Couple of questions - Disassociation

Jetfire

Hi, hope this is in the right place!

I've never had any trouble getting credit in the past (cards and loans), however i've just been refused instantly for a loan from two different places.

I got my credit file from Experian, i've got a lot of credit agreements but they all get paid on time, however, it says I have a financial association with my girlfriend who I live with, based on some joint applications we made for things in the past (mortgage) but never followed through with. She managed to pick up a CCJ last year without even realising it (long story!), so I assume its this that is causing me problems now where before I had none?

We have no joint accounts or joint credit agreements (we each take different household bills and pay seperately), so i've asked to disassociated from her, but as we live at the same address will this cause problems?

Assuming it can be done ok, how long does disassociation take to take effect, as I need a loan pretty sharpish!

And finally, is it possible to have too much credit?! I want the loan to consolidate credit cards so i can get rid of them (going cold turkey, scary!), but i have a lot already, is there a point where companies will simply say no, even if your credit history is good?

Sorry for all the questions, especially for a first post!

Cheers!

Burlesque_Babe

Welcome

If you raise it as a query online, it takes a couple of weeks. I did the same thing a few months back to disassociate myself from my ex.

It could be you have too much available credit or it could be you are getting the to the stage where you are overcommitted - the amount you owe against the amount you earn. If you have any accounts which have a nil balance close them as this will affect your chances of being approved for credit.

Consolidation is rarely a good plan - you will incur loads more interest over the years and you could probably pay it off much faster if you post your Statement of Affairs and let us help you re-arrange your budgeting.

Jetfire

keren29 wrote: »

Consolidation is rarely a good plan - you will incur loads more interest over the years and you could probably pay it off much faster if you post your Statement of Affairs and let us help you re-arrange your budgeting.

I appreciate its not the cheapest way of getting rid of debts, but i've tried moving balances around on credit cards, and i just don't have the willpower to pay more than the minimum each month! Its gone on too long and i need to stop having cards, as the temptation is always there. The loan i want means the repayments are about the same as what i'm paying now on the cards, so i won't be worse off month to month, and that's my main concern for now. It also means that the debt will come down in a fixed amount each month, whereas with card tarting i'd need to pay more than the minimum each month, something i just know i wouldn't do!

chevalier

Hi there
I would suggest you have a look at the snowball calculator at www.whatsthecost.com. Put in your debts as they stand now as per instructions. Then look at the debt free date and how much interest you would pay.

Then put in the prospective loan and do the same thing. I am 90% sure that you will find the debt free date further away and that you will pay more interest. Just because the monthly payment is lower doesn't mean you will save money over the long term.

If you have a problem with credit cards then freeze them in a block of water. If you think you need them you have to let them defrost naturally (can't microwave it damages the card), and by the time it has defrosted, the impulse to buy will have gone!!

Budgeting isn't necessarily about credit tarting, it is making sure that the money you do have is working as hard for you as possible. I am sure we can suggest some things if you post up an SOA.

One thing. You mentioned that you and your partner, pay for different bills separately. But you must make sure that you are paying an equitable amount too.Ie if they are paying £300 of bills then so must you, not more.
chev

tallyhoh

I had to "disassociate" my self from my partner as he couldnt pay a bill if his life depended on it. In my case it didnt cause a problem as all the bills etc were in my name only. It would cause problems though if in the future you decided to apply for anything joint.

I had no problem with credit at all once I had put the note on file.

velvetybubbles

hi can some one plz tell me how to disassociate from my son who has a few unpaid bills at my address and no longer lives here,heard about it but got no idea how to do it.
thanx

Burlesque_Babe

velvety - you need to contact experian and equifax and ask them to disassociate your son from you on your credit file. Does he have anything in a joint name with you - that's normally why there is an association.

velvetybubbles

hi keren,
no not in joint names,just took out phone contracts at our address and didnt pay them when he wasnt even living here.can we do it online?
thanx