If a married couple, get a joint account and one of them has got an IVA or Trust Deed how does that affect the person with the 'clean' credit rating.... Badly?

 

doubt they would even be given any sort of account if one of the parties had an IVA etc.

 

I cant see a joint account being possible tbh, as the person with the decent credit rating's bank would more than likely refuse the person with an IVA an account with them,

Sarah

 

Joint account would not be available to them in most circumstances in my experience.

Regards.

 

Ahhhh yes, but what if instead of opening a new one, the one with the good credit rating added the one on the trust deed onto their existing current account. And the bank did it. Then the person with good credit, would now have their credit rating ruined? Yes?

Would either of them be able to get a mortgage?

 

In that situation the person to be added to the existing account is still credit searched and it would bring it up and the bank would decline the application i expect.

When ever a joint application is done a financial association will be created between the 2 people so I imagine it won't do the person (with the good credit rating) any favours. To get it removed you have to contact the credit reference agencies and ask them to remove the link between them and the other person.

 

And how do I go about doing that? Do I have to take her off the acount? When I put her on the account, I had no idea about any of this....

I only found out when my credit limit on my matercard was dropped, when I tried to find out why they told me that one person on my current account was subject to insolvency proceedings. So I asked her, and she admitted it. Whats more annoying is we were just in the process of trying to get our first mortgage....... I'm fucking gutted All I wanted to do was buy a home for my wife and daughter and now thats fucked She says she only did it to reduce her monthly outgoings, which is useless as they only dropped by 150 quid a month. Which I could have given her! NONE of the accounts were in default, or so she says. I honestly don't know what to do.... Can you un-do a trust deed? If I could pay all her debts off, would they remove the trust deed from her credit history? Help me, my life just went down the toilet

 

shit mate!!! was this debt from before you met or run up while youve been at sea?????

If its the later then theres issues over her spending that need dealing with.

Is there anyway you can go back to spit accounts??? It might be better if mortgage etc is based just on you.

 

id be digging deaper to find out exactly how deep shes in it. it doesnt sound like shes been entirely truthful with you to start with so it could be a lot worse than shes making out.

 

if you got a joint account, you will have to get it closed, you cannot remove her from it. Then you can remove the financial association with her. After this you will be a completely seperate entity so whatever her credit history is it won't affect you.

Quotes taken from experian website:

Association explained.
A financial connection between two individuals resulting from a joint court judgment, joint account or a joint application for credit. A credit report will include the names of anybody you have a financial connection with.

I am no longer linked to this person – what should I do?
Contact us and explain the situation. We may ask you for more information. If you are no longer connected, we will be able to break the link between you.

 

even if the computer refuses the credit rating the bank manger/supervisor has last say. reason is it opened up a business account few months ago with TSB and i had the worst credit rating going and did tell her she was going to decline it untill she see the company was turning over 700k a year and said she would speak to business manager for me and low and behold got a account.

 

Thanks for the advice guys. Have spoken to my bank, and I can remove her from the account. She's still got her old account so will use that, and then I can ask experian to remove the link.

She was conned into this, as the 'rep' that came round to sell her the bloody thing didn't tell her of the pitfalls..... And what makes it worse, all the accounts were in good order, up to date. She did it to save herself money. ONly 150 a month mind....

 

i dont think its as easy as that. to get an iva i believe all the creditors have to agree and for them to agree she'd need to priove she was in financial difficulty and was struggling to make the payments. its not up to the rep from the debt company to decide.
i had looked into for me a while back to cut down my monthly payments but the Citizens advice told me i had no chance with my earnings and outgoings.

 

Maybe not then. But it's done now. All I can do it damage limitation..