It’s never nice when a relationship ends, and things can get tricky when money’s involved. This is particularly true if you are associated to an ex partner financially.
What’s a financial association?
A financial association is when you’re linked to somebody else financially. This happens when you enter into a joint financial agreement. This could be the result of having a joint account, a joint credit agreement, a joint mortgage or a joint utilities contract for example.
You can also be financially associated to someone if you’ve acted as a guarantor for them.
When you’re financially associated with someone your credit reports are linked. For example, if you’re applying for credit, lenders may check both people’s credit reports before making a decision.
You may think it’s harmless to leave the financial link on your credit report but you need to be wary. If your ex-partner has debts that you didn’t know about, or gets into debt after you’ve split up, it could affect your credit score. And this may mean that if you apply for credit in the future, you could be turned down because you have that financial link still.
When can you remove the financial link with an ex-partner?
Removing a financial link is known as financial disassociation. You can ask for any financial links with an ex-partner to be removed if:
- You no longer share a bank account or any other credit agreements (including any outstanding debt)
- You don’t live together
- You have separate and independent incomes
- You haven’t got any other shared financial link
How can you request to be financially disassociated from an ex-partner?
If you want to disassociate yourself from an ex-partner or anyone else you’ve had a financial link with, you can do this at noddle.co.uk.
When you’re logged in, go to ‘My credit report’ and then select ‘Connections & Other Names’ from the left hand menu. Anybody you have a financial association with will show here. If you wish to disassociate from that person and are in a position to do so, click on the arrow to the right hand side of any connections.
You’ll then see a button marked ‘dispute’. If you click on that, you’ll be able to give us the full details of the dispute. This will then be passed over to our disputes team, who’ll look into things and get back to you within 28 days.
You can also follow the progress of this in the ‘My account’ section of your report.
We hope you found this useful. If you have any more questions around financial disassociation – get in touch by messaging us on Facebook @noddleuk or tweet us @useyournoddle.