Thursday 11th of March 2010
If you have separated from your husband or wife and are worried about taking on their debt then you could be reassured to hear that marriage does not automatically make you liable for one another’s debt.
Writing into the Daily Mirror for advice, one reader explains that he and his wife have separated but she carries with her large debts.
But you could be pleased to hear that as long as your name is not on the original credit agreement then you will not be responsible for repayment.
However, if you have divorced and ended up with large debts of your own then you may want to get some answers on individual voluntary arrangements (IVA).
Repaying your unsecured debts such as those accrued on credit cards through an IVA - which freezes the interest rate on such borrowings - could allow you to make a fresh financial start in life.
Advising the reader, Lynne Jones, from the National Debtline charity, says: "Regardless of whether they are related to you, if you have no financial links to an individual, their credit history will not affect yours in any way."
This knowledge could be a relief to you if you were worried about not only tackling your own debt, but those accumulated by your ex.
By Rachel Powell
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- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- NIESR: unemployment figures may be overcooked
