Whatever the arrangements you have with your partner, when the relationship turns sour and ends, your financial agreements are impacted too, according to Matthys Potgieter, spokesperson and debt expert at DebtSafe.
"What are you to do now with these so-called 'sexually transmitted debts'?" he asks.
"You shared financial burdens like the rent or a bond repayment; you took out a loan to furnish your love-filled nest; and you shared other bills like the electricity, water and groceries. So now you are left with more financial obligations than you are used to and your budget is left in a complete mess where you have more month at the end of your money."
Potgieter explains how to get rid of these "financial STDs":
- Accept the clean break principle and scale down – simplicity is key
- Speak to someone you can trust and get your finances sorted out;
- Hopefully you have not signed surety for your ex-partner. If you have, go and see an attorney to arrange indemnification;
- Take liability for the fixed living expenses and restructure your credit agreements. If you have to return assets – do it. Sell it (with the knowledge of the creditor of course) and repay the creditor as soon as possible;
- In case you accumulated unsecured debt to sustain the love nest, consider consolidating your debt through debt counselling;
- Your main objective should be to consolidate and minimise your debt obligations.
Source - Fin24
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