Divorce – Bad for your Credit Score!

D…I…V…O…R…C…E in the words of Dolly Parton, but have you considered also the damage divorce and separation has on your credit score?

 

I have only been working at CVS Ltd for a few months and had not really given much thought to how someone’s credit score becomes bad, but it has really been an eye opener for me.

A large percentage of our enquiries at CVS Ltd come from people who have either recently been divorced, or have separated from their partners.  The situation not only leaves them emotionally drained but with the added pressure of financial debt creating a bad credit score, which in turn means they will find themselves being declined funding to help them rebuild their lives.

Divorce and separation no matter what your finances are, can leave a huge dent in your accounts, check out these settlements, they are enough to make your eyes water!

divorce and separation can lead to bad credit

Michael Douglas divorced Diandra Douglas in 1995 the divorce settlement was £34 million.

 

 

No one could have missed in the news the messy divorce between Sir Paul McCartney and Heather Mills, after just 4 years of marriage Heather walked away with a cool £37 million.

divorce and separation can lead to bad credit
divorce and separation can lead to bad credit

Ever had that sinking feeling? It was all in the timing for James Cameron in the 18 months of his marriage to Linda Hamilton, he directed the Titanic during the 18 months and was paid over £76 million, he paid an estimated £38 million as a settlement.

 

James Cameron is not the only film director to come into settlement strife, Steven Spielburg’s divorce settlement to Amy Irving was an estimated £76 Million.

Republican Party nominee for President of the United States Donald Trump paid out an estimated £19 Million to his ex wife Ivana when they divorced in 1990.

 

Johnny Depp after being with Vanessa Paradise for 14 years (not married) and having 2 children together, outsiders thought he had found the one.  However, they separated and he went on to marry Amber Heard which lasted just over a year. Depps settlement too Amber is estimated just over £5 million.

So I guess it is no wonder that post-nups are on the increase for those already married and for whatever reason (perhaps trust) did not get a pre-nup prepared in time. 

A nuptial agreement is not necessarily binding, although  increasing numbers of pre-nups have been used to help settle disagreements in court. Pre and Post Nups are a straightforward way to help you regulate your affairs when you get married, and a good way to help protect your finances for the future.

You see a bad credit score can happen for a number of reasons including divorce and separation,

so lets try and help remove the stigma of having bad credit.

Have you been through a divorce and now find yourself with a bad credit score? looking to get a new car but none of the mainstream car leasing companies will accept your application?  Contact us and let us help you, take a look at personal car leasing with bad credit.

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