financial disassociation

layleyhakin

Hi I'm just after a bit of information...

I'm still financially connected to my ex partner through the joint mortgage we had. I moved out 5 years ago and just found out he is behind with payments and the property could be re-possessed! I understand I am still 50% responsible and how my credit file will be affected as my name is still on the mortgage.


I have been living with my current partner for 2 years so we are linked at our current address. I want to protect him from any credit issues he may have by having him complete a financial disassociation but id like to know if this would stop us from EVER getting credit together later in life if we needed to?


Please help

maginot

Hi

Unfortunately if you have a joint mortgage you will be 100% liable! just as your ex partner is 100% liable (the debt isn't split in half). -jointly and severally.

You should have sorted this out 5 years ago, as having a mortgage already is likely to make it harder to get a mortgage yourself etc.

If the mortgage has not been paid, a default is likely to be registerd against both of your credit files. As long as you do not have a joint accounts/joint loans so you are financially associated with your new partner, then they will not be affected by any bad credit you may have.

You need to contact your partner/lender and try to get this sorted ASAP so other debts/charges/CCJs don't accrue.

The only shining light may be that if there is equity in the property you may possibly be entitled to some

john1002

just wanted to add to maginot post, I would check all the credit reference agency's(do not pay for the monthly services though) and see if any black marks from this situation are already showing, chance they are now, but check then you will see were your at. If you do have any joint products with your new partner, ie joint loans, mortgage, bank account then you and your partner could have a problem your ex partner issues. It will depend on the marks left or that could be left depending how the situation is resolved then its worth noting it could be 6 years from any bad mark date before you can get a joint product with your existing partner.

john

TheGardener

Hi - You are, as the other posters have said, unfortunately 100% liable - if your ex partner goes BR the mortgage company will come to you for the whole amount. I would advise you contact a debt charity like StepChange or National Debt Line for professional advice as soon as possible. Try and get all the facts together , how many payments are overdue etc.

layleyhakin

Thanks for the info... I understand all about the liability about the mortgage etc what I need to know is can people who have been financially disassociated ever lend together again?

BillJones

layleyhakin wrote: »

Thanks for the info... I understand all about the liability about the mortgage etc what I need to know is can people who have been financially disassociated ever lend together again?

You want to start lending money out?

Yes, you can always re-associate with someone. Be aware, though, if you want to lend money you will likely need a consumer credit license.

layleyhakin

BillJones wrote: »

You want to start lending money out?

Yes, you can always re-associate with someone. Be aware, though, if you want to lend money you will likely need a consumer credit license.

Sorry! I do mean re-associate to BORROW in the future it's my Yorkshire twang

john1002

Have redone my post to explain that point in the future, if you have any black marks then it is unlikely you will be able to borrow with your existing partner but it will all depend on what these black marks are, when they occurred and what product your going to try and borrow.

Only time will tell, your main goal now is to find out what damage is done now, what can be done to limit your exposure and also how to ensure your partner is not effected now.

john