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  • FIRST POST
    • Zoë1992
    • By Zoë1992 9th Aug 18, 6:07 PM
    • 1Posts
    • 0Thanks
    Zoë1992
    Moving debts etc to another name...
    • #1
    • 9th Aug 18, 6:07 PM
    Moving debts etc to another name... 9th Aug 18 at 6:07 PM
    I was unsure of how to title this thread or if its in the correct category, but here goes, hopefully someone can help....

    Going back years ago (before I was old enough to have my own phone contract) my dad took one out in his name for me, it was always paid on time etc, the contract ended 3/4 years ago and there was an outstanding balance of 74 odd, which I thought I had paid but seemingly not as my dad received a letter a few weeks ago stating that balance was owed, which he paid as I was on holiday and we have since settled between us. His credit score had been going down over the last year or two and he even had his credit card limit reduced despite never missing a payment and hardly using it! We chalked it down to my brothers horrendous credit score going against the house and the fact he has a CCJ and numerous visits from bailiffs which stupidly my dad has always paid for him!

    Anyway, last week he goes for a meeting at the bank to enquire about borrowing some more money against his house/mortgage in order to complete some home improvements... to be told they probably wont do it as he has a defaulted account of 33 months, suddenly something clicks in his head and he realises this 74 odd is whats been effecting his credit! Refusal for finance on a 3000 bike, the credit card limit being dropped etc!!!
    Again hes never missed a payment on his mortgage, only has 8 years left because he remortgaged when him and my mum split and he earns plenty, just not enough in order to complete the work his house needs.

    Of course Im now feeling guilty as hell and knowing I cant lend him the money myself, wondering if anyone knows if its possible to have this file thats impacting his credit score moved over to my credit file seeing as it was my contract and my fault?

    Sorry for the long winded explanation, hopefully someone will understand!!!
Page 1
    • zx81
    • By zx81 9th Aug 18, 6:09 PM
    • 18,093 Posts
    • 19,306 Thanks
    zx81
    • #2
    • 9th Aug 18, 6:09 PM
    • #2
    • 9th Aug 18, 6:09 PM
    No. The accounts are in his name, and will remain on his file until 6 years after being paid off (or from default).

    His credit score can be ignored, but the contents of his credit files will be deterring lenders.
    • Gary_Dexter
    • By Gary_Dexter 9th Aug 18, 6:10 PM
    • 1,764 Posts
    • 1,016 Thanks
    Gary_Dexter
    • #3
    • 9th Aug 18, 6:10 PM
    • #3
    • 9th Aug 18, 6:10 PM
    Credit scores are made up. Ignore them.

    Debts aren!!!8217;t secured against a house (unless it!!!8217;s a mortgage etc.) but against a person. You can!!!8217;t blacklist a house.

    You can!!!8217;t transfer a debt either it!!!8217;ll be under the name of the person whose debt it is.
    • Craig1981
    • By Craig1981 10th Aug 18, 6:08 AM
    • 170 Posts
    • 85 Thanks
    Craig1981
    • #4
    • 10th Aug 18, 6:08 AM
    • #4
    • 10th Aug 18, 6:08 AM
    credit limits will drop if card is not being used regularly - as you mentioned he hardly uses it, this would probably be the reason for the lower limit being placed on his card
  • National Debtline
    • #5
    • 10th Aug 18, 11:44 AM
    • #5
    • 10th Aug 18, 11:44 AM
    Hi there


    I'm sorry to hear what has happened. Unfortunately the debt was in your Dad's name and technically his responsibility. That means there is no possibility of it being transferred on to your credit file. Your Dad could try asking the mobile company (or debt collection agency if the debt was bought) to remove the default due to the fact you agreed to pay it, but realistically they are very unlikely to do that.


    It is possible to add a notice of correction to a credit file. 200 words can be added, and it could be used to explain why the default was registered. However some people would argue that a notice of correction can do more harm than good.


    One silver lining is a default can only be recorded for 6 years. That means if the default is already 3 to 4 years old, it will be dropping off in 2 or 3 years.


    Best wishes


    Susie
    @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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