Til debt us do part?

Will Valentine's Day leave a bitter financial taste?

12th February 2008 - Valentine's Day may be just around the corner, but it certainly won't be a day of chocolates and flowers for everyone. Whilst love is in the air for some, Valentine's Day may be a time of financial heartache for others.

Suffering from a broken heart can be especially painful this week, as loved up couples seem to be everywhere you look. But it's not just the heart strings that suffer during a break up, it's the purse strings as well.

Owen Roberts, Head of Callcredit Consumer comments,

"Money is the number one relationship breaker, so unless you start off on the right foot, unpleasant financial situations can easily arise.
"Being financially linked to an ex-partner can be a traumatic experience. It is therefore of utmost importance for both people in the relationship to be financially savvy from day one. Unless you want to end up being liable for your ex-partners debts, separating yourself financially by putting a notice of disassociation on your credit file for example, is essential and straightforward. If you fail to do this, whatever your ex-partner does can worryingly affect your credit file for the next six years"

Typically, on divorce or separation women are more likely to fall into arrears on bills and borrowings than men, but there are a number of things that both sexes can do in order to stay financially secure during break-ups and of these checking your credit report regularly is essential.

It's not all bad news however; even if you are loved up this February 14th, it is still worth checking your credit report. A partner with a good credit score can look favourably on you!

Callcredit's top tips for those financially linked to an ex-partner:

• Check your credit report
• Take control of your financial situation and contact your lenders as soon as possible to inform them of your situation.
• Always make separate arrangements and agree on how to divide up the money in all joint bank accounts
• If you have an account in your name, with a partner as an additional signatory or card holder, make sure you get back any credit cards and cheque books or you will be responsible for their spending
• Once you are happy that your lender knows you are financially independent, contact a credit reference agency such as Callcredit, who will put a "notice of disassociation" on your credit file. If you fail to do this, whatever your ex-partner does can affect your credit file for the next six years


About Callcredit:

• Callcredit (www.callcredit.co.uk) is the UK's most innovative, state-of-the art credit reference agency, with an extensive range of information and value added services for businesses and individuals.

• MyCallcredit is the is the consumer arm of credit reference agency Callcredit and provides consumers with online access to the details of their credit file at http://www.mycallcredit.com/

• Callcredit has harnessed state-of-the-art information technology with an unrivalled knowledge of the industry's needs to develop a range of innovative information solutions. Solutions that are enabling major lenders and a host of other blue chip companies to address regulatory requirements, make better credit decisions, target new customers more effectively and manage existing customers more profitably.

• Callcredit is one of six core businesses that form the Skipton Information Group. The other five are:
• Database management company EuroDirect
Market analysis firm GMAP Consulting
• Online payment service provider, Legatio
• Scorecard development and affordability assessment specialist DecisionMetrics
• Marketing services and database specialist, Broadsystem