Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Original poster

Is it possible to become financially divorced without being actually divorced?

5 replies

mayaknew · 26/05/2015 17:37

So I just got a default letter in from a debt collection agency ? beyond gutted all my fault I have too much debt ?

Anyway DH and I have a joint account so now we won't be able to get any credit for 6 years .

Is there a way for us to become financially separate ?

OP posts:
fantazero · 26/05/2015 18:03

DH and I keep our finances strictly separate as I'm a former bankrupt. It's just a matter of not having any joint accounts I think - we've always had our own accounts and just sort things out by making transfers to each other. There's no reason for you to affect each other's credit rating just because you are married - DH has an excellent rating and got a good mortgage deal in just his name, and my credit status didn't come into it at all.

Original poster
mayaknew · 26/05/2015 18:06

Thanks fan but I'm not sure it's going to be as simple as that as we already have a joint account so we are already financially linked . We need to be un-linked Confused

OP posts:
Athenaviolet · 27/05/2015 21:47

One debt letter doesn't mean you won't get any credit for 6 years!

I think you are confusing that it will show up on your credit history for 6 years. This doesn't mean lenders won't lend it just reduces your score slightly.

It's not clear from your op whose name the debt is in.

Married couples don't share credit histories.

Joint accounts are always a bad idea for customers. They are for the banks benefit so they have 2 people to chase in case of default. So you should stop using it anyway.

Original poster
mayaknew · 27/05/2015 21:54

I thought once an account defaulted and was passed to a debt collection agency that is like the worst thing ever for a credit score ? Well except a CCJ but we don't get them in Scotland .

We do affect each other's credit score thought because a few years ago DH got refused a car loan because "someone you are financially linked to has too high amount of debt" . That was/is me Sad

OP posts:
Athenaviolet · 27/05/2015 22:14

Yes you are connected if you are financially linked but that is by having joint debts/joint accounts not by being married iyswim?

If there was a good reason for your default you may be able to get it removed. Just clear it asap and keep your finances separate in the future.

New posts on this thread. Refresh page
Swipe left for the next trending thread