Being Financial Linked

mountainofdebt

If you had a mortgage with someone and also had a joint bank account with that person but paid off the mortgage and closed the joint bank account are you still considered to be financially linked to that person?

If not, how long does it take to be unlinked to that person?

file_wizzard

Financial links are only applicable for as long as the account is active, if you now have no further financial associations to the other party then you can apply for a disassociation on your file, however this will only apply to accounts that were closed “in good standing” and joint defaults would remain as recorded.

sgx.saint

I have poor credit, If I opened a joint bank account (basic with no credit facility) with someone with a good credit history, would our financial link on that account affect the other persons credit rating?

My instinct says no as we are not linked on a credit account, or other accounts.

mountainofdebt

What would an application for a disassociation involve....would it mean that I would have to say that I wasn't living with the OH?

(btw the accounts would be closed having been fully repaid).

CLAPTON

the issue is being financially linked so yes you can share a house / be living with...the issue is shared debts.
its just the same way as two friends can share a flat and contribute to shared bills and living expenses etc but they have no financial link unless that have a shared a/c.

YorkshireBoy

mountainofdebt wrote:

What would an application for a disassociation involve...

Closing down all your joint accounts, and then completing a form for each of the credit reference agencies.

Check out Experian's Financial Connections Questionnaire for an idea of the information they require.