Joint loan & future credit checks

MsJake

I have a joint loan with my ex (which I pay nothing towards) but I assume it'll still show up on credit checks if/when I apply for anything in the future won't it?

Does that mean they also take into account any of his other financial information/commitments when assessing me as we're technically financially tied or is it just that one loan they look at?

Thanks in advance.

CLAPTON

you should check your credit files to see what they say

but if he is listed as a financial association (probably if you have a joint loan) then they will check his credit file while accessing any application you make.

IDoDoodles

I'd have a conversation with the ex (if you've not done so already), about moving the debt to his name only now you're no longer together and you're not paying anything towards it.
Currently you would be liable for the debt should your ex fail to keep up repayments.

If all agreed, best off filing for a Financial Disassociation with the 3 credit reference agencies (Experian, Equifax, CallCredit). All 3 have forms you can fill in, give them a call.

General advice is to cut financial ties if you're not longer together or require the financial link, especially if you aren't paying anything officially towards the balance of the debt.
Your ex's credit file will be referenced as well if you were to apply for future credit for yourself, until the point that they are removed as a financial link.

MsJake

Thanks. I thought as much.

Sadly he won't refinance in his own name so it looks like I'm stuck with the situation!

IDoDoodles

Sounds like it might be a bit much to hope for... but did he say why, exactly?
It doesn't make a lot of sense, other than to make you accountable if he decides he's had enough of paying.

Were you ever paying anything towards this loan at all? Just curious what it was for, and why you're both jointly liable if he's the only one paying it.

MsJake

Basically he's doing it to annoy me I think! It wasn't a very nice split!

The loan was to do up the house we bought together & at the time we had a joint bank account so I was technically paying towards it for the years we were together but not since we separated.

IDoDoodles

Hmmm... difficult, sorry to hear that! How petty of him

If you're both named on the loan, perhaps you can speak with the lender directly and explain the situation? You ought to have equal access to the account, and they may be able to help. You'll at least be able to find out how much and how long is left owing on the account (and therefore worst case scenario how long it's going to affect you).

I expect that they would still need both parties to sign paperwork to make it officially his debt, though, so you might be back at square one unless the ex decides to grow up.

Perhaps have a word with the CAB, they'll probably have some other options to explore.

Best of luck!

MsJake

Thanks IDoDoodles, I'll need it!