It’s Halloween which means it’s time for ghosts and ghouls to come out and play. A time when we take it in turns to scare each other with pranks and to tell chilling stories around the campfire. Well, we don’t have a campfire but we do have some horrifying financial ghost stories. This one is called:
The Haunting Of The Bad Credit Ex
Moira had been with her partner Steve for years and everything was bliss. Their relationship was strong, life was good and due to always paying their bills on time, their credit ratings were great. So much so that Moira and Steve eventually got a mortgage together which they paid using their joint bank account.
Maybe it was just one of those things that happens or perhaps the new house was haunted, but either way that mortgage was the beginning of the end as a short while later things turned sour and Moira and Steve went their separate ways.
Eventually Moira moved on. She built a new life for herself and never had a worry as she managed herself and her finances perfectly.
Moira never missed a payment and so assumed that she had perfect credit but little did she know, things were going wrong for her…
The day came that Moira applied for a loan and was refused. This left her confused and a little embarrassed but later when she was refused a credit card due to having bad credit, Moira’s confusion turned to concern and then terror!
Had someone stolen her identity?
She checked her Noddle credit report for what the problem might be but everything seemed fine. So why was she being refused credit?
Moira spoke to the Noddle customer services team who looked in to it further and discovered a chilling fact… Moira had never severed her financial links with Steve. While he took on the mortgage, her name was still on the documents and while Moira opened a new bank account, the joint account was never closed!
Since their break up, Steve hadn’t been very responsible with his money. His credit history had turned rotten and because of their financial association, Moira’s credit history was being haunted by his.
Fortunately, this story has a happy ending as Noddle helped Moira work through this and cut those old financial ties. But be warned dear reader, because old financial associations could haunt you too if you forget about them.
Moira and Steve are made up characters bur the situation described is very real. For more information on how joint debts could affect your credit rating this is an interesting piece by Savvy Woman Sarah Pennells.