Skip to main content

Debt Consolidation After Divorce | Debt Consolidation LoansDebt consolidation after divorce

The Covid-19 pandemic has led to an increase in the number of couples contemplating divorce. UK law firms are reporting that the number of enquiries they have received about their divorce services has increased by over 40 per cent over the past few months. Being forced to spend large amounts of time with partners has brought the problems in many faltering relationships to the surface.

Complicated finances sometimes keep people in bad relationships

Married couples often have complicated financial arrangements, and money is one of the most common causes of arguments. When couples divorce, unravelling those finances can be difficult. Fear of the difficulties involved can often make people stay in unhealthy relationships longer than they otherwise would. Many people wonder if they might become liable for debts they can’t afford on a single salary.

Joint debts

When a loan is taken out in joint names, both parties are responsible for ensuring it gets paid. So if one partner can’t or won’t pay, the other partner becomes 100% responsible. Even when those partners divorce, they are still both responsible for the payment of the loan. If your partner earns less than you, you may be concerned that should they default on their share of the payment, you would have to pay the entire amount. Joint debt consolidation loans help couples simplify their debts and find a way forward.

Individual loans

If you or your partner took out loans individually, then the other partner has no liability. If you have a number of different loans and are juggling payments, then a debt consolidation loan can make life easier with one simple monthly payment.

Consolidate your debts before beginning divorce proceedings

Couples who have decided to separate should take a hard look at their shared finances. The amount owed in loans and other shared debts should be added up, then divided. Each partner could then apply for an individual debt consolidation loan to pay their share of the debts. This will reduce the monthly payment, and simplify your finances.

A clean start

Debt consolidation loans make real sense for separating couples. They help pay off joint debts, giving each partner a clean break. They keep things simple when both parties already have a lot to think about, reducing outgoings and allowing the people involved to move forward.

 

If you’re a homeowner and business owner, get in touch with the experts at Debt Consolidation Loans today for more information about how a debt consolidation loan can benefit you.

If you think a Debt Consolidation Loan is right for you, get in touch or call on 0333 577 5626 to improve your financial situation with one easy monthly repayment.

We offer Debt Consolidation Loans for homeowners.

Our team is on hand to help with number of questions you may have.

If you are struggling with debt, please visit Money Advice Service for help and advice.

We are a broker, not a lender.

Visitors also read:

Toddlers to Be Taught Money Management | Debt Consolidation LoansPersonal Finance
September 3, 2015

Toddlers to Be Taught Money Management

Money Management for Toddlers News that £700,000 is being spent on a project to find the best ways of educating children as young as three about money has come as…
UK Court Claim Debt | Debt Consolidation LoansDebt
December 11, 2019

UK Court Claim Debt

Debt Consolidation Loans explains more about Court claim debt What period of time does the UK Court Claim a debt? It's considered that the longer the length of time you…
Competition Is Key to Loan Deals | Debt Consolidation LoansGuides
September 26, 2015

Competition Is Key to Loan Deals

Competition is key to loan deals This summer we’ve seen personal debt consolidation loan rates at the lowest they’ve ever been. Obviously the low Bank of England base rate helps that,…
Young Adult in DebtDebt
December 7, 2020

Young Adult in Debt

Young Adult in Debt Debt is not an older person’s problem. 18-to-24-year olds are building up considerable debts, despite trying to budget properly. A recent survey of just over 2,000…
Annual Percentage Rate of Charge - APR | Debt Consolidation LoansGuides
August 24, 2015

Annual Percentage Rate of Charge – APR

The APR Explained The purpose of APR (Annual Percentage Rate of charge) is to make it easier for the consumer to compare deals like for like and it is used…
Fast debt consolidation loansDebt Solutions
October 14, 2020

How to pay off debt fast

Quick and Efficient Tips on achieving Financial Goals Are you still worrying, getting stressed out and losing sleep over unpaid debts? Are your credit card bills going through the roof…

Leave a Reply

twelve − four =