Advice needed - DMP affecting joint credit

Emmamr

Hi folks

I am starting up a DMP very soon and need some advice. Should I remove my name from any accounts that I share with my husband (whose credit is excellent) including our mortgage? We currently have a joint account which I probably should get my name taken off. Will me being on a DMP affect his credit if I get my name take off everything he has?

Thanks in advance
Emma

rising_from_the_ashes

Hi Emma .... unfortunately you cannot be financially disassociated from someone (which is what would be needed) if you're married & living in the same house.

Some useful info on this link http://www.thecreditagency.co.uk/credit-report/check-my/financial-disassociation.html and also some advice in this thread https://forums.moneysavingexpert.com/discussion/2939126

DVardysShadow

rising_from_the_ashes wrote: »

Hi Emma .... unfortunately you cannot be financially disassociated from someone (which is what would be needed) if you're married & living in the same house.

Some useful info on this link http://www.thecreditagency.co.uk/credit-report/check-my/financial-disassociation.html and also some advice in this thread https://forums.moneysavingexpert.com/discussion/2939126

I am a bit dubious about this. From another page on that site, http://www.thecreditagency.co.uk/debt-sale/

At The Credit Agency, we understand that the reputation of your business is our Number 1 priority, which is why we ensure that debts sold via us are only purchased by the most professional debt collection agencies, and we have an insistance that they are members of the DBSG (Debt Buyers and Sellers Group). We also ensure that your debts are collected by the most competent debt collectors, so that when businesses are dealing with your past or present clients, your reputation will never suffer.

which indicates that they are not from the consumer side of the issue - they are part of the credit industry.
From the page quoted

Your personal credit report will show the names of any people with whom you are believed to have a financial connection in the 'Association Section'. These associations can occur for a variety of reasons:
• Other people are registered to vote at your address (picked up from electoral roll information).

This is just plain wrong. Martin has just forced a Credit Referencing Agency to back down on the establishment of financial links on the basis of renting a property together - see http://blog.moneysavingexpert.com/2012/03/21/a-new-danger-for-anyone-who-shares-a-flat-house/ This would be pointless if being on the electoral role together would also create a financial association.

And as far as I know, being married and living in the same house does not create a financial association - although both being on the deeds and having a joint mortgage would create an association.

Emmamr

Thanks for that. it does seem to be a bit of a grey area though really doesn't it? It seems like if I remove myself from the joint account then it will have less of an impact on him than if I stay on it.
I will make an appointment with our bank to remove myself from it. We can deal with the mortgage issue when our current deal runs out - hopefully my financial position will be a lot better by then.
Thanks again
Emma

rising_from_the_ashes

DVardysShadow wrote: »

And as far as I know, being married and living in the same house does not create a financial association - although both being on the deeds and having a joint mortgage would create an association.

Which is the case of the OP as they have a joint mortgage and joint accounts.

She cannot apply to be financially disassociated from her DH as they are married & living at the same address.... therefore the financial link will remain - even if she removes herself from the joint accounts.

ETA you cannot apply for financial disassociation if you are married & living at the same address. You can if you are separated / divorced but you must have been for at least 6 months & no longer living at the same address.

Bettingmad

rising_from_the_ashes wrote: »

Which is the case of the OP as they have a joint mortgage and joint accounts.

She cannot apply to be financially disassociated from her DH as they are married & living at the same address.... therefore the financial link will remain - even if she removes herself from the joint accounts.

ETA you cannot apply for financial disassociation if you are married & living at the same address. You can if you are separated / divorced but you must have been for at least 6 months & no longer living at the same address.

I wouldn't be sure about this, you do not have to be financially associated to someone just because you are married and living together if both are financially independant and hold no joint accounts together..
The financial disassociation forms on Experian indicate this is the case. Unless I am missing something?

rising_from_the_ashes

rising_from_the_ashes wrote: »

Which is the case of the OP as they have a joint mortgage and joint accounts.

She cannot apply to be financially disassociated from her DH as they are married & living at the same address.... therefore the financial link will remain - even if she removes herself from the joint accounts.

Bettingmad wrote: »

I wouldn't be sure about this, you do not have to be financially associated to someone just because you are married and living together if both are financially independant and hold no joint accounts together..
The financial disassociation forms on Experian indicate this is the case. Unless I am missing something?

That's correct - but the OP has stated that her & her DH do have joint accounts / mortgage so they will already be financially associated.

As they are & are still married & living at the same address, they cannot apply to be financially disassociated.

DVardysShadow

rising_from_the_ashes wrote: »

Which is the case of the OP as they have a joint mortgage and joint accounts.

She cannot apply to be financially disassociated from her DH as they are married & living at the same address.... therefore the financial link will remain - even if she removes herself from the joint accounts.

ETA you cannot apply for financial disassociation if you are married & living at the same address. You can if you are separated / divorced but you must have been for at least 6 months & no longer living at the same address.

Let's get this entirely straight

1. The OP and partner share a joint mortgage and joint accounts or other financial products
2. The OP and partner are married and live at the same address

An application for dissociation will fail on fact 1. Agreed.

If 1 does not apply, but 2 does, they are not financially associated and an application for dissociation should succeed. Now, in your ETA, you are saying that this is wrong. Can you explain why? If 1 is false, they are not financially associated. 2 is not a financial association.

rising_from_the_ashes

rising_from_the_ashes wrote: »

ETA you cannot apply for financial disassociation if you are married & living at the same address. You can if you are separated / divorced but you must have been for at least 6 months & no longer living at the same address.

DVardysShadow wrote: »

Let's get this entirely straight

1. The OP and partner share a joint mortgage and joint accounts or other financial products
2. The OP and partner are married and live at the same address

An application for dissociation will fail on fact 1. Agreed.

If 1 does not apply, but 2 does, they are not financially associated and an application for dissociation should succeed. Now, in your ETA, you are saying that this is wrong. Can you explain why? If 1 is false, they are not financially associated. 2 is not a financial association.

You cannot apply to be financially disassociated if you are married to someone & you live at the same address as them as per my earlier post.

If a married couple, living at the same address had no joint accounts / mortgages etc & are therefore not financially associated - then why would they need to apply to be financially disassociated?

DVardysShadow

rising_from_the_ashes wrote: »

You cannot apply to be financially disassociated if you are married to someone & you live at the same address as them as per my earlier post.

If a married couple, living at the same address had no joint accounts / mortgages etc & are therefore not financially associated - then why would they need to apply to be financially disassociated?

I would like to see the justification for the red. You keep on saying it, but for the life of me I cannot see why this should be the case

The blue is not a justification. They may have paid off their mortgage and never held joint accounts. With the end of the mortgage, the financial association comes to an end. So if they wanted to dissociate, why should this be prevented. After all, if the married and cohabiting neighbours never held joint accounts and bought their house cash, they would not be financially associated.

It seems that you are hung up on the advice from the offsite reference you gave - but as far as I am concerned, this source is dubious at best.

rising_from_the_ashes

Because they are married, living at the same address & therefore are dependents .....

http://www.callcredit.co.uk/media/53054/disassociation%20form%20v2.0.pdf

"I confirm that there are no shared financial arrangements or dependencies between myself and the person detailed in Section B overleaf. We are not part of a single household in which we have shared finances such as income and/or spending.

http://www.uk.experian.com/contactforms/consumer_onlinedisassociation.html

"I confirm that there is no active financial connection or dependency between myself and the person detailed above".