Hi there

very generally the Trust Deed would only affect your assets & debts. If the house in in joint names, you would require to pay over half the equity. If debts are held jointly, you should remember the creditor can pursue the other party for the FULL amount.

Hope this helps (a bit)

Mark

Thanks. We rent our house so no problem there I guess? All of the debts are just in my name. Will it affect her credit record if I do a protected trust deed?

Hi there

A Trust Deed may affect her credit record as some companies list the address and/or the individual.

From memory, if there is an issue with this you can get a letter of dis association in order that financial data relating to you does not appear on her credit file.

Mark

Hi there. Where can I find out about a letter of dis association? If there's a way to do this without damaging her credit record then I think I need to go for it

Hi bnewman

It's not something I deal with, however you may be jumping the gun a wee bit. Normally you would send a letter after details have been wrongly put on a credit file. I don't think there is a standard letter as such, just something in writing from your partner to confirm that she has no involvement with the debt.

if you contact a credit reference agency, I'm sure they will keep you right on the matter.

Mark

A Notice of Disassociation is a way of indicating to a Credit Reference Agency that your credit record should not be linked to someone registered at the same address.

For example if you moved into a property and suddenly found it difficult to obtain credit it might be that the previous owner or tenant had a bad credit record and this was now being linked to you via the address.

Another example might be if you lived in a shared house where each of you managed your finances seperately (students for example). If one individual has a poor record then perhaps a Notice of Disassociation might be appropriate.

The major credit reference agencies (such as Equifax and Experian) have sections on their websites explaining how to go about filing such a Notice.

It's a more difficult issue if it concerns a partner. Are your financial affairs connected? For example if you have a joint mortgage or a joint tenancy it's difficult to claim that your financial affairs are not connected and therefore a Notice of Disassociation may not be appropriate.

That's pretty much it in a nutshell. If your financial affairs are independent a Notice of Disassociation may prevent credit problems for your partner. If your affairs are significantly interconnected this may not be appropriate or possible.