People with joint debts ’should inform creditors’
Divorced couples who have shared debt should inform their creditors about their position, according to one expert.
Chris Tapp, associate director of Credit Action, states that individuals are often faced with the entirety of a couple’s debt since the accounts are only in opened in one person’s name.
Mr Tapp advised people that whenever there is a significant change in one’s ability to pay off their debts, they should always inform their credit agency.
He said: “Where you have couples borrowing and then there’s a divorce, you can get very serious problems because there’s such a drop in income. So it’s important that people make sure they’re notifying both the creditors and the credit reference agencies, so it’s going to appear on people’s credit ratings as to why that’s happened, so that can be taken into account.”
The news follows reports from the National Consumer Council that a growing number of UK households are struggling to heat their homes due to financial constraints.
Consumers struggling with their debts may wish to seek some help with their debt management.
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