Credit History - Financial Disassociation

LeonardK

Hi everyone!

I am new to MSE and actually joined tonight in order to post this question! :money:

I recently added my partner to my Natwest account. It was just so things were easier for me to manage the household and general 'life admin' as I like to call it, rather than a financial commitment.

We have been together approx. 6 years and have a joint mortgage and other accounts. So I was rather taken back when the branch assistant didn't just pass us information on our joint financial association as a result of our new account, she actually advised us to disassociate!

This confused me because in the past I have always thought that disassociating yourself financially usually happened after a breakup or when I was a student living with strangers for example!

We aren't married yet but will be in the future. We are both earning over £35k independently and both have a clear and good credit rating. Should I be dissociating or am I quite ok to keep our financial information linked?

What would be the pros and cons of financial disassociation in my situation? Are you married or in a relationship and disassociated financially?

I have been browsing the forum this evening and haven't found a post similar already so please point me in the right direction if I have missed anything.

Thank you!

K.L

DCFC79

Its a personal choice but credit ratings have no bearing, its the credit history that lenders are concerned about.

If your happy to be financially linked then go for it, I take it your aware of the implications if you or your partner get into debt it will affect the other partner.

Ben8282

You say you also have a joint mortgage and possibly other joint accounts. You will NOT be able to disassociate until ALL JOINT ACCOUNTS ARE CLOSED (or changed into sole accounts in one of your names only).
So unless you are able to repay the mortgage and one of you obtain a sole mortgage in one of your names only no disassociation will be possible.

Did the branch assistant say why she recommended you to disassociate? Based on your statement that you are both earning over £35k independently and both have a clear and good credit rating there is no readily apparent reason why this recommendation should have been made. Reading between the lines and without speculating as to her motive, I am wondering if this was not a ploy to dissuade you from changing the account to a joint account.

ashp_2

The branch assistant was talking rubbish. As posted above you are already associated so you can't remove the link unless you put all of your accounts into single names.

GingerBob_3

Remember also that even if/when you close all joint accounts the CRAs will still publish credit information about you as though you still had a financial link. To stop them issuing these lies against you and your partner you'll need to tell all three of the CRAs that you are no longer associated.