Notice of Correction

twinklestars

Hi

I'm new to this site after reading on here for a while. I am considering putting a notice of correction on my credit file. My husband and I seperated almost 2 yrs ago, we have a joint loan where I have been paying reduced payments but did stick to my payment plan but as its fallen behind its now registered a default. My soon to be ex husband has not paid a penny for over a year. I have a credit card besides this and a small catalogue balance which clearly state that they have been paid on time and no problems with late payments. Our joint mortgage is also 3 months in arrears. I moved out of the property as I knew I couldnt afford it and he stayed there. The agreement was I couldnt go for CSA whilst he was maintaining the mortgage but he hasnt done that either. Is it worth me putting a notice of correction to state that the arrears of come from ex not keeping to his payments and that everything in my name only has been managed ok?? I'm worried about my future at being able to get credit or maybe a new mortgage with my new partner once the other house is sold. Any suggestions?

Tixy

Hi and welcome

Whilst I totally understand your position and frustration at the situation I doubt that a notice of correction along these lines will help much. The defaults will show on your file whatever and probably will impact on your ability to get future credit.

Someone else may know better whether it would be worth putting it on though.

What is happening with the property now? If you are still an owner and still on the mortgage I would try to insist that he sells it. Does it have sufficent equity to cover the mortgage and the joint loan? Just thinking that the sooner you are no longer financially connected the less damage he can do to your credit report.

twinklestars

It is up for sale at the moment but its not getting interest. We only bought it as a new build 6 months b4 he told me he had someone else so have lost money and have a big mortgage. We can't afford to reduce it because we owe £162000 and its up for £169950. If I knew then what I know now I'd never have moved as I could have afforded the old house by myself and would have had lots of equity to clear debts.

Something else thats frustrating is that the debt collection company that has now got the joint loan offered to seperate the debt in half if I could give them a big chunk of £5-£6k. (total loan £14000) and said they'd take my name off it if I could do that but won't split it if I can't make a huge payment.

If I could sign the house over to him I would but the bank won't let him take over the mortgage cos he's 3 months in arrears although he's paid 21 months on his own.

Just don't know what to do as I think it's going to end up wrecking my new relationship.

Tixy

Have you had any legal advice or professional debt advice at all?
If not might be worth trying your local CAB for some advice?

twinklestars

Yes I went to CCCS who advised me to do an IVA but it was not guaranteed it would go through as there was so much doubt as to whether there would be negative equity in the house.

I also didnt want to do an IVA as didnt want the shame of insolvency through no fault of my own and that would have even stopped me from renting a house.

Its all such a mess dont know what to do. It'll take a lifetime to clear the debt but its only the joint debt thats the problem.

twinklestars

Also if I ever do end up moving in with my new partner will my bad credit rating affect him?

Tixy

twinklestars wrote: »

Also if I ever do end up moving in with my new partner will my bad credit rating affect him?

Only if you have joint financial products (such as a bank account/ loan/ mortgage etc). So don't get any of these and you won't become financially assoicated.