Joint Accounts - voluntary responsibility

abk

Hello!
My b/f is in a situation where he shared a current account, and is named on a mortgage with his Mum. Unfortunately the current account defaulted in Aug 2013, and the mortgage fell into arrears. We recently found out how much this affected his credit score, and it will have a massive impact on our chances of getting a mortgage next year. His Mum wants to take full responsibility for the default/arrears and clear my b/fs bad records in order to repay him for his help. Has anyone heard of this being possible with the banks if someone has offered to take full responsibility or had any success with this?

CLAPTON

abk wrote: »

Hello!
My b/f is in a situation where he shared a current account, and is named on a mortgage with his Mum. Unfortunately the current account defaulted in Aug 2013, and the mortgage fell into arrears. We recently found out how much this affected his credit score, and it will have a massive impact on our chances of getting a mortgage next year. His Mum wants to take full responsibility for the default/arrears and clear my b/fs bad records in order to repay him for his help. Has anyone heard of this being possible with the banks if someone has offered to take full responsibility or had any success with this?

joint a/cs mean both parties are equally responsible for repayment: banks like these as they can pursue both parties fore the debts if necessary

why didn't he pay up as he promised to do when he got the joint accounts?

so the answer, is no.

National_Debtline

Hi abk


Has the current account debt been settled yet? That is the first thing that needs to be done I would suggest. I don't think that the bank can/will remove your boyfriend's association with that 2013 default as it was a factually accurate reflection of events at that time.


What he can do, however, is to ask to be disassociated from his mother by the credit reference agencies so that his credit report no longer reflects a financial connection or interdependency between them (I am acting on the assumption that they do not live at the same address now). Experian have more information on this at


http://www.experian.co.uk/consumer/faq/AR3.html


Dennis
@natdebtline

abk

Unfortunately he didn't help to manage the account, and his Mum didn't let him know when things went wrong. He is also still living at home so can't be disassociated. Lesson learned!
I just wondered if someone was happy to take full responsibility if the banks would be a bit more flexible.
Thanks for your help.