question category: Credit Rating

My daughter is in debt. Does it affect me if we have the same address?
Submitted on: 16th Nov 2008 by Non-Member | Total Answers: 1

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Does daughters financial debt affect me?

We're sorry to hear that your daughter is in serious debt. We hope it sorts its self out soon. In the meantime you should be aware of the following.

As you have the same surname and I assume live in the same address, it is worth ‘disassociating’ yourself with the finances of your daughter. This process is called ‘Disassociation’. The process of disassociation is achieved by contacting the credit reference agencies. If you don’t do this, your daughters finances may affect your own credit rating and your ability to get finance.

Another point worth mentioning is I am sure you don’t want bailiffs turning up so it’s important that you know how bad things have got and that your daughter seeks help ASAP. There’s free debt advice and good debt solutions available to those struggling to meet repayments on debts. Both Debt Management Plans and IVA’s are two of the possible debt solutions to consider. A professional debt advisor will look at your daughters finances in more detail and be able to advise the best way forward.
 

Submitted on: 16th Nov 2008 by TA Member

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