default on joint loan

Pbrushneen

I have had to enter a protected trust deed and one of the loans included was a joint loan, we have continued to pay the joint loan (no payments ever missed) but the company have put a default on my partners credit file so it appears that it is not being paid when it is. Can anybody advise me if this is allowed when there are no missed payments and it continues to be paid monthly ? 
Thank you. 

[Deleted User]

Putting it in a trust deed means you effectively told them you were defaulting.

Why did you include it if you were able to continue to make the contractual payments?

Pbrushneen

I was told it had to go in but that my partner was to continue paying it because he was jointly liable. I was told that my entering the deed would not affect his credit rating which was one of the main reasons i was able to go ahead with the deed. 
I was prepared for my credit rating to be 0  for 6 years but was led to believe it would not affect his rating. 
I just don’t understand how a loan can show as defaulted on his credit file when no payments have been missed and the full amount has been paid each month? 
Mom his credit file it looks like he has not paid the loan for the last 3 months 
Thank you 

[Deleted User]

What has the company said when you disputed the marker with them?

Pbrushneen

They said that’s just how it is done ! I have said I want to raise a complaint and they said they will get back to me in 8 weeks although I have not done this in writing.
Thank you for replying I have tried so many place to get help with this I so appreciate you taking the time to reply to me 

[Deleted User]

I suspect it'll be easily resolved. The trust deed would have just triggered an automatic default, which they'll need to manually over ride.

2021BJ

Pbrushneen said:

They said that’s just how it is done ! I have said I want to raise a complaint and they said they will get back to me in 8 weeks although I have not done this in writing.
Thank you for replying I have tried so many place to get help with this I so appreciate you taking the time to reply to me 

The agreement has broken down as one of the parties has, in effect, defaulted on it.  Just because the other hasn't doesn't mean it won't be reported as a default on their file too.

Even if they hadn't defaulted it, what you were told about your Trust Deed is incorrect.  As you and your partner are financially linked through at least one financial product, anything that goes on with your credit file can affect theirs.  I'd be pursuing whoever gave you the duff advice, not the loan provider, if it were me.

blatchp

I agree, if it's a joint loan and goes into default both parties will end up with a black mark on their credit file.  You are financially associated hence the loan co's action.

Pbrushneen

Yes that is what I have now been told. Carrington Dean whom I have the trust deed with told me every time I asked if my partners credit would be affected(I asked on several occasions) that it would not, I have spoken to them and I got told “sorry to have been mis-informed” I think that I was misled so that I would go ahead with the trust deed. 
Thank you very much for your replies. 

Pbrushneen

Sainsbury’s have refused to allow my partner to carry on paying a joint loan we have after I entered a protected trust deed that have said they can’t accept anymore payments snd the loan has been written off, does this sound correct? I thought my partner would still be liable to pay the loan ? 

DCFC79

Do remember that only you see the rating, your credit history is what lenders see.