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Lorryjo1983
Advanced Contributor

62 Posts

Posted - 09 September 2018 :  16:33:27  Show Profile  Reply with Quote
If my partner enters a trust deed will my credit be affected as we have a joint bank account. No debt with the bank though and we really want to keep our account or should I dis-associate myself in order to obtain credit in future?

TDA (Debt Adviser)
Trust Deed Expert



12536 Posts

Posted - 10 September 2018 :  09:17:11  Show Profile  Reply with Quote
Hi Lorryjo1983.

A slightly nuanced answer here...

Your credit rating will not be affected at all by a partner entering into a trust deed.

However, because you have a joint bank account there will be a link (financial association) between your credit files.

Some lenders might consider a financial association with someone that has entered a trust deed to be an additional risk factor for them. It might affect their willingness to lend to you.

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Sharon Toal
Trust Deed Expert



281 Posts

Posted - 10 September 2018 :  12:49:10  Show Profile  Reply with Quote

Hi Lorryjo

You may wish to separate your bank accounts. At this point you will no longer be financially associated with your partner and can request for your credit report to be updated.



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Swandog
Advanced Contributor

68 Posts

Posted - 11 September 2018 :  09:30:58  Show Profile  Reply with Quote
Hi Lorryjo1983,

Has your partner spoken to anyone for some debt advice to decide which options they have available to deal with the debts?

As the others have said should your partner enter into a Trust Deed then this shouldn’t have an impact on your credit rating but it might be a good idea to separate your bank accounts and dis-associate yourself if your linked with them on your credit file just to be safe.
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Lorryjo1983
Advanced Contributor

62 Posts

Posted - 11 September 2018 :  11:01:53  Show Profile  Reply with Quote
Thanks everyone. He isn't behind on any payments or anything just not much surplus income left at the end of the month so maybe it is a good idea for a TD.
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Kevin Mapstone
Trust Deed Expert



3578 Posts

Posted - 11 September 2018 :  11:13:29  Show Profile  Reply with Quote
Hi Lorryjo1983. Quite often I see people where they are managing to maintain all of their debt repayments, but only by taking further debt now and then to help stay on top of things. Usually they do this for as long as they can until eventually the debts have increased beyind what is affordable.

Does this sound like what your partner has been doing? If so, it's a slippery slope which usually ends in major difficulties so I think it would be very wise to seek advice as to what options are out there. A Trust Deed may be one option that could work, but there may be others that should also be considered.

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Lorryjo1983
Advanced Contributor

62 Posts

Posted - 11 September 2018 :  12:31:08  Show Profile  Reply with Quote
No he hasn't taken on further debt but feels his loan repayment is very high and once everything is paid at the end of the month he doesn't have much to live on. I think if he took his loan over a longer period of time he would be ok but his bank won't let him do that.
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Sharon Toal
Trust Deed Expert



281 Posts

Posted - 11 September 2018 :  14:51:32  Show Profile  Reply with Quote
Lorryjo

It may be an idea for your partner to speak to a qualified debt advisor to discuss options that may or may not be available. Once he has that information, he can make an informed decision on what is best for him.

There are various solutions available.

It is a big step so take your time and research the firm you approach.

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Swandog
Advanced Contributor

68 Posts

Posted - 12 September 2018 :  09:54:37  Show Profile  Reply with Quote
From what you have said Lorryjo1983 it sounds like it might be a good idea for your partner to reach out to an advisor for some advice.

The advisor should work through a thorough income and expenditure to establish what your partners budget is like and then decide if he needs to consider a plan to help him deal with the debt.

Sometimes a little budgeting advice, shopping around for more competitive utility suppliers, car insurance, perhaps how he does his food shopping, maybe reducing a sky or virgin package etc. can help save some money which could mean he is able to pay his loan and avoid a plan which would have an impact on his credit rating.

Alternatively if he is really struggling and there is no way he can cut back on spending per month a plan might be the best option. That way he can afford to live per month.

If he speaks with an advisor he will be in a better position to decide what to do.
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