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Paying For Our Ex’s Financial Choices

14th February 2017 by Candace 6 Comments

[AD] Being valentines day today I hope that your world in filled with love and happiness today but I also appreciate not everybody is currently all loved up.  Unlike a couple of generations ago relationships and marriages don’t last for life.  My parent’s who married in the late 60s were together for life.  I know many people my age (in their 40s) aren’t as lucky as my parents were, myself included and their marriages or relationships don’t last for life.  It’s always hard when you split from someone you used to love.  Somebody you set a home up with and thought you would grow old with.  Even harder if you have children.

Our lives become entwined even more so when you decide to live with your partner be you get married or not.  I’m not sure what the statistics are for those who don’t marry but it’s currently estimated that 42% of marriages end in divorce.  Now to me that seems like a lot of financial relationships also splitting.  The divorce itself is relatively easy until you get to the financial side of things where houses, cars, jewellery and even the good old TV needs to be split.

It is estimated that around 1.7 million Britons have taken out a financial product with a partner that they have since separated from. New research from free credit checking service ClearScore has found that millions of people in this country risk being turned down for credit including mortgages, credit cards and other financial products because although they have split from their ex’s they are still unknowingly financially linked.

Many people (69%) are unaware that once you have taken out a joint financial product, even after this product ceases you are both financially linked for 6 years after the link is severed.  If your ex partner then goes on to have bad credit then you will be affected by this for the next 6 years.  Research has shown the 94% of people believe the link lasts for less than 6 years.

In order to get the best financial products at the right price for you it is essential that lenders do not think you are a financial risk otherwise there is a likelihood you will not get offered the best interest rates or like rejected for credit all together just like 60% of credit applications in the UK are.

Justin Basini, CEO of ClearScore says:

“Millions of people risk being haunted by the financial ghosts of partners past. Even if your own credit report and score are in rude health, the way you are viewed by lenders can be negatively affected by your ex partners.  When a relationship ends, it’s your responsibility to ‘de-link’ your financial records.  I’d advise anyone applying for credit to check their credit report and if you’re still linked to someone whose financial behaviour you suspect could be detrimental, contact the credit reference agencies to request that your connection is severed.”

Hopefully, you have already severed links with your ex partners but if not it might be something you think about doing.  Where your current partner is concerned lets hope the roses, chocolates and champagne are a plenty today and you don’t have to consider making that financial split.

Happy Valentines!

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Comments

  1. Sonia Cave says

    14th February 2017 at 9:06 PM

    Golly, some of those facts are scary 🙁

    Reply
  2. The London Mum says

    16th February 2017 at 9:26 PM

    Oh how I felt this when I split from my ex. We had a joint mortgage which kept us bound for years because he wouldn’t deal with it. He was happy to let me continue paying for it though.
    The London Mum recently posted…Pregnant or Lazy?| Pregnancy DiariesMy Profile

    Reply
    • Candace says

      16th February 2017 at 9:45 PM

      That’s not nice. Hope you sorted things in the end

      Reply
  3. Kerry Norris says

    16th February 2017 at 10:30 PM

    Gosh I didn’t realise it was 6 years after. Learnt something new reading this
    Kerry Norris recently posted…Valentine’s Blogger Interview with Pushing The MoonMy Profile

    Reply
    • Candace says

      17th February 2017 at 8:30 AM

      I know it shocking really

      Reply
  4. Jodie says

    18th February 2017 at 5:46 PM

    Gosh. Remind me never to get an ex 🙂
    Jodie recently posted…Her Fourth Birthday & Going Horse RidingMy Profile

    Reply

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Welcome to Buckets Of Tea. I’m Candace, a 40 something tea drinker renovating my forever home, a 125 year old former dairy in North Wales.

Grab a cuppa and take a read of my adventures, passions and dreams; afternoon tea, food, travel, interiors and self care all washed down by buckets of tea.

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