It can be difficult to know where to start. We’ve made a list of things you may need to consider to help you.
1. Make a list of your income and outgoings to understand your current budget. Include both your own and joint debts such as any mortgages, loans, credit cards and other credit agreements. Remember to include other joint outgoings such as household bills, insurances and childcare.
If you have a joint mortgage remember that even if one of you moves out of the property you will both continue to be liable for mortgage payments while you are jointly named on the mortgage.
Speak to your mortgage lender as soon as possible to discuss options available to you. If we are your mortgage lender you can call us on 0345 300 8000.
If you are in a rented property let your landlord or letting agent know your change in circumstances.
2. Where able agree what changes need to be made to your joint debts. This may include settling balances or separating accounts. Remember you will both remain liable for any joint debt while you are named on the accounts.
Complete your new or future budget. It can be helpful to use a spending tracker app to help with this. These can be readily found online.
3. If you have joint accounts with credit balances or overdrafts and you cannot agree on how to split them, contact your bank to let them know.
Your bank should be able to give you useful information about how to manage or protect any account balances such as placing a freeze on accounts.
If you have joint accounts with us visit our Contact Us page or your local branch.
4. Consider your assets. Dividing your assets and property can be challenging and the law is different for married couples and couples living together. It’s a good idea to get independent legal advice.
5. Consider reviewing your will, pensions and life insurance policies.
If you are you are in financial difficulties contact companies you owe money to (your creditors) as soon as you can.
To get in touch with us visit our Contact Us page or your local branch.