| Gordon
Edwards
Married couples with bad debts have problems enough,
but if divorce is in the air, things could be about to get a whole
lot worse. When you consider that bad debts can be a cause for
divorce it becomes clear that this is a big problem facing many
people. You might think everything is split 50-50, but in real
life, people have different earnings and have different responsibilities,
and there could be only one name on certain crucial shared items
like a mortgage or a loan. A stay-at-home mum might have sacrificed
a career to bring up the kids, and such things need to be taken
into account when making divorce settlements. And all this without
mentioning solicitors’ fees.
The first problem might be the house. From two
contributors to a mortgage there could suddenly be just one. In
most cases this benefits neither party, as one person is effectively
homeless and the other might end up paying double what they are
used to. No two cases are the same, but some arrangement will
have to be sorted out. There’s also the economy of scale
of having multiple occupants of a house. Food, heating, water,
cooking, council tax and electricity bills will be much less per
person when shared than spread over two homes. If a mortgage is
shared, a house may be sold to buy two flats, for example, but
again, two flats usually cost more than one house. No wonder people
move back in with their parents!
It is important to get the debts sorted out at
an early stage, as the approaching hits (larger bills etc.) cannot
be avoided. If you’re a homeowner – whether or not
you still live there – you could be eligible for a bad credit
secured loan. The low costs per month could really help you while
you get back on your feet.
The good news is that you’ll probably adapt
to your new life quicker than you think. You need to keep a level
head and realise that there’s no partner to bail you out
of a bad month, and that any slippage back into debt are within
your power to avoid. It’s a big step, but by consolidating
and keeping a closer eye on your finances you can wave goodbye
to your ball and chain once and for all.
Gordon Edwards is senior editor for the EveryCase website which
covers secured bad credit issues. His work on bad credit can be
seen on www.everycase.co.uk
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