Mem Consumer Finance

Southernman

I have a joint account with someone who applied for what i think is a payday loan.

Can anyone tell me how this will effect me. I'm devastated as he insists that he researched it and it's supposed to improve your credit record which i know is BS.

I have a fixed rate mortgage with Natwest that comes to an end in 2016 and may want to refix it.

Am i going to struggle?

I'm looking to get this person off the joint account and file a notice of disassociation.

Does anyone have any experience or knowledge of how it could effect me and my chances of future credit.

Thanks in advance, i'm already anticipating bad news.

DCFC79

Southernman wrote: »

I have a joint account with someone who applied for what i think is a payday loan.

Can anyone tell me how this will effect me. I'm devastated as he insists that he researched it and it's supposed to improve your credit record which i know is BS.

I have a fixed rate mortgage with Natwest that comes to an end in 2016 and may want to refix it.

Am i going to struggle?

I'm looking to get this person off the joint account and file a notice of disassociation.

Does anyone have any experience or knowledge of how it could effect me and my chances of future credit.

Thanks in advance, i'm already anticipating bad news.

Not sure how bad it would be, might go better if its paid off when its due.

Southernman

Can anyone help?

I'm in tears right now

DevCoder

Mem consumer finance is PayDayUK so yes its a PDL.

2016 is over 2 years away, sever the association and you can always explain to Natwest when you come to refix if its even needed.

[Deleted User]

I know of this lender and they are pretty efficient at reporting correctly, no hassle to deal with.

Once upon a time I had trouble repaying but that is by the by now, passed a credit check a few days ago even with their entry showing for something very important so it seems all is not lost, anymore. (previously I would have said different with PDL's but I'm not convinced anymore)

Gordon_Hose

Any PD loan that is taken out by someone you are financially linked to won't show on your credit report.

I'm linked with my OH and none of her accounts show on my report.

I think it'll only be an issue for you if they start defaulting which will drag your credit worthyness down too.

Get them off the joint account, get the NoD in and you should be fine. No need to panic.

WatsonNimrod

As other have said you need to get that NOD sorted ASAP, like today!

The only issue will be if there is a default in the loan before you get the NOD sorted, similar thing happened to my sister, her OH defaulted on a Credit Card before she could get the NOD in, but she still managed to get the mortgage changed into her name, she has never had an issue getting credit since the NOD, but the mortgage application was tricky while the NOD was being administered.

Sounds like you will be absolutely fine tho, you seem to know already what you need to do, so no tears required!