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  • FIRST POST
    • usedtobeblue
    • By usedtobeblue 13th Apr 18, 12:32 PM
    • 41Posts
    • 24Thanks
    usedtobeblue
    DMP - how big will the affect be my husband
    • #1
    • 13th Apr 18, 12:32 PM
    DMP - how big will the affect be my husband 13th Apr 18 at 12:32 PM
    So my dmp starts 01 June with SC, I've everything set up and a small emergency fund is building up too.

    My husband is fully aware of me starting the plan and although hes not over the moon hes been incredibly supportive. He has an excellent credit record, not overly in debt, always pays on time and never uses his overdraft (much better at managing money than me obviously)!

    My question today is how much will this affect my husband? We have a joint bank account and mortgage. All of the debts in my dmp are solely mine.

    I have researched but i'm getting conflicting answers.
    Any advice would be greatly appreciated.
    learning to live again, slowly but determined 30k in debt, but dealing with it and proud
Page 1
    • rfl
    • By rfl 13th Apr 18, 1:49 PM
    • 6 Posts
    • 1 Thanks
    rfl
    • #2
    • 13th Apr 18, 1:49 PM
    • #2
    • 13th Apr 18, 1:49 PM
    Hi,
    My husband has a DMP and I don't. We no longer have a joint account as he owed money to the bank we held our joint account with. Our mortgage has been unaffected as we have stayed with the same provider (always look but they always seem to have good rates we can afford).
    Best of luck with it x
    • usedtobeblue
    • By usedtobeblue 13th Apr 18, 2:06 PM
    • 41 Posts
    • 24 Thanks
    usedtobeblue
    • #3
    • 13th Apr 18, 2:06 PM
    • #3
    • 13th Apr 18, 2:06 PM
    Thank you so much for your reply. Can i ask did his dmp affect you much? For example do you still get offered the 0% balance transfers on cards etc? I would hate for this to become his problem x
    learning to live again, slowly but determined 30k in debt, but dealing with it and proud
    • rfl
    • By rfl 13th Apr 18, 2:50 PM
    • 6 Posts
    • 1 Thanks
    rfl
    • #4
    • 13th Apr 18, 2:50 PM
    • #4
    • 13th Apr 18, 2:50 PM
    It doesn't seem to have and he's been on it a few years now.
    • Sunnysam72
    • By Sunnysam72 13th Apr 18, 10:35 PM
    • 22 Posts
    • 67 Thanks
    Sunnysam72
    • #5
    • 13th Apr 18, 10:35 PM
    • #5
    • 13th Apr 18, 10:35 PM
    That's a question I have - I'm about to get a DMP rolling for me, we have joint account and mge too. Just redone our mge for next 4 years, so that's not affected. DH doesn't really use credit tbh, he has a cc that he always pays off immediately. I have a cc with the bank we have out joint account with, but it's an account we both pay into to just pay all our bills off from. I'm thinking he could set up a new account himself for bills, in a different bank and then I'll just pay my monthly expenses to that for bills. I'm also worried about the effect my debt/DMP I'm embarking on will have on him too. Luckily we stayed with same mge provider, and if I do a DMP, we will have to remain with them until my defaults drop off my credit file. Since he's great with money I doubt he'll need to get any loans or cc, so it might not matter for us. He's waaayyyy better with money than me. Good luck with it all.
    • usedtobeblue
    • By usedtobeblue 17th Apr 18, 9:51 AM
    • 41 Posts
    • 24 Thanks
    usedtobeblue
    • #6
    • 17th Apr 18, 9:51 AM
    • #6
    • 17th Apr 18, 9:51 AM
    Thank you rfl!

    Hi SunnySam72, i checked with NatWest and we can switch our mortgage to a better rate etc once we are out of our fixed rate and they wont credit check us as we wont be borrowing any additional funds, if we choose to switch providers we will be credit checked and i can only assume declined.
    I havent really got any other answers only that we checked my husbands credit report at the weekend and it is still excellent (mine has went completely to pot) so hopefully he will remain pretty unaffected.
    Good luck with everything
    learning to live again, slowly but determined 30k in debt, but dealing with it and proud
    • anna_1977
    • By anna_1977 18th Apr 18, 9:04 AM
    • 684 Posts
    • 937 Thanks
    anna_1977
    • #7
    • 18th Apr 18, 9:04 AM
    • #7
    • 18th Apr 18, 9:04 AM
    I would have thought that having the joint bank account will link you financially and that would potentially screw his credit too - having said that it hasn't yet.
  • National Debtline
    • #8
    • 18th Apr 18, 11:50 AM
    • #8
    • 18th Apr 18, 11:50 AM
    Hi usedtobeblue


    Your credit file, and that of your husband, will feature a section titled "Financial associations" or similar wording - I would expect you to be listed on each other's files here due to the joint mortgage and bank account.


    While this connection doesn't make your husband liable for any debt you owe in your sole name, it does mean that any applications he makes for credit can be affected as lenders may take this information into account. How big an effect that has depends on how reliant he is likely to be on further credit in the foreseeable future. It may not impact at all on what products he is eligible for, or only to a very small degree. It's hard to be more definitive than that, as lending decisions are made on a case by case basis.


    Dennis
    @natdebtline
    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
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