Partners Bad Credit

scoops82

Hi


I have recently checked my credit score on Experian which have me a rating of 940 from 999. I was happy enough with that as I was just being nosey and checking the details are up to date.


I have bought a n house in my name but my GF lives with me. She has a bad credit history - I'm not entirely sure to what extent but I know she has an agreement with a company where she just pays a set amount each month and it comes off a balance - no interest is charged.


As she now lives with me I advised her to go on the electoral roll to help boost her credit rating but as she will be registered at the address now will that have an impact on my credit rating? We don't have any joint accounts and my name is the only name on the mortgage.


Thanks in advance.
S

Thrugelmir

No impact on your credit rating if you maintain independent finances.

Chill a bottle of wine. Sit down and go through her financial affairs thoroughly. You are where you are. So little point in being judgemental. Then plan a way forward.

Time does heal. The speed of healing is down to the individuals though and their willingness to change their habits. Often looking at everything in black and white creates that light bulb moment.

scoops82

I am not too stressed by it as its something she had from when she was younger and she knows she is now paying the price but she's on minimum wage so its going to take 7 years to pay off what she owes.


Is she better off trying to get an early settlement figure? What impact would that have?

Thrugelmir

Not good for obvious reasons. Would you lend a mate a tenner repay only £5. Then later ask to borrow £500.

Settling the debt has to be the priority. Normally requires making sacrifices. Hence my earlier comment about people being people.

scoops82

I understand its not good but if it will take 7 years worth of payments then maybe its worth seeing if they would settle early for a reduced amount - if it comes off the record in 3 years then would be in better position moving forward wouldn't we? This is if I could find the money to pay it off early myself for her.


Or is it only 3 years if you pay the DMP off in full?


Pardon my ignorance but I don't know to much about his side of things.


Thanks
S