Joint loan taken into recoveries WHY ??

seanacy

Hi

I have a joint loan with my ex wife and I'm paying it off but the bank has informed me that that my account has gone to recovery , after speaking to them they have said that something is happening on her bank account which is affecting mine but they wont tell me what.She isn't paying anything in to the loan I'm paying the correct amount no arrears but what can she be doing to affect my account in such a way that the bank say you need to contact her which is impossible as I don't know where she lives or any numbers.
She did take out debt management last year but they are not doing anything with this loan either.

I don't know where to turn I've been into the branch but they said under the data protection act they can't tell me what's happening.Spoken to her debt management company they can't tell me anything either. But there is something happening !!

Any ideas ?

Sean

tigerfeet2006

Is there is a possibility she is going into an IVA, a DRO or bankruptcy?

Get hold of all three of your credit files and see what is on there, as you are linked financially with the loan it will affect you.

Hopefully someone can link to the free/cheap details.

seanacy

Hi

Thanks for your reply I've just looked at my experian report and the loan looks ok and up to date it's just what's happening on her account which I have no control over and how it will effect mine. If she goes for a IVA, DRO or bankruptcy how will that affect me and my account and the loans ?
Sorry if it's a stupid question but don't know what these 3 term actual mean and consequences of them and how they will affect me , it's all a bit frightening.

Sean

tigerfeet2006

IVA= Individual Voluntary Arrangement. The person will come to an agreement with their creditors through an IP (Insolvency Practitioner). They will pay a set amount to the IP each month for around 5 years and then this is distributed among the creditors. This is legally binding and the creditors cannot hassle the person in the IVA.

DRO= Debt Relief Order. This is a form of bankruptcy and is suitable for someone with no property or assets and debts below £15k (in a condensed nutshell)

Bankruptcy= Means that all provable debts are included. Your affairs are investigated by an OR (Official Receiver) who will take control of your assets and you may be required to pay into the bankruptcy for 36 months. Again that is a hugely condensed nutshell.

If she goes for any of these then that will affect your credit file as you are linked to someone who is insolvent and can't pay their debts. You need to try and get yourself dis-associated from her on your credit files. Do check all three.

This is Martins article with the links http://www.moneysavingexpert.com/loans/credit-rating-credit-score

seanacy

Thanks for your advice but how do i go about getting dis associated ?
Where can i check this ? As ive check my experian report and that looks ok at the moment.

Thanks
Sean

National_Debtline

Hi seanacy

The following link is to a questionnaire on the Experian website. Once you submit it they will assess whether it is appropriate to sever any "financial connection" between you and your ex:

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

Hope that helps - Experian themselves should be able to offer more advice on this if needed.

Regards

Dennis @NDL