ChatterBank2 mins ago
Business Loan Liability
My boyfriend has a business loan registered at my address. The business is totally in his name. Now it looks like we might part company - and I want to know the following.
1) If he defaults on his business loan, will I have any liability (because it's at my address)?
2) Will any default reflect badly on my own credit scoring?
1) If he defaults on his business loan, will I have any liability (because it's at my address)?
2) Will any default reflect badly on my own credit scoring?
Answers
Best Answer
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For more on marking an answer as the "Best Answer", please visit our FAQ.1. If you've not signed anything in connection with the loan, you will have no liability in respect of any default.
2. A default could affect your own credit rating unless you file a notice of disassociation with the credit reference agencies. You can do this online with Experian:
http://www.experian.co.uk/contactforms/consume r_onlinedisassociation.html
Experian normally pass on such information to other agencies but, to be certain, you might also want to contact Equifax and CallCredit.
Chris
2. A default could affect your own credit rating unless you file a notice of disassociation with the credit reference agencies. You can do this online with Experian:
http://www.experian.co.uk/contactforms/consume r_onlinedisassociation.html
Experian normally pass on such information to other agencies but, to be certain, you might also want to contact Equifax and CallCredit.
Chris