Would this financially link us?

johanne

Hi,

My boyfriend and I have just started living together, he has a really rubbish credit rating and has got himself into lots of debt.. but were sorting it all out bit by bit...and should be able to clear all outstanding debts in his name except his mortgage this week.... But obviously now comes the task of rebuilding his credit rating... and "retraining" him to be more money savvy :money:

We want to have an account that ALL the bills come out of:

A/ so its equal as presently some bills are in my name... and some are in his.. and working out who owes who what gets confusing!!

B/ As awful as it sounds.... as much as i trust him i want to ensure all the bills ARE being paid... i know he has neglected them in the past and as he doesnt have a steady income (self employed) it will mean some months he wont have the money there to pay the bills... whereas i have a salary that would cover the bills alone.

C/ Im so careful with money (ok maybe slightly obsessed :rolleyes:) i get very panicky about NOT being able to see bills going out of bank accounts.. and my constant "are you suuuuuuurreeee they money is there to pay the *** bills is there?" "have u paid the **** bill?" causes arguments sometimes

I have applied for and been accepted for a basic account with my bank IN JUST MY NAME... with the theory this account can be used for the household bills/costs.... that way i can monitor it via online banking and ensure that there is always money in the account to cover the bills ..... and if not i can instantly transfer some from my current account.

(I know it sounds bad... but i just wanna make sure we keep the roof over our heads and baliffs away !!!)

My question is.... although the bank account is only in my name, will having bills where the account holder is him (such as the mortgage) coming out of it link us financially??? I know if it was a joint account it would link us..... but would paying his bills out of my account make us financially linked ???

us,thecat&thedebt

hi ya

welldone for being careful and dont worry your not mad!

i think to be financially linked means to have a joint financial commitment so you should be ok
all though i may be corrected..

on recieving mine and oh credit file the only thing that linked us was our joint bank account even though i have and he has had bills/wages come in and out of each others accounts..

HTH


:beer:

Emmzi

no.. there are no credit applications in joint names. However as the bank /mortgage provider I don't know if I would want you paying the mortgage, as if I repossess his house you might want to claim part of it.

Have you signed a matrimonial home affadavit? Does the bank knowyou are living there?

I may be overcomplicating things but I'd check on the mortgage board:)

calleyw

The only way to be financial linked to someone is is to have some sort of financial product in both names.

e.g bank account/loan/mortgage etc.

Yours


Calley

johanne

Emmzi wrote:

no.. there are no credit applications in joint names. However as the bank /mortgage provider I don't know if I would want you paying the mortgage, as if I repossess his house you might want to claim part of it.

Have you signed a matrimonial home affadavit? Does the bank knowyou are living there?

I may be overcomplicating things but I'd check on the mortgage board:)

I know his ex used to pay the mortgage out of HER account as thats where his wages where going into.... she was never on the mortgage....... so i assume it would be ok for the same situation with us?!

Emmzi

well, I'm thinking of the bank's pov. If they don't object, assume all is ok!

On a side note -if you take care of it all, how is he ever going to learn?You willing to sign up to be the responsible one for life? Just flagging a resentment time bomb (which may not apply if you don't mind)

calleyw

Emmzi wrote:

well, I'm thinking of the bank's pov. If they don't object, assume all is ok!

On a side note -if you take care of it all, how is he ever going to learn?You willing to sign up to be the responsible one for life? Just flagging a resentment time bomb (which may not apply if you don't mind)

I would check it out. As has been said it could be claimed by yourself if things got nasty that you had been paying the mortgage and it had been coming out of your account. And then you would have to account why X amount was going in to your account every month and where it had been coming from.

I personally could not cope with that. I don't want children and having a partner like that is just like having a child. Where you have to wipe their nose and bottom.

I personally would have a trust issue with this. If you can't trust them to pay the mortgage and bills. I would feel that I could not trust them very much.

But I do feel that in the end if he can't take control of his finances that it could cause major problems. As most the things that couples argue about is money and their love life.

All the best.


Yours


Calley

msmicawber

I would advise taking great care in paying things that are just in his name - make sure you keep your records of everything you pay. Also, always keep at least one account in your name only. Co-habiting does not have the same legal rights as marriage, and if you were to split up you need to ensure that you have your own unsullied credit rating (I think you know this already because of the way you have posted and voiced your concerns).

My ex and I had a mortgage in his name only (only way his parents would lend us the deposit). We had a joint account into which my wages went and the mortgage and others bills went out. He stopped paying anything in and kept taking out. When we split and the house was sold, he didn't honour his promise to give me any of the proceeds and I found I didn't have a leg to stand on, legally. I was told by a solicitor that I may be able to make a claim on behalf of my children, but couldn't afford to do so, so had to kiss £20,000 goodbye. Meanwhile, my credit rating was shot to hell and I was in debt and you can see from my signature and thread how long it has taken me to extricate myself. If I hadn't had a little secret savings account, I would have had even more problems renting a home for my children and me than I did since I would have failed all the credit checks - as it was I had to get my mother to stand guarantor.

Since it's his house and his mortgage, I would recommend that everything is put into his name and that you use a joint account for all the payments out. You keep your own account into which your wages are paid, then set up a standing order for your portion of the monthly bills etc. to go to the joint account. If he then fails to honour his portion, he's the one that suffers most.

My late father was an accountant and my brother is a lawyer and they both advised me to do this, but I was too headstrong (thick!) to do this and have paid the price. Joint accounts aren't necessarily proof of trust. My parents always had separate accounts and maintained that that was a greater proof of trust since neither was in a position to check what the other was up to so had to trust them!

Emmzi

However, a joint account WILL link them financially and OPs credit rating may suffer?

msmicawber

True, but not as much as if all or most of the bills and accounts are joint.

melt71

I had a query about being financially linked to my ex so I checked it out with Experian. They said that because we had applied for a mortgage in joint names we were finanically linked. Even though the mortgage never went through and I now have a mortgage on my own, I was still financially linked to him - long after we had split up and he had moved out! I had to send a form to the credit agencies to declare that we did not have ANY joint finances. They obviously didn't believe me as I then had to confirm this over the phone to them and then by letter.

Eventually they removed him from my credit report but it took a while and was quite difficult to do. Bear in mi nd that this was only a joint application - I think it would have been even more difficult we actually had any joint finances.

If the account is in your name only, he will not be financially linked to you. However, as the others have said, it may be very complicated with you paying his/joint bills if you split up.

Mel