In debt, will it drag my partner down?

Lovestoshop!

Hi,

I am thinking of contacting Payplan, I have about £25000 of debt which is all in my name. Me and partner have a mortgage in joint names. I don't want his credit rating to be effected or him brought into it really, will this happen?

Thanks

Lovestoshop!

Gem_

I have no idea. In theory it shouldnt do as debts are supposed to follow the person not the address but I dont know if the joint mortgage would make a difference?

Could you roll some of the debts into the mortgage to reduce the interest rates and the term? Not sure if your partner would want to share your debt burden though.

Hopefully someone who knows the answer will come along soon

G

Chortle_2

If you have a joint mortgage (or joint accounts of any kind) your credit files will already be linked, so your file will already be affecting his.

HTH

kar

Chortle's right any credit check one on your partner will already flag up that he is financially linked to you.

Lovestoshop!

Didn't realise that. He did just manage to get a loan though, so my file can't be that bad at the moment. But it appears in the future if I go to payplan it is going to affect him, is that right then?

Chortle_2

Yes. Any changes to your file could potentially adversely affect your OH's file - but this will be the case whether you go via Payplan or not. If you are considering Payplan, I assume you are struggling to meet the monthly repayments - you need to decide whether or not a DMP will affect him more than any defaults/late payments you might incur if you don't go on a DMP.

Have you checked your files recently? Might be worth having a look at them (there are free trials around (but make sure you cancel before they start charging you monthly) or you can get paper copies of them for £2 - see Martins article)