Financially unassociating me and my ex.

Unicorns

Hello guys,

Bit of background story;
I split with my ex about 3.5 years ago, we still have a mortgage together which I am currently in the process of selling this property and will be going into renting so I can financially unassociate us.

I know I have to write to all 3 CRA's to do this, but my question is how long does this whole process take as I'd like to rent for as little time as possible as I would like to get my own mortgage in the very near future.

Also I was on a DMP which I paid off in February this year so my credit rating obv isn't perfect. But I can't even get accepted for a basic bank account!! I have a bank account I had before my DMP. And I'm gutted as I had a promotion and I am putting away so much savings but I can't take advantage of a tsb 5% account, got instantly rejected.

Now is this all caused by my DMP or is it the fact that I am financially associated to my ex who is practically bankrupt (IVA) and has a registered charging order on our property -his debt not mine and house in joint names. I have no debts what so ever anymore, am now a higher rate tax payer and am in the process of saving for my own property.

I guess what I am asking is if I've wrecked my own credit rating and it's just going to need time to recover or if I financially un associate myself to the ex will things instantly improve?

Sorry for the rambling and thanks for reading

kingstreet

A recent DMP is far more damaging than the association. What is visible on the three versions of your credit file? Just the AP markers, or any defaults lingering there?

You are going to need a combination of time and deposit. The more you have of one, the lower the other which may be acceptable.

BTW a sole debt on a joint property is a restriction, not a charging order. There's a lengthy thread on HBR&S about the differences.

Unicorns

kingstreet wrote: »

A recent DMP is far more damaging than the association. What is visible on the three versions of your credit file? Just the AP markers, or any defaults lingering there?

You are going to need a combination of time and deposit. The more you have of one, the lower the other which may be acceptable.

BTW a sole debt on a joint property is a restriction, not a charging order. There's a lengthy thread on HBR&S about the differences.

Thank you for your reply,

I currently only check noddle as I did the free ones before so now I'd have to pay for them. Barclay did AP markers, I do have defaults as well before going onto the DMP, wasn't earning much at all then.

Ah yes I read that thread thank you and know it's only a restriction but the mortgage provider calls it a charging order when I phone them :eek: which sounds scarier.

So yeah I guess the damage is already done with my own doing thought because I paid everything off and with the creditors saying your credit rating will improve now you've finished paying us and it hasn't at all, made me think it was probably more the link with the ex dragging me down.

I guess I just have to keep plodding on as I have been, sell, rent, un associate, keep saving and maybe apply for a credit card and pay off in full to help fix my past mistakes. Only issue there is when to apply as I don't want to fall into the trap of just constantly being declined because I'm getting declined. Which may already be the case I don't know.

Experian_company_representative

Hello Unicorns

Unicorns wrote: »

I currently only check noddle as I did the free ones before so now I'd have to pay for them.

If you have previously used the free trial services with the credit reference agencies and you still wanted to view your credit report, you may find it useful to obtain a copy of your statutory credit report.

There are three credit reference agencies, Experian, Equifax and Call Credit, as each may hold different information you may want to check with all three.

You can find our Financial Connection / Dissassociation form here
I hope this helps.

Regards
James Jarvis

Unicorns

Hello James,

Thank you for the information, much appreciated.

Any idea if I should wait a certain amount of time to submit these forms after selling the joint property or can I start the process as soon as it's all done and dusted?

Thanks again

Unicorns

Hello,

Just an update for anyone interested. I am still in the joint mortgage and still associated with the ex.

But I applied for a vanquis credit card to try and rebuild my credit rating which I got accepted for and have had for 2 months now and I pay off in full each month.

I also just applied for a nationwide flex direct bank account a week ago and have been accepted, received everything and just waiting for the switch over things are looking up.

Not sure what's changed, wether it's my pay rise or the fact that just because you aren't accepted for 1 or 2 bank accounts doesn't mean they'll all reject you?