Wife Destroying Credit Rating

duracellfrankie

Went to get my usual finance loan on some new work equipment last week only to be knocked back. This is a company i have used three or four times previously and I've always paid the loan back early plus my credit rating is as high as possible.

So Ive looked at my credit file to discover that for the past 14 months since i split up with my wife and moved out of the property that she has been late every month on the mortgage payments meaning that I now have a very poor credit rating.

Im speaking to my solicitor about a divorce but with my youngest being 9 years old a 'force sale' of the property seems unlikely as she won't find anywhere for the same amount or less every month.

The property is on an interest only mortgage, she obviously can't afford it because she wouldn't keep defaulting on the payments and making arrangements each month to catch up previous months. I'm worried because not only is this having an impact on my credit rating but if the interest rates go up then she runs a very real risk of losing the property and the estimated £100,000 equity thats currently in the house.

I have tried to raise the issue of selling the property many times but she refuses to consider selling and accuses me of bullying her so i drop it.

*~Zephyr~*

How much are you contributing to the mortgage? Do you pay your part direct to the mortgager or to your Wife?

If she is struggling to keep up, can you give her more each month so she can make ends meet? Perhaps you can pay direct to the mortgager so that you know the mortgage is covered and your credit score can start to recover.

Thrugelmir

duracellfrankie wrote: »

I have tried to raise the issue of selling the property many times but she refuses to consider selling and accuses me of bullying her so i drop it.

You need to formalise your split formally and resolve any outstanding financial issues.

The mortgage is a joint liability so the fact you no longer live in the property is of no relevance.

Voyager2002

duracellfrankie wrote: »

I have tried to raise the issue of selling the property many times but she refuses to consider selling and accuses me of bullying her so i drop it.

In that case it is something for the solicitor to raise.

duracellfrankie

I pay my child maintenance direct to wife, I am unable to pay any more towards mortgage as I have my own rent and monthly outgoings

Pixie5740

Yes but like it or not you have joint and several liability for the whole mortgage repayments. If your wife is unable/unwilling to make the repayments in full and on time then you will need to do it until you can get your separation/divorce sorted out or it will continue to negatively impact your credit files and the property will eventually be at risk if the arrears continue to build up.

ACG

Why not pay the mortgage instead of child maintenance?
If it went to court for CSA, they would see you have a mortgage, rent and bills to pay....

I think you need to get legal advice though as 14 months worth of late payments is going to cause you problems for a few years so the sooner you get it resolved the sooner you can look at moving on.

Mojisola

ACG wrote: »

Why not pay the mortgage instead of child maintenance?

Get an agreement in writing from the ex that the mortgage payment is in lieu of CM otherwise you could end up paying both.

duracellfrankie

I'm honestly not going to be able to pay the mortgage and survive myself so what happens in that situation ? ...also even if it can be managed if the interest rates rise then thats another potential problem.

Even if I could raise the money it would have to be under condition that her name is removed from the mortgage otherwise Im simply fuelling her equity in the property. Plus she is being very unreasonable as far as children staying over and xmas are concerned so I don't really have any great desire to do her any favours atm.

I will give my solicitor a call in the morning and discuss this again as it seems the only way I can be sure that credit will be ok is by paying it myself

Thrugelmir

duracellfrankie wrote: »

I'm honestly not going to be able to pay the mortgage and survive myself so what happens in that situation ? ...also even if it can be managed if the interest rates rise then thats another potential problem.

Even if I could raise the money it would have to be under condition that her name is removed from the mortgage otherwise Im simply fuelling her equity in the property. Plus she is being very unreasonable as far as children staying over and xmas are concerned so I don't really have any great desire to do her any favours atm.

I will give my solicitor a call in the morning and discuss this again as it seems the only way I can be sure that credit will be ok is by paying it myself

You need to speak to your solicitor about agreeing a financial consent order with your ex. If the mortgage is unaffordable then downsizing may have to be considered as part of the agreement. Primary concern will be for the welfare of your daughter and ensuring she has a stable home.

Not easy to come to a mutually acceptable compromise. Dealing through your solicitor is one option. The other is mediation. Your ex has the stronger bargaining position.

duracellfrankie

solicitor has mentioned mediation which i've agreed to, she won't want to pay for it so it will probably be a non runner.

solicitor did mention about downsizing but then in the current state of affairs neither of us will be credit worthy to start another mortgage.

my daughter is 14 and my son 9 so I look like I've got 9 years of this unless she hopefully meets someone else and she buys me out/moves in and we can sell