Financial Association- help please

[wiosna30]

:(Hi everyone,

Can anyone advise me?

We want to buy a car but only for my name (my partner has bad credit history and I cannot have any financial association with him) and pay car insurance (comprehensive) in one full lump sum. The question is where is “Who owns the vehicle? “and” Who is the vehicle registered to ?” we will put only my name and add him like a additional driver, does it can affect my scoring and show on credit report “financial association” with him (we have the same address but not joint banks accounts, loans, mortgages, credit cards, debts (our names are only on Rental agreement and paying book for Council tax)

We don’t want loose a car .Can debt collectors come to my (our) address and hassle me? What happen if we will get marriage?

 

I appreciate any advice you can give me on this matter as it is causing me sleepless nights.

[Guest Old_andrew2018]

bump

[poppynurse]

It sounds like you need to get a loan in your name only to cover the purchase price of the car and the insurance. You can name him on your insurance - I do not think this would affect your credit file. Register the car in your name.

 

Debt collector's have no right to harrass you or take your property in respect of your partners debts.

[wiosna30]

Hi

 

I need templates of Disassociation from my Husband to Credits Company.His bad history affecting my scoring and I am unable to get a Loan, etc... We leave together on the same address but we don't have joint Bank accounts, joint loans, joint Credits Card, Mortgages..

I am not sure if we can do financial disassociation if we leave on the same address.

Any advise?

 

Many thanks

[foolishgirl]

You have to get a form from each CRA (phone Cust. Services), complete, sign & return. However be aware that one of the questions is relating to shared address & you have to give a valid reason as to why you now consider yourself financially disassociated. I guess if they don't accept full FD you could ask for a note to be put on your file but not sure how much effect that would have on your personal credit rating.

[car2403]

If you've made applications for credit together in the past, that is where the association has came from.

 

You can ask the Credit Reference Agencies where this information has come from, then approach the supplier to get it corrected.

 

Each CRA has a different process, so you'd need to contact them to request details of how to do it.

 

If you're married and living together, you may find it difficult to get this removed - they see you as being associated with each other by inference, and will take some convincing to remove the debts.

 

Also, isn't the association just showing a true reflection of your current credit status?

[foolishgirl]

Links to online forms here:

 

Financial connections questionnaire | Experian UK

 

http://www.callcredit.co.uk/download/DisassociationForm.pdf

 

Equifax is the other one you need - sorry, can't find link at the moment.

[wiosna30]

Thank you for your help. I will send Disassociation form and wait for response.

[hexuan]

[Very interesting and informative site, and a beacon of sanity in these rather grim times!]

 

If I might ask a basic question, which may sound silly, but how do they know you are married? I mean, is everyone at an address with the same surname assumed to be related?

 

I am also wondering what happens about financial assosiations in PRACTICE. I would presume that credit reference agencies, being a law unto themselves, would simply put everyone at the same address down as connected. I can't believe in the real world that they would not do this.

 

It must therefore be the case that if one person called Mr Cuthbert at 9 Any Street is bankrupt, and another person called Mrs Cuthbert at 9 Any Street applies for a credit card, that she will be refused. Perhaps this is not how it's SUPPOSED to be, but surely this is how it works in practice?

 

Does anyone have experiences of being refused credit because of others at the same address, or experience of being granted credit despite being at the same address as, say, a bankrupt?

[bobbyh99]

A financial association show a financial link you have with someone. They are created by joint accounts, joint credit applications etc. On your credit file you will see a link created with someone you have an account with or have applied for credit jointly.

 

If there is someone on you credit file that you do not have a financial link with, then they (CRA's) should remove the link (once you have pointed them in the right direction!)

 

If you have a bad credit file, and there is a financial link to say your partner, and your partner applies for credit, this will likely be refused.

 

Whilst the address is an important factor, the only details on your credit report (account info) should be only yours. Any links you have with someone else will alert the lender to search their file too!