It’s the month of love and also a time when many men will be going down on one knee to ask for a hand in marriage.
But Nicky Lala-Mohan, from the Credit Ombud, says while love is beautiful, the real question is how well do you know your future spouse’s financial habits – especially if you plan to marry without a pre-nuptial contract? How much debt do they have? Do they make payments every month?
Lala-Mohan said as unsexy as this may be, understanding one another’s finances and credit had to be discussed.
The ombud said people acted as if they would rather not know what’s on their credit reports.
“This is a culture that we need to change. There is nothing to be afraid of. If there are problems, find out what they are so that you can deal with it or correct wrong information.
“Asking for your report will not make things worse – ignoring it will,” he said.
He said a sad reality was that many couples discovered issues like bad payment behaviour, poor credit scores, blacklistings or even debt review after saying “I do” – and that they may end up saying “I do” to their spouse’s debt too.
This can frustrate the process of big purchases such as a house or a car or whatever the newlyweds need to obtain on credit, he explained.
Why get your report?
- Check your credit report often and learn exactly what’s listed. Couples should be brave enough to share this information with their partners.
- It will give you details of adverse listings and if there was action taken against a debt that was not honoured.
For more information, phone 0861 66 28 37, visit www.creditombud.org.za, email [email protected], or SMS 44786 and they will call you.
