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lil
Junior Member
172 Posts |
 Posted - 20 May 2008 : 21:54:26
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Hi im facing a bit of a problem understanding if others on someones credit report will be affected if they go bankrupt. ive split with a partner and have a account with him to which hes 1st person. ive requested he takes me off but hes refusing and has told me not to worry as hes going bankrupt next month so theres no problem. Im not convinced 100% that he is as he has a car on finance so i doubt he would be able to keep the car if he does and perhaps hes trying to worry me which has worked but if you could just tell me the affects of having someone linked on your credit score that has gone bankrupt.
my credit score is good so my main questions are: will the bank come for me to get the money he owes as both our names are on the account? will getting credit be difficult for me in the futur?
if so is there anything i can do to stop this happening and could i inform the courts before them allowing him to do this?? Please help so i know my next step! thanks
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melanie_giles
Senior Member
1191 Posts |
Posted - 20 May 2008 : 22:56:35
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Hi there and welcome to the forum
Was the loan in joint names or is it a credit card where you are a named user only? If the latter then you have nothing to worry about, and it is unlikely that your credit rating will be affected as a result of your partner's bankruptcy. If, however, you are jointly responsible for the debt and he goes bankrupt, then you become liable for all of the loan under the principles of joint and several liability.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 20 May 2008 : 22:58:22
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Hi lil,
Welcome to the forum,
If the account is in joint names and your ex declares Bankruptcy then you will become solely liable for this debt.
You will have to maintain the monthly payments on this debt in order for this not to effect your credit rating.
You can contact the three main credit reference agencies and request financial disassociation from you ex this will stop his Bankruptcy effecting your credit.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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storm
Junior Member
United Kingdom
232 Posts |
Posted - 21 May 2008 : 11:17:42
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Hi lil
Have you approached the bank to have your name taken off of the account?? |
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lil
Junior Member
172 Posts |
Posted - 22 May 2008 : 01:26:08
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| thanks for your reply! its a joint account not a loan, its a bank and credit card account. both will not allow me to come off the account with out his permission for which he seems not willing to do- im now guessing as he knows i may need to pay it. the monthly statements show i havent used both accounts at all, not even to store money! im hoping that would work in my favour! would one of the main credit reference agencies be experian as thats the only one i know? |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 22 May 2008 : 07:18:45
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Hi Lil
Have you been to the CAB - if you have not used the account at all I wonder if you can, with support of CAB and proof you haven't used the account, tackle the bank again?
I know the bank few it as joint debt but I wouldn't give up just yet and try to remove your name before he goes BR.
Is there any other route Lil can take???
The other credit reference agencies are Equifax and Call Credit.
Vicki x |
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storm
Junior Member
United Kingdom
232 Posts |
Posted - 22 May 2008 : 09:57:36
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Hi Lil
I'd go and see a solicitor if it was me. You don't use the account so why should you be responsible for any repayments. Seek legal advice maybe a letter from a solicitor would be enough for the bank to take your name off the account |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 22 May 2008 : 10:32:18
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Hi lil,
You will be liable for the account under joint and several liability, however when the credit cards and overdrafts were added to the account did you request these or sign anything at this point?
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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lil
Junior Member
172 Posts |
Posted - 03 June 2008 : 01:18:18
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| Yes i signed papers for my approval from me to have a card linked to his account and these needed an address ect. The bank have finally allowed me to come off the joint account after long thought so thats one possitive yay!! however lets just say the credit card company seem only interested in getting there money even if i spent it or not on there records they now know hes going bankrupt so if they cant get the money off him there coming to me! I have considered going to a solicitor but figured this would take a long time the bill would be huge if they refuse so that can add to the dept that hes left me in and by the time things are cleared the damage has been done! i have also cheaked my credit report and like most co-habiting couples his name is all over my credit report like a bad smell which is now playing on my mind. I am still struggling to understand how a person who has the earning potential he has and the fact that he could pay his depts off if he used well planned payment schemes can go bankrupt and in such a small period of time- its not even been 2 months since he apparently filed for it and hes saying hes going bankrupt this month so if someone can tell me i have more time that would be brilliant! i would love to do the easy option and call his bluff but that could backfire on me! one things for sure this is a lesson learned! |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 03 June 2008 : 11:24:18
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Hi Lil,
As long as you were only an additional coardholder and not one of the account holders, there is no legal recourse to you.
As far as the impact on your credit file is concerned, you can complete a notice of Disassociation and file it with the credit refernce agencies to remove him entirely from your credit file.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Please help so i know my next step!
