debt, mortages, credit rating & disassociation

silene

Hello moneysavers,

my partner's divorce left him severely in debt (ca. 60000 pounds).

Because of ongoing financial mismanagement, we are keen to sever all financial ties to his ex-wife.

My partner has already canceled all joint accounts.

However, while there is a court order that he is solely responsible for the mortgage and sole owner of the house, his ex-wife is still on a joint mortgage with him and on the deeds for the house. Getting this sorted is difficult at the moment because we lack the money to pay for the legal and administrative procedures to change the deeds and because the bank might refuse to remortgage. (The house is almost in negative equity.)

Is my understanding correct that my partner presently cannot have his credit rating disassociated from his ex-wife's because of the joint mortgage (even though it is only on paper and the bank could never chase her for money)?

Tixy

I think you may be able to disassociate in these circumstances (assuming all the other joint accounts she cancelled have no outstanding balances).

According to experian

Can I get my former partner's details removed from my report if we share a joint account?

Unfortunately not. As you have a current financial connection, the details relating to your partner remain on your report until all joint financial commitments have ended. You can, however, add a short explanatory statement to your report (explaining the details or circumstances around the connection). This is called a 'Notice of Correction'. Click here for information about adding a Notice of Correction.

If the only financial connection you have is a joint mortgage, we can create a disassociation between you and your ex-partner, providing you no longer live together. Click here for information about applying for disassociations.

The second part would seem to apply to him. I'm not sure if the other 2 agencies will do the same in this situation or not.

silene

Thank you, Tixy!

That sounds unexpectedly encouraging. So maybe we just try and apply for disassociation with all three agencies and see how they react.