Partner moving in with bad credit

markimark1984

Hi all,

I have been reading around on this forum and I have found some very good advice, so thanks for all of that. However, I'd like to just make sure of a few points.

Situation:

My partner is moving in with me and I have just found out he has (very) bad credit.

Research:

I understand that if we keep all our financial dealings completely separate, even down to something as basic as opening a joint bank account, then my credit rating and report should not be affected.

Questions:

- Because I own my property, would anything be affected by the fact that he is going to be registered at the same address, or should it be ok unless he gets into further trouble with debts registered to my address? I know that linked addresses have been a problem for me in the past.

- I have been reading around about joint accounts etc. like my research above, however, the information I have been reading is quite out of date. Is what I mentioned above still valid?

- Is there anything else I should be aware of before I accept him into my own home - credit wise! It's just I've worked hard over the past 6 years to improve my report and rating and ended up being able to get a mortgage etc, and I don't want anything to damage that.

I know it's a relationship, but sometimes you have to look out for yourself too, I'm sure you would understand that!

Thanks for all your help in advance.

Mark

HappyMJ

Some things you can't avoid being on the same account such as the tenancy agreement and the council tax. Make sure they are both paid on time every month and they will not get into arrears and further action will not be taken and you will never be financially linked.

You can just have one person's name on the gas, electricity, water, phone and broadband accounts so choose which accounts you want in your name and which can be in his name. In my name is just the water account and my partner has all the other bills in her name. She is the one with bad credit and I'm hoping that by paying the bills on time it will improve her credit rating.

Don't worry about debts being registered at your address. He has to inform his creditors where he lives but it won't affect you.

We don't have a joint account but I have a current account in my name into which we both contribute and pay the council tax out of.

GingerBob_3

Just to clarify, council tax doesn't appear on the CRA's files about you. For a tenancy agreement - I see this is not relevant to you - if the landlord has recently been seduced by the likes of Experian to report accounts, you can demand that they don't. Search the ICO website, and this forum, for recent information about this situation.


Utility companies should not create financial associations, but sometimes they do - be careful on this one. I suggest you obtain power from EDF who, so far as I know, don't report their customers to the CRAs. For water, don't provide the supplier with anything other than your surname (no personal details such as DoB, previous addresses and the like), and if they only know you as "The Occupier", maintain that situation.

MEM62

markimark1984 wrote: »

My partner is moving in with me and I have just found out he has (very) bad credit.

A bit off topic I know but just a thought based on the above statement - do you know this person well enough to live with them? What else do you not know about them?

markimark1984

Sorry for the late reply. Thanks to all for your input. I know what I am doing now

I hope you all had a great new year!

fromtheshires

HappyMJ wrote: »

Some things you can't avoid being on the same account such as the tenancy agreement and the council tax. Make sure they are both paid on time every month and they will not get into arrears and further action will not be taken and you will never be financially linked.

You dont need to have both names on the council tax. When my OH moved in, the man at the council asked if they had any stake in the property to which I said no it was mine. I was then given the option of having both names on the paperwork or just mine and I have my single occupnacy removed and pay for two occupants. I went for the latter. Its one less thing to have associated with you both.

Rosylee

I don't have anything better to advise but very well done for thinking about these things before, rather than after he has moved in and it all goes pop. Hope it doesn't of course, but great you are using your head as well as your heart. If it was me, I would keep all the bills that I can in my name and pay them directly myself so I know they are paid and make him give you an agreed amount each month into your account. I can't imagine the bills will go up massively by having him move in. Probably not the smartest thing to do, but the safest for me

DCFC79

Forget what your credit score is as its not seen by lenders.

MuddyFunster

I shouldn't worry about it - don't open a joint bank account and you'll be fine.


I moved in my with Wife, although she wasn't then 5 years ago, I was broke both financially and physically after a messy period of redundancy and injury - now my credit report is all but clear again and her has remained perfect throughout.

Hazzinho

Just to confirm utilities companies do financially associate you so keep you partner off them. If he has bad debts then debt collection letters may come through your door but so be aware of that, it obviously won't impact your credit.

[Deleted User]

Check the conditions of your buildings and contents insurances.

They may include a requirement to inform them, if anyone who lives there permanently, has been convicted of a criminal offence, made/gone bankrupt, etc.

Not saying any of these apply in your case, but you should check and, if appropriate, declare, or you could have problems, if you need to claim.