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Length of time before debts no longer count towards credit record?
Skintski
Posts: 500 Forumite
Hi All
Forgive me for asking what is probably a couple of really obvious questions but I want to make sure I am not having a blonde moment.
A) Am I right in thinking that financial records are not linked when you decide to get married? You remain two seperate entities unless you take on joint finances..mortgages/current account etc ? (The house is in my name and he is happy for this to remain until his record becomes clear)
Having looked at the other half's credit report he has several months in a row where he is rated AA on a car finance agreement. The balance was paid off in Oct 2010, would I be correct in thinking that after 6 years of this being paid off, it basically falls off your credit record and no longer affects your history meaning in Oct 2016 it will have vanished?
Thanks in advance!
Forgive me for asking what is probably a couple of really obvious questions but I want to make sure I am not having a blonde moment.
A) Am I right in thinking that financial records are not linked when you decide to get married? You remain two seperate entities unless you take on joint finances..mortgages/current account etc ? (The house is in my name and he is happy for this to remain until his record becomes clear)
Having looked at the other half's credit report he has several months in a row where he is rated AA on a car finance agreement. The balance was paid off in Oct 2010, would I be correct in thinking that after 6 years of this being paid off, it basically falls off your credit record and no longer affects your history meaning in Oct 2016 it will have vanished?Thanks in advance!
0
Comments
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Regarding A - yes, you're right, it's joint finances not marriage that matters. And for that matter people simply housesharing or living together as friends who opt to get a joint account should be aware it links them.
As for B I am not sure sorry!On the up
Our wedding day! 13/06/150 -
Assuming they never defaulted on the finance, then yes, it would be removed from the credit report 6 years from the settlement date. Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Thank you both. The credit report shows an end date so this would lead me to believe it was settled.0
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