Ex wrecked credit score

Rocknrolla79

Hi, first time poster, any help much obliged.

I'll cut a long story shortish.

In 2008 I agreed to be co-signed on a loan that my girlfriend at the time needed. She assured me she would keep the repayments up-to-date. You can see where this is going.

We split two years later.

Flat sold and I agreed to repay the negative equity as she couldn't afford that as well as the loan. Those are the only two accounts we are jointly named on.

Recently I was refused credit. I then opened an account with Experian to find out why, to find the loan has been passed onto a debt collection company due to FIFTEEN missed payments resulting in it being defaulted/delinquent.

This has obviously destroyed my credit score which is otherwise totally exemplary. My agreeing to be co-signed has bitten me hard.

My question is what can I do now? I stand to lose my car as there's no way I can get a new finance agreement later this year. Mortgages...anything else that requires a credit check....I'm snookered. Can I take legal action? Any advice would be appreciated!!

Thank you in advance!

Rocknrolla79

I should add, I personally, have never personally missed a payment in my life.

imoneyop

Rocknrolla79 wrote: »

Can I take legal action? Any advice would be appreciated!!

Who would you like to take legal action against? If it's your ex then you will just be throwing more money away - she didn't pay the loan payments, so what chance do you think you've got of getting anything from her?

Have you had any communication from the lender or the DCA?

Rocknrolla79

I phoned the lender (black horse) last week but they can't tell me anything as it's now with another company. They won't tell me anything because I'm not verified on the account with them yet. I still have no idea if payments are being made and what state the account is currently in. It remains dormant on my experian report which is V Poor around the 450 mark.

I have today put a "notice of correction" on my report in the hope that that will help.

Rocknrolla79

As for legal action. I meant with regards proving my personal credit history is good despite what it says in the black and white. As opposed to trying to be remunerated for anything. I don't want money, I want my credit back.

kws

Rocknrolla79 wrote: »

As for legal action. I meant with regards proving my personal credit history is good despite what it says in the black and white.

You co-signed the loan so you took the joint responsibility for it. It would appear to me that your credit history is correct - a loan that you are responsible for has not been paid as per the agreement, so it has been defaulted.

[Deleted User]

you wont get credit for 6 years AFTER the loan is settled,and as the ex isnt coughing up it looks like you will have to,you could make an offer for a full and final settlement at a discount(possibly 50%)

Rocknrolla79

kws wrote: »

You co-signed the loan so you took the joint responsibility for it. It would appear to me that your credit history is correct - a loan that you are responsible for has not been paid as per the agreement, so it has been defaulted.

I'm aware of that with all respect. I need to try to find out what I do now. This has all occurred unbeknown to me. It hardly seems fair, no matter what I agreed to as a favour 5 years ago.

DCFC79

It is fair but at the same its not as you were trying to help her, its a disadvantage of being a co signed ( is this just a guarantee but a different name ? )

All you can do is agree to some kind of payment plan to pay it off. Yes your snookered with re to finance but what's done is done.

sharpy2010

At least you are better off without the evil witch, and thats the only good part about this sorry tale :-(

27col

An unfortunate set of circumstances, but the ex obviously knew the implications of being a cosignatory and the OP did not. Yes, it is not fair, but it is difficult to know what to suggest that might help the OP, except for DFC's suggestion.
Cosigning or being guarantor for loans has been shown to be a recipe for disaster many times on this forum.