Loan for self employed bod

Cullumpster

hello all,

just an enquiry really, my boyfriend is seperated from his wife, she is now living in there old house and paying the mortgage etc.

He used to have all of his wages payed into her account because the bill ect were in her name, it was easier that way.

Now they have split up and he is not living at the house anymore and he has also gone self employed.

the only thing is that he is now struggling to get any credit or loans at all, is it because he has no debts as such in his name and also that his name is no longer on the mortgage?

How does he go about getting credit for his business, and would it be better to get a loan or a C/card ??

Thanks
Vic ;D

Debt_Free_Chick

Firstly, he should apply for his credit reports

here

https://www.equifax.co.uk

and here

https://www.experian.co.uk

He could apply for the online versions (costs extra, but available "instantly") or just download the application forms and request the statutory reports for £2 each.

He is likely to be linked to his wife's credit record, so her credit behaviour is deemed to be part of his, and vice-versa.

He can apply for his credit history to be "disassociated" from that of his wife's, but this might not be possible if they do not have a judicial separation. The relevant information is on the sites listed above.

His credit reports show him the information that the lender takes into account. So, for example, if his wife has defaulted on her loans/debt, those defaults might appear on his credit report (as they are deemed to be financially associated).

This should be the first step. He may then need to "clean up" his credit report, for example, by disassociating himself from her debt. Once that's done, and the information has been recorded on his credit report, then he can consider applying for credit (debt!) in his own right. Post back then, for further guidance.

NTH

Robert_Sterling_3

Could he get a loan from his wife?

Cullumpster

Lol i tried that and i think the words 'Not over my dead body' came out of his mouth!!

so ................Hmm probably not

Robert_Sterling_3

Well if she can't trust him who can?

MarkyMarkD

The Experian online service is available on a free, one-month, trial at https://www.creditexpert.co.uk - but if you have too long a credit history, it doesn't work - I know by bitter experience.

To be fair, they cancelled my membership and sent the paper version for free. But how a PDF file can be "too big" is beyond me.