Can someone help!!!

KazzaR

Hi everyone I hope someone can shed some light on my situation that’s making me feel quite anxious.

I recently entered into a DRO and it was accepted and started on 17 dec 2020, all of the debts were in my name only my partner is not aware of what I have done and I’d made the decision to keep it that way. We are not financially linked in any way at all, he owns the house. Anyway he has an excellent credit score always has and has never entered into any real financial problems, he was due to re mortgage a few weeks ago and was accepted in principle but then after a week or so obviously when they did their credit checks they refused his application and he was extremely confused and upset and they didn’t give a reason. Anyway on MY Experian credit file I noticed that he is on there as a financial link as in feb 2020 we opened a joint bank account BUT I came off it in June and there was no debt linked to the account it was in credit. I was removed and haven’t thought much about it since. When I decided a DRO was for me i knew he wouldn’t be dragged down as we weren’t financially linked any more. 

My question is can lenders see my name on his report and know I’m bankrupt? Like I said we aren’t connected financially in any way at all and have not for several months. I’m so scared I’ve wrecked his credit and it will cause a lot of heartache if he finds out. I’ve applied for a disassociation through Experian just waiting to hear back, if they remove him off my file will I automatically be removed from his? I’m so so so stressed and this is my worst nightmare. It took a lot of courage for me to complete my DRO and I felt nothing but relief when it was done and I saw it was added to my file but now I’m back to anxiety and sleepless nights😩 

Does anyone have any advice or am I worrying for nothing??thanks 

Kaz

kaMelo

If there is a financial link, which there still appears to be, then they will consider both his and your entire credit history, not just that one account. A recent DRO for you would always make a successful mortgage application unlikely as a result.
Whether you filing a notice of disassociation will mean a reciprocal removal of you from his credit file I don't know but I think unlikely.
Maybe looking at the wider picture now is a good time to be open and honest with them to find a way forward together. I would suggest finding out you have money problems may come as a shock to them but one over the shock is fixable if you work together. Finding out you had hidden something from them and continued to do so when it's made things difficult would be much harder to overcome.

KazzaR

But the financial link is historical before my DRO? This isn’t fair and must be something I can do 
I will keep looking and hopefully get some help with this it’s really affecting me
thanks for your reply

KazzaR

Why would it be unlikely I can be removed from his file? We don’t have financial connections now and didn’t before my DRO. The account was active for literally 3 months then closed MONTHS before I entered a DRO 

HampshireH

Consider the cost in mortgage he will have to pay now compared to the rates he could be paying if able to remortgage. For example if I had to stay on my current mortgage at the end of the fixed rate we would need to pay and extra £300 a month. Would be a massive kick in the teeth and back pocket if I couldn't remortgage.

So if your credit is the reason he cannot get a remortgage you could be costing him a fortune and he is clueless.

Surely if his history is clean he is going to want to know what impact your association is having.  When he asks what will you say? Is it not better to be truthful rather than let him shell out indefinitely on a higher rate mortgage and then find out for himself? It could end the relationship (which could be wholly preventable with a bit of honestly now)

finalfantasist

KazzaR said:

Why would it be unlikely I can be removed from his file? We don’t have financial connections now and didn’t before my DRO. The account was active for literally 3 months then closed MONTHS before I entered a DRO 

File the notice of disassociation and everything should be fine.

And perhaps start being honest with your partner.  Hiding things from them rarely works out.

kaMelo

KazzaR said:

Why would it be unlikely I can be removed from his file? We don’t have financial connections now and didn’t before my DRO. The account was active for literally 3 months then closed MONTHS before I entered a DRO 

I didn't say it was unlikely it can happen, I said it was unlikely to happen automatically as a result of your request to disassociate with Experian..
The account existed as a joint account so a link was created, in an ideal world when it was closed or changed then the link would be broken however it's not always that simple and sometimes a manual request to disassociate, like you have done, needs to be made however it would need to be your partner who makes the request, hence why I gave the suggestion I did about being open and honest with them however difficult and awkward that may feel to you. You have a problem but it's fixable if you work together but you can't work together if your partner doesn't know some of the facts.
At the moment all your partner knows is that they were rejected and can't think of why. Are they likely to just roll over and accept it or are they likely to do some digging to find out why.   The truth will out in the end and it will definitely look better if it comes from you

KazzaR

Thank you for your response and I appreciate your being honest. I just feel so awful as he really is t linked to me anymore financially and not since my DRO. I will speak to him we have 2 young kids together I’m sure he will be okay I was trying to see if I could figure this out without involving him.
when he was turned down by the lender they didn’t say why...... would they have seen/ known? He assumed it was because of the pandemic and he is self employed so could of been looked at as high risk?? That’s what he’s been thinking........ of course for me my head is saying different 🙈 such a stressful time I thought I’d left this stress behind 🙈

eskbanker

KazzaR said:

Why would it be unlikely I can be removed from his file? We don’t have financial connections now and didn’t before my DRO. The account was active for literally 3 months then closed MONTHS before I entered a DRO 

https://www.checkmyfile.com/articles/guide-to-financial-associations.htm

A Financial Association will subsequently be created and shown on your Credit Report, where it will remain indefinitely, even after the account is settled or closed. This means that unless you specifically request that the record of your associate be removed, your ex-partner’s finances could still be affecting your Credit Report and creditworthiness without you even realising.

https://www.clearscore.com/learn/credit-score-and-report/borrowing-together-5-things-to-know-before-you-commit/

Any financial associations you’ve had in the past six years will remain on your credit report, even after a joint product has been closed down.

However, if you’re no longer sharing any financial accounts with someone, you can ask for them to be removed from your credit report.

https://www.experian.co.uk/consumer/guides/financial-association.html

5. You can get financial associations removed from your report

If you no longer share finances with your financial associate, you can ask Experian and the other credit reference agencies (Equifax and Callcredit) to remove them from your credit report. Get in touch with us, and be prepared to provide proof that your financial connection has ended.

KazzaR

Thank you for your reply I have requested a disassociation through Experian but I’m also going to call them Monday morning to speak to someone 🤞🏻

eskbanker

KazzaR said:

Thank you for your reply I have requested a disassociation through Experian but I’m also going to call them Monday morning to speak to someone 🤞🏻

Just to be clear, I bolded the word 'your' in that quote to emphasise the clear implication that disassociation applies only to your credit files, i.e. that the record of association with you will still be on your partner's files until he seeks disassociation too....