If my name is not on his accounts am i responsible for his debts. He keeps taking on loans i think he is going to take the money and run. He wants out of our relationship after 7years. I took my name off all his credit card accounts. We have one loan in both names but i am going to pay it off and a house i am getting it put in my name only he agreed. Will i be ok and this won't affect my credit will it i am just getting it built up . What do you think?
2007-03-22 12:23:59 · 3 answers · asked by mistiful2001 2 in Business & Finance ➔ Personal Finance
Good moves. As long as your name is not on the contract for those accounts, your OK. Typically a creditor will not just remove one or the others name even if you request in writing. So make sure any accounts that you actually signed the loan or debt agreement to are CLOSED. As far as the house, just having your name on the deed is not enough. He has to be off the mortgage too. If you are both responsible for the mortgage and he bails, you will be responsible for the whole debt so make sure you can cover that. The joint account you speak of that your going to pay off. Put a hold on any further activity on the account. Call the creditor, tell them you want no further debt added to the account that your going to pay it off due to a divorce, and you need to CLOSE it completely when its paid. That way he cannot go and use it to get cash withdrawls or make purchases and leave you holding the bag. If you do that your credit will not be affected by his irresponsible deeds.
2007-03-22 12:36:15 · answer #1 · answered by Sane 6 · 0⤊ 0⤋
I would not rely on answers provided here for this information.
But the first, best thing you can do is talk to the current creditors and write down what they tell you.
Then, consider taking all of your bills (or a list) to a Certified Financial Planner to discuss this further. Specifically, talk about loans he may now be taking out (that he doesn't tell you about) and their affect on you. Technically this should not reflect on you at all because you are not the one applying for the loans, but it is possible that things can go wry when couples split up.
Be blessed,
2007-03-22 12:31:59 · answer #2 · answered by Ethan 3 · 0⤊ 1⤋
Hi,
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2007-03-22 12:31:23 · answer #3 · answered by Anonymous · 0⤊ 3⤋