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    • dodgymexican
    • By dodgymexican 13th Mar 18, 1:36 PM
    • 1Posts
    • 0Thanks
    Financial Link
    • #1
    • 13th Mar 18, 1:36 PM
    Financial Link 13th Mar 18 at 1:36 PM
    Strange one this I think:
    My partner R; recently had a mortgage application turned down from the Halifax for a financial link to me; S - after getting credit reports etc etc is was down to a old joint account we opened and closed back in 2005.
    Both our credit ratings were really good back then; R's is wonderful - mine not too good due to a couple of redundancies; pay cut etc etc over the last few years so have had to do a DMP with Stepchange to help with my finances.
    That has only been the last couple of years -and the last mortgage application went ok.

    Our argument is that joint account we held in 2005 (now closed) shouldn't have any bearings on what R can apply for in terms of mortgages and credit. If we still had that account open - then fair enough as I have a DMP.

    We are arguing that because Halifax turned down the mortgage application (when R had a Halifax mortgage and bank accounts already) because they put the financial link up - they should pay some compensation - because R had to pay higher mortgage rates and pay for Experian membership whilst this was sorted.

    Halifax have since taken the file off the credit report -mortgage is with Santander but they are saying they have done anything wrong.

    Anybody else had this - or could offer any advice going forward?

    Thanks S
Page 1
    • zx81
    • By zx81 13th Mar 18, 1:46 PM
    • 16,813 Posts
    • 17,816 Thanks
    • #2
    • 13th Mar 18, 1:46 PM
    • #2
    • 13th Mar 18, 1:46 PM
    They won't be paying compensation.

    File a notice of disassociation with all CRAs if you no longer have any joint products.
  • National Debtline
    • #3
    • 13th Mar 18, 2:54 PM
    • #3
    • 13th Mar 18, 2:54 PM
    Hi there,

    Unfortunately, when you have a credit in joint names like this you will create a financial association and that will continue until a disassociation is filed. The fact that the account closed and the credit was dealt with, doesn't automatically disassociate you from each other.

    You can raise a complaint and ask them for compensation, but I am afraid I also think this will be unlikely.

    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • tenchy
    • By tenchy 13th Mar 18, 3:09 PM
    • 360 Posts
    • 113 Thanks
    • #4
    • 13th Mar 18, 3:09 PM
    • #4
    • 13th Mar 18, 3:09 PM
    This is the fault of the CRAs. It represents one of a number of malpractices currently operating within the industry. Why should the onus be on you, who has no relationship with the credit bureaus, to file for a disassociation? After all, the majority of the population haven't a clue about credit bureaus and don't know how they operate. It's not beyond the whit of man to have database whereby, if no open joint accounts are present, then any financial associations are removed.

    You could speak to the ICO to ask how, or why, they permit this practice to take place, but they only have a limited understanding of the practicalities of information handling, so you might not get very far. What you should do is raise it with your MP, explaining how this malpractice has caused you a financial loss. Hopefully he will be sympathetic to your predicament.
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