joint account holder, however, the bank is counting on both of you to pay off any debts on this card. Despite the fact that it was your card originally, they have been extending credit with two people responsible for paying it and can choose not to let one of them off the hook.
Divorce court can't help much, either. Divorce settlements commonly specify which spouse gets a credit card and the accompanying debt. But the bank is not party to the divorce, and the divorce court cannot change terms of the credit card contract. Between divorce law, contract law and a couple of ex-spouses still stinging from a recent divorce, you can see how leftover joint accounts can turn into nothing but trouble. Closing the account down and starting over starts to sound like a good idea!
You shouldn't have to lose your mileage points, however. One option, of course, is to use them before you close the account. That's what you've been saving them for, right? If you can't do that, you may be able to transfer them to your new account or gift them to family or friends. You can even donate your miles to charity, either directly to organizations like the Red Cross, or through MileDonor.com, an online connection point between charities that need mileage points and donors. Be sure to transfer or donate your miles before you close your account.
If the account has a balance, try to get it paid off with assets from the divorce. The credit card company can and will try to collect from both of you, regardless of who ran up the bill or who the divorce court said should pay it. This is true even if the account is "closed," but still has a balance.
With your good credit, you should be able to get a credit card on your own even with a reduced income level. The amount you can borrow will probably be much less than your previous limit, but that can work to your advantage. Credit cards are great payment tools. They make lousy long-term loans. A card with a low limit gives you all the advantages of plastic without the temptation to let the balance build up -- as almost everyone who has had a credit card has experienced at one time or another.
You won't lose your credit history from this card by closing it. Just as you cannot erase bad credit by closing an account, you don't lose your history of being a good customer, either. You may have less available credit, which can adversely affect your credit score, but if you keep your debt balances close to zero, this shouldn't be a huge issue.
Another thing to remember about your credit score is that it only matters when you use it; for example, when you apply for a loan or credit card, try to get into an apartment or sometimes when you apply for a job. It's not affected by your income level, and it's not a judgment of you as a person. Take your time building it up as a single person. The best way to improve a credit score is slowly and steadily over the years. Good luck, and take care of your credit!
See related: Where you live impacts debt liability in divorce
Sally Herigstad answers questions about credit every week for CreditCards.com. Herigstad is a certified public accountant, author and speaker. She also writes regularly for MSN Money, Interest.com, Bankrate.com and RedPlum.com, and has been a guest on Martha Stewart radio and other programs. You can read more about personal finance and download free budgeting worksheets at her website: www.sallyherigstad.com
To Her Credit answers a question about a debt or credit issue from a CreditCards.com reader each week. Send your question to Sally.
Published: January 27, 2012
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Source: www.creditcards.com
Suffolk/Essex: Lucky escape for pilot and passenger - East Anglian Daily Times
Lucky escape! The light aircraft which crashed on Smokey Farm, next to Nayland Airfield, Campions Hill, Nayland.
By Amie Keeley
Friday, June 8, 2012
6:00 AM
An investigation has now been launched into how the Europa fixed-wing light aircraft missed the runway.
Emergency services were called to Campions Hill in Nayland on the Essex/Suffolk border at 10am. The plane was attempting to land in nearby Nayland Airfield but continued through a field and a public footpath before it finally stopped on a driveway outside Smokey Farm.
A 35-year-old male passenger sustained a broken leg and wrist and cuts to his face while the male pilot suffered minor injuries. Both were taken to Colchester General Hospital for treatment.
The plane - built in 1999 - is registered to Andrew Fletcher, of Lowestoft, and Guy Plenderleith, of Beccles, although it is not clear if either of the men were at the controls at the time of the accident.
A nearby resident, who did not want to be named, said the passenger was trapped in the plane when she arrived at the scene.
“I heard a very loud bang which I thought it was just building work but then my husband came in and told me what had happened. I thought he was joking.
“I went to see what it was and a small plane was sat in a narrow driveway between two raised banks. The nose and the tail had completely come off from where it must have spun round and hit the sides.
“The pilot was already out but the passenger was still in the plane bleeding quite heavily.
“I rang the emergency services but they had already been called and then they all turned up. My husband moved the aircraft with our tractor so the driveway can be used again.”
Firefighters from both counties attended the scene and cleared a 50 litre fuel spillage. The East of England Air Ambulance and Suffolk Police helicopter were also called to assist.
Nayland Airfield declined to comment.
Source: www.eadt.co.uk
W. Essex Middle School chooses students of month - newjerseyhills.com
West Essex Middle School
West Essex Middle School Principal David Montgomery recognizes seventh graders Tyler Friedman, left, and Spencer Peckman
West Essex Middle School
Assistant Principal Lisa Tamburri recognizes eighth graders Ben Goodman, left, and Michelle Inga, as June’s students of the month
Posted: Friday, June 8, 2012 3:00 am
NORTH CALDWELL – Seventh graders Tyler Friedman and Spencer Peckman and eighth graders Ben Goodman and Michelle Inga have been named students of the month for June by West Essex Middle School Principal David Montgomery and Assistant Principal Lisa Tamburri.
Friedman, of North Caldwell, is described as an “excellent student who is respectful and polite to teachers and peers. She acts as a role model to her fellow students both academically and socially and is a true pleasure to be around.”
Peckman, also of North Caldwell, is called “a wonderful young man who is always doing the right thing. He is polite and respectful to everyone he comes in contact with and is a strong self advocate.” According to a press release, “He guides others to act appropriately and is considered a leader among his peers.’
Goodman, of North Caldwell, is “a conscientious eighth grader. He is an arduous worker and completes his work to the best of his ability.”
In class, a press release states, “Ben adds thoughtful comments by sharing his insights and his life experiences to our class discussions. He continues to be a respectful member of the West Essex community.”
Inga “is always doing the right thing, whether it is class work, homework or being nice to others. With her great ability in math, she generously helps others in her group. She is always pleasant and respectful.”
Every month, West Essex Middle School selects four students to be recognized and honored as the students of the month. The middle school staff bases candidates and selections on a review of the “whole” student not just the student with the best grades. Character traits such as honesty, perseverance, responsibility, integrity and leadership as well as a student’s academic qualities are included.
Honored students have their pictures displayed in the middle school display case outside of the main office and on the middle school website. Honorees are also recognized during the morning announcements and receive a certificate recognizing their accomplishment, a “Student of the Month” locker magnet and a $5 student store gift card.
Posted in News on Friday, June 8, 2012 3:00 am. | Tags:
Source: newjerseyhills.com
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1 comments
East of England Ambulance Service medics provided swift, effective treatment to both patients on scene. They stabilised the more serious casualty's fractures and administered pain relief before taking him to Colchester General Hospital by land ambulance for further treatment.
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Lorna Marsh
Friday, June 8, 2012