Joint account - advise please

road2recovery

Hi,

Just joined this immense forum, and have a few questions for my first post....

I entered an IVA in Nov 2005 and settled it via F & F in Feb 2007.
Alot of my defaults have now dropped off my credit file. All should be off in November this year.

My fiancee and I are contemplating a joint account - and having all our wages and bills go into and out of it. Joint net income of approx £3000pm.

My fiancee banks with Lloyds TSB and has a very good relationship with them. I used to bank with Lloyds and they were my biggest creditor.

I now have an account with Nationwide, and have a Vanquis credit card with a £1250 limit (balance paid off every month).

What are the chances of us getting a joint account, and what would the implications be for my fiancee? We are currently saving for a mortgage and look to buy in 3 - 4 years time.

If we apply for a joint account and get declined, will this then show up as a financial link on credit files, thereby possibly affecting my fiancee's perfect credit rating?

MoneySaverLog

Wait until November when the IVA and defaults drop off, if you apply now, you'll become financially linked and you'll both be affected by the IVA and defaults for the next couple of months, and lloyds will have a record of this for future applications your fiancee makes with them.

I would think it would be doubtful that Lloyds would accept you though if you have had debts with them in the past included in a IVA, as they are likely to keep records going back more than the 6 years I guess.

YorkshireBoy

MoneySaverLog wrote: »

Wait until November when the IVA and defaults drop off

If they weren't settled (sounds as though a 'partial settlement' was recorded?) until Feb 2007 shouldn't OP wait until after Feb 2013?

MoneySaverLog

Depends on how long Lloyds keep records for, it may well be beyond the 6 years that the account is shown as partially settled at the CRA. But defaults and IVA will drop off 6 years from when they were registered.

jen245

YorkshireBoy wrote: »

If they weren't settled (sounds as though a 'partial settlement' was recorded?) until Feb 2007 shouldn't OP wait until after Feb 2013?

Defaults drop off 6 years from when they are registered, not settled, and with an IVA the default dates should all either be the date the IVA started, or prior to that date, so as OP's IVA started in November 2005, his files should be clear after November this year. Went through the whole credit file clean up process with my hubby after his IVA ended last year, as his default dates were all over the place

OP, I'd hang tight till your files are clear, you haven't got long to wait now

YorkshireBoy

MoneySaverLog wrote: »

...defaults and IVA will drop off 6 years from when they were registered.

I think a safer statement would be 'should' drop off (sometimes they don't do automatically, according to reports on here).

For that reason I'd suggest OP doesn't do anything until they've viewed their credit report in December.

MoneySaverLog

You'll probably find that the accounts themselves are marked as settled, and these settled dates are post IVA. Those settled accounts will then stay on for 6 years from when they are settled. NO BAD information will show up here. Infact it will add to your credit score as a Settled account showing all nice green zeros.

Then the bank will put a second entry on the file to show the default. That entry will get wiped off 6 years from the original default date.

road2recovery

Thanks for all the replies. It looks like our best bet is to wait until after Christmas before trying for a joint account. All the defaults should have dropped off by then (most will drop off in Oct & Nov). All the accounts are showing as partially settled on Equifax and have been since Feb 2007.

Do you think that Lloyds TSB will have an issue with me going on a joint account, due to my past record with them, or will my partners relationship and exemplary record with them shine though and enable us to have one?

MoneySaverLog

Apparently Lloyds TSB have a internal and external credit checking system. Their internal system shows me as having a brilliant record, the external not so good. This stops me from applying for a credit card until such time the external CRA's are updated next year. They did tell me I could have a Premier account though I don't want one, but I was able to open 2 more classic accounts, despite the bad info on the CRA.

So my thinking is you may be ok, my only concern would be that you say Lloyds were your biggest creditor, they might not forget that so easy. I doubt anyone from Lloyds would be able to comment any further but you never know. It may be a case of apply and see what happens.

You should probably check with Experian and Call Credit too because what's on one CRA does not always follow through with the other two.