My Partner refused a loan because he is financially linked with me.. help!

alseetheelater

andy.m wrote: »

The problem is that Hollypop is a girl, and girl's see a joint account as a concrete footing for an inexplicably linked future together.
It's like a financial engagement ring.

how dare you!!!!!!!! not that it's any of your business - but it was myself who wanted a joint account not Holly.

some direct debits are in Holly's name, some are in my name, when we moved in to this house, it was a lot easier that way than changing names on accounts etc.

CLAPTON wrote: »

paying off bills aren't shown on your credit files so it won't make any difference to your credit rating

not true. gas / electricity show up, as does cable tv (see below)

Svenena wrote: »

My Virgin Media account is shown on my credit reports. I don't think it matters whether payment is coming from a sole or joint account though, as long as the account with the company being paid is in both names I presume it would show on both parties' reports? Mine is in my name only though, so this is just conjecture...

i couldn't say either way - although your input is appreciated!

Tiddlywinks wrote: »

Andy - I find that a spoonful of sugar can sometimes take the bitter taste away. That or years of therapy - either way, move on, she probably has!

there's one internet saying that sums up my feelings about what you said Tiddlywinks... 'LOL' :beer:


basically, i'm going to ask the bank to put the account back in my name, and then write to the credit companies.

thanks for your input people, it is appreciated.

BugsyBrowne

Hollypop wrote: »

Hello All,

I am after some advise please.

My Partner and I have a joint bank account that we only use for direct debits and all the house hold bills, which each month we both pay the same amount in to.

My partner has a credit score of 999, and has never had a missed payment or any arrears or anything. I on the other hand have a CCJ that i pay my county court each month for with just 12 more payments till it is satisfied.
This hasnt really cause me any problems as i rent privatley and i havent needed credit for anything, and there is no way i could afford the deposit for a mortgage!

Anyway... my partner is after a small loan (5k) to buy himself a car with (the old one has had it!) so he went to his bank (Nationwide) and applied for the loan (he has had loans with them in the past and always been paid on time) the loan was declined!
He called Nationwide and spoke to a really nice guy who looked through all the reports and couldnt understand why it has been denied, as his credit score is perfect.... then it became apparent it was denied because of me! because we have a joint bank account. :mad:

He is absolutly gutted, and i feel so terrible. We only got the joint account 18 months ago so that we could pay for everything house wise equally.

Basically my question is now.. is there a bank / lender that will only look at HIS credit score / account and not my alias too?

Many thanks in advance for all your help guys!

Holly

I personally think that if he applied for a credit card or a loan from another bank then I can see the problem why he has been refused as being financially linked to a CCJ'r, but to go to his own bank which his wage's go into,they also know him as a customer and you say he has a spotless credit rating, but they still decline I am surprised.

Maybe his credit rating is not so spotless as he may think, and also the bank would not tell him why he got declined as they would not know either.

alseetheelater

star-fire wrote: »

Maybe his credit rating is not so spotless as he may think, and also the bank would not tell him why he got declined as they would not know either.

actually, it IS spotless. 999/999 score on Experian, and over 800 on checkmyfile - but no explanation as to why. probably something to do with the declined Loan from my bank.

i've been a member on the Experian website for years, and check my report regularly.

I did doubt myself for a moment today after reading some of these comments - and thus signed up to checkmyfile to check the other two reports (Callcredit and Equifax) - which tie up to my Experian reports - everything is the same on all 3 except for the odd description diferences.

no late payments, so no defaults, no bank charges, all other accounts settled.

mobile phone contract x2 (1 for me + 1 for Holly).
1 credit card which still over £1000 under the limit (of less than 10k).
no outstanding loans, never even used my (arranged, or otherwise) overdraft which is agreed up to £200 (at my choice, they offered a lot more).

i rang the bank, and they are sending me out the forms in the post to remove one of us from the joint account (Holly, or myself; leaving it in Holly's name - we've not decided on this yet!) but as Holly will confess, i'm probably better looking after the money... as I'm alot less likely to spend it on shoes. or handbags. or maltesers.

I do think it is completely unfair that we're both tar'd with the same brush... surely my positive credit rating should have some way of balancing out the negative/zero score....

anyway, rant over.

i'll keep you updated.

good thing i signed up to checkmyfile - they have an option to 'disassociate' from a financial link - where they will do almost all the work for you once you have closed (or removed your name from) the joint accounts / mortgages etc.

Andrew.

fozmcfc

andy.m wrote: »

The problem is that Hollypop is a girl, and girl's see a joint account as a concrete footing for an inexplicably linked future together.
It's like a financial engagement ring.

I hate joint accounts with a passion, no good comes from them.

You could, as mentioned above, just move the account to a single name and still both pay into it no problems.

Lol, seeing your post takes me back 20 odd years.

One of the first things my mum said to me when I was old enough for bank account and girlfriends, was, never ever have a joint account no matter how much she tries to talk you into it.

She went on to say women are more devious then men and if things go wrong, you'll be the one who will lose out big time.

alseetheelater

fozmcfc wrote: »

Lol, seeing your post takes me back 20 odd years.

One of the first things my mum said to me when I was old enough for bank account and girlfriends, was, never ever have a joint account no matter how much she tries to talk you into it.

She went on to say women are more devious then men and if things go wrong, you'll be the one who will lose out big time.

as i said, it was my choice.
it'll be mostly sorted by this time next week + then 6 weeks to clear off the credit files.

andy.m_2

An apology

Holly I am sorry that I said you considered a joint account as an inexplicable financial engagement ring.
It was out of line.

But some of my statement I stand by:

No good comes from joint acounts.
In this day and age, with the speedy movement of electronic money and financial linking, what possible good can come from them?
If any of you who have "had a joint account for donkey's years etc" can give me a good reason for it then fine, but simply saying it hasn't done harm is not a good reason.

If the OP and her fella didn't have a joint account, there would be other courses of action open to them.
I have not been burned in the past, I am very happily married to my wife of 8 years and partner of 18 with whom I have absolute trust, but who knows for what reason in the future we may need other channels of opportunity available to use?