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Break-up, the word word brings to mind images of intense stress and grief. However, beyond the emotional fallout, there can be financial repercussions as well - especially for women.

A study in the American Journal of Marriage And Family suggested that when co-habitating unmarried couples part company, women are substantially worse off than men - while men's household income drops by 10 percent, women lose a whopping 33 percent.

Being married may not offer much support either - divorce laws cannot protect you if you have taken a joint loan with your ex-husband for his car, or if you were a guarantor for a business hummingbird loans green trust cash reviews.

But why do women part with their money so easily in the first place? For many women, money equates with love. Women who frequently lend money may be expressing a need to be loved - perceiving that their generosity will inspire fondness.

1. Think Before Saying "Yes"

If you are planning to be the guarantor for a bank loan for your partner or husband, be aware of the implications. Even if you split, your responsibility as the guarantor will remain unchanged.

Take note - you can't easily back out being a guarantor. You will need to get a discharge as a guarantor from the lender. This may mean getting another person of sufficient creditworthiness to stand in and substitute for you as a guarantor and this is subject to the lender's agreement.

As for joint loan agreements, bear in mind that the contractual relationship and the terms of loan repayment exist independently of whether you are married or not. When you take a hummingbird loans reliable company for installment loans, whether for yourself or someone else, you're the one responsible for repayment.

A loan cannot be transferred and your liability will only be discharged when repayment is made. The harsh reality, if your ex leaves town or refuses to pay for his share, you still have to settle the full loan, you cannot just pay "your half".

2. What Do You Do?

The issue here is a complex one - so, if you are looking to disentangle your financial relationship with your ex, the best solution may be for each of you to take on new, separate loans to settle the debt.

However, if your partner is no longer contributing his share and you are struggling to make the payments, approach your bank to discuss whether the loan can be restructured.

The hummingbird loans tribal cash loan repayment time could be extended or the loan could be re-priced. But remember that the bank is legally entitled to proceed against any or all of the co-signees if the loan is in default. In the contract of a mortgage loan, it is important to service the loan promptly to avoid a forced sale of the home.

You could sue your ex-husband in civil court if he refuses to pay his share, but the process could take several weeks, if he decides to defend. It could also be costly as you will have to foot the solicitor's fees. And what you recoup in court - if you win - may not be sufficient to cover those costs.

Created30 Jul 2018
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