Separation must be financial too
January 9, 2007 by admin
Filed under News, News-Banking
January is the peak month for couples splitting up and those who find themselves in this situation are being warned to remember that financial ties remain long after the love has gone.
Research shows that couples are most likely to go their separate ways during January as the pressures of the Christmas period act as the straw that breaks the camel’s back in a relationship which is failing.
However, many people forget that although they may no longer be in an emotional relationship with their former partner, they may still be in a financial one.
MyCallcredit is warning those who have split that they should break these ties, or risk their ex having an impact on their credit file and future creditworthiness.
“Any joint credit arrangements need to be transferred into single names and joint accounts closed before an individual can disassociate themselves from their former spouse,” said Melanie Mitchley from MyCallcredit.
“If people aren’t proactive they can find their own finances affected by their ex’s future partners. And that’s something to be avoided at all costs.”
The firm says it is important that any joint credit commitments are brought to an end, which may involve taking out a new loan to pay off a previous debt.
Once this is done, the credit reference agencies should be contacted and informed that there should be no more association between you and your former partner.
“Splitting up is always difficult but it pays to take the initiative and disassociate yourself from your ex and their borrowings as soon as possible – otherwise you could be in for a nasty surprise,” added Ms Mitchley.
