Credit Rating and Divorce

premiere100

Hello,


I got divorced mid last year. The only financial link between myself and my ex-wife is an old joint bank account that has a very large overdraft.


This is not in dispute between us at all however I cannot afford to pay it off and close it.


I have very clean credit (job dependant) however my ex-wife no longer does as she hasn't been paying her credit bills (despite me giving her the money). As such she now has appalling credit and I have noticed that my own credits cards have suddenly started to increase my interest rates. In addition, I was declined a phone upgrade as an example.


I asked Experian to sever the link but they refused due to the joint bank account being open. The bank refuse to move the account just to my name as it's in debit (not default, just in overdraft).


Is there any point of putting a note on my Credit files explaining? Or is there a way of severing the link some how? I tried to borrow the money from my bank to clear said overdraft and close the joint account but that was refused too.


I'm a bit stuck now. Any ideas? Thanks you

[Deleted User]

Until it is closed, you will remain financially associated.

ashp_2

As above. You need to get that account closed before you can disassociate.

National_Debtline

Hi Premier100,


I agree with the other posters, that realistically the account needs to be paid off and closed before you can register a disassociation.


My only concern is that you mentioned you are struggling to pay anything towards it. So, if the bank recalls the overdraft (which they can do at any point) and you are unable to clear it in full at that time then the account will go into a status of default. Once this has happen Experian will no longer consider the account to be 'active' and they may allow you to disassociate. However, Equifax and Call Credit would still class this as 'open' account and they will not register a disassociation on their files.


I would not recommend that you deliberately default - as this will cause more damage to your file, however, please be aware that overdrafts can be recalled. Good luck,


Laura
@natdebtline

robber2

At the moment her debt is effectively your debt. Until you both agree to pay off the overdraught you will nto be able to sever the link .

Rob

Thrugelmir

premiere100 wrote: »

I have noticed that my own credits cards have suddenly started to increase my interest rates. In addition, I was declined a phone upgrade as an example.

If you already have multiple credit cards with balances owing plus a large overdraft. Then you own credit rating is likely to be poor. Absolutely nothing to with your ex. You have enough problems of your own.

sourcrates

You are not credit checked for phone upgrades with the same network.

I would query that decision if I were you.

MEM62

premiere100 wrote: »

however my ex-wife no longer does as she hasn't been paying her credit bills (despite me giving her the money).

The bank refuse to move the account just to my name as it's in debit (not default, just in overdraft).

Any ideas? Thanks you

Stop giving your ex money to pay her credit cards. Use this money to clear the overdraft and then close the account.

As long as this account exists you are financially linked and your ex will trash your credit standing in the process of screwing up her own financial affairs.

Nasqueron

See if you can get one of the money transfer credit cards, cash transfer and pay off the OD and pay the card off over time and get the account closed.