My Ex Has Left So Much Debt, What Are My Options?

If the debt is in their name, blow out your cheeks. Near miss.  Credit records are more about you than an address which was the case some time ago. A credit agency will be aware of a past association with your ex but you are not tarred with their brush.  Each party’s debts are theirs alone. 

Joint bank account debt? Well, then I fear you are both jointly and severely liable for the negative balance. That is to say, the bank could pursue each of you for all of it or such percentage each they may wish.

Was your signature forged on documentation? This is a matter for the police.  The question is do you first seek to try and clear the debt and then pursue the matter with the police.  There appears to be a view that to do so can mean  you accept responsibility for it.  Fraudulent accounts are more difficult to have deleted from your credit file. 

Get a credit report and contact the report provider immediately concerning entries you have no knowledge of.  They should then be able to contact each of the lenders involved confirming you claim to be a victim of identity fraud because a third party has made a credit application without your authority and knowledge. 

If you took out a loan for your partner, who rather than using it to pay off the debt kept or spent it then it is in my experience doubtful the police will assist. 

If you are on amicable terms with your former partner it may be easier to ask them to contact each lender and accept liability for the debts otherwise you may go to the police.  It is at  the lenders discretion to transfer the debt into that person’s name so it does not affect your credit rating.  

I understand when a credit report entry is investigated a note is made confirming it has been disputed.  

If you believe a fraud or a further fraud may take place, you should contact CIFAS the UK’s Fraud Prevention Service.  You can also sign up to their Protective Registration Service (PRS). I am told the effect is to place a warning flag against your name and personal details to indicate a risk of identity fraud.  Any CIFAS registered lender, (no doubt the catch) will be alerted to this fact and undertake additional checks to verify any credit application is genuine.  

More information can be obtained on 0330 100 0180 and you can register online at www.cifas.org.uk