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Failed Romances Could Lead to Financial Woes

Written By On 19/03/2013

Breakups usually lead to tears, heartache and a stark realisation of all the time and emotions wasted. Recent surveys have, however, revealed that there is another unwelcome thing that you can associate with a bad breakup or failed relationship - financial worries. Almost 7 million Brits have shared that their breakup led to them being credit blacklisted, all because their ex managed to dump his/her money troubles on them.

You have to disassociate with your ex financially but that might take time. If you acquire a bad credit rating, it will indicate that you are a high default risk and therefore you will not be considered for a loan from standard financial institutions. Meanwhile if you find yourself having short term cash flow problems, you could be considered for a payday loan because they can be granted even if you do not have a good credit score.

Out of the total 7 million, about 47% people reported that they had been deeply affected by the money problems of their ex, but the real shocker was that 33% people were still suffering, even though the relationship ended at least 3 years back.

So what leads to money troubles in such cases? Experts believe that problems starts to occur when unmarried couples take out joint loans or mortgages. Joint bank accounts are also a culprit, especially when credit cards associated with these accounts are used. If one partner runs into money troubles, even on an individual basis, the other comes under the radar as well and could very well end up losing good rating or being together blacklisted.

After a breakup, it is important for couples to file for 'financial disassociation', which means a clean break from all monetary associations and liabilities as well. Most couples, however, do not do this and thus continue to suffer, even years after a broken relationship.