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Recently separated? keep on top of your finances

If you are recently separated, its important to keep on top of your finances.

If you have recently experienced a separation then you are probably feeling pretty drained emotionally, aside from the emotions, there is the organising of finances, and then there is the car.

Separation can damage your credit score

Separation can damage your credit score

When couples decide to separate aside of the emotional drain on themselves, and on their family members, there is the added worry of affordability.  When living with a partner financially having two incomes means that you are able to afford mortgages, loans and other credit lines as you are financial strong.  However as soon as you become separated you cut your household income in half, and this is where financial problems really begin.

Prioritise your debts

The most important thing not to do is panic, ignore bills, or think that your ex partner will be automatically paying their share. 

Prioritise important bills such as Mortgages/rent, rates, council tax and utility bills, not paying these could put your home at risk.  If you do not have the funds for loans or credit card repayments call the companies, and explain your new financial circumstances, it is always better to talk with them, than ignore them.  If you prefer to get help then contact a debt advice charity, they may be able to contact the companies for you and arrange alternative payments, or even organise a freeze on payments whilst you adjust financially.

Any missed or late payments on credit lines can really damage your credit score.  Your credit score is probably the last thing on your mind, however going forward and for any future credit, it is vital to keep your credit score healthy.

Joint Debts

separation finances - Prioritise your debts

Prioritise your debts

If you are sharing a loan or mortgage or similar credit line with your ex partner, then you need to make sure that they will continue to pay their share.  If you think that their share of payments will not be made then take action by contacting the bank, or building society so you can;

a) alert them to your new financial circumstances

b) they can keep you informed if payments are not being made

c) you can ask for a restriction to be put on the account to stop further debts being run up.

Credit scores and cars

At CVS Ltd unfortunately we are contacted a lot by customers who have recently separated from their partners, and have as a result, damaged credit scores.  Furthermore they also find themselves without a car, because they were either sharing a car, or the car was a joint credit loan.

Fortunately at CVS Ltd we have all makes and models of cars available on a personal or business car lease, suitable for all budgets.  We are able to take the stress out of getting a new car with a bad credit rating, helping you to get your life back on track.

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