would my DMP effect partners credit application?

cleomolly

Hello there and thank you for reading my post, and for any replies in advance : )

My partner is hoping to apply for a loan and as I am under a DMP with cccs, I am a little scared that I may affect his application and success! We are not married, but live together and share a mortgage, other then that we're not linked with our finances. He has done all his checks, making sure his credit file is up to date and nothing on there could jeopardise his application but I'm terrified he'll get turned down because of my bad debt!

Does anyone know how my DMP my affect him?

cleomolly

Bump.............: )

cleomolly

Bump.............anyone with any advice?

thefoolonthehill

I cant really tell you. My DMP did not affect my wifes credit rating (as far as we know) she was still able to get credit long after my borrowing days were over. However, we did not have a mtg.

I guess each company will do this on a case by case basis.

Does he really need the loan?

cleomolly

Thanks - I hope it doesn't effect him as when I started the DMP I assured him that it wouldn't have anything to do with him and that he wouldn't be effected. He does need the loan and has a good credit file himself.

thefoolonthehill

i only ask about the loan as i now try dissuade everyone from taking out loans even for stuff like cars.

I guess the only way he will find out for sure is to apply. When he does apply tho i think they will ask for your name and income details. However, as you are not applying for the loan they have no right to check your credit (i think!)

cleomolly

Thank you thefoolonthehill (lol like your name!) I would also prefer him not to get it, as I've seen myself get into tough situations with money but he is financially stable and I can't really say anything to make him change his mind, I'm just sooo worried now as I said above I told him my DMP would not effect him at all. He did apply for al oan yesterday and was turned down but this was a top rate so he's hoping his bank will be able to offer something more suited and hoping that they are more likely to accept him.

fermi

The joint mortgage could well have created a financial "association".

Although if his credit report does not show you as an "association" it may be OK.

A record of an association shows a financial link you have with someone. These links are created by joint judgments, joint accounts and joint credit applications, or from information you gave to us or lenders. Associations are not created between business partners.

The information you see will include the details of the person you are financially connected to (the associate), the name of the organisation which created the link, and the date the link was created.

Lenders may also see the financial information relating to the associate. This allows lenders to view all the information that may be relevant to your credit application. Information about an association is held on record indefinitely. The financial information about any associates is not recorded on your credit report. If your associate needs to see their credit report, they will need to apply separately.

Lenders can take account of your associate’s financial information when deciding whether to give you credit.

cleomolly

thank you fermi. I can't believe it, seems strange, what if a couple apply for somethign when they are together then split up! I can't believe lenders could primerlily be looking at information relating to someone your no longer in contact with or in a relationship with! I think I best have a chat with my OH before he gets told this by someone else, I'm absolutely gutted.

fermi

cleomolly wrote: »

thank you fermi. I can't believe it, seems strange, what if a couple apply for somethign when they are together then split up! I can't believe lenders could primerlily be looking at information relating to someone your no longer in contact with or in a relationship with! I think I best have a chat with my OH before he gets told this by someone else, I'm absolutely gutted.

As said, if you are not listed on his report then it my be OK.

As for former partners (if you split up etc), if you no longer have a financial association with them then you can submit a "notice of dissociation" to the credit reference agencies. That would remove the link between your credit reports.

thefoolonthehill

hey cleo. you could always see how it plays out.

the banks are not lending as readily as they once were and obviously this means its harder for everyone to get credit so he could be declined with nothing to do with you.

good luck anywhoo