Are you recently divorced?
Many people find themselves with a bad credit rating following a divorce, you would be surprised just how common this is. When talking to clients who are applying for a car lease from UltraCar we learn of each client’s individual reasons for having a bad or poor credit score.
Divorce is a very stressful time, not only because of the emotional strain, but also because of the increased financial pressure. A dual income household suddenly becomes one, and it is only natural that some bills will be missed. Perhaps bills were being directly paid by a partner who just stopped paying them, or you had a joint account which was set up for bills, which has now been closed. No matter what the reason as soon as you start to miss payments, your credit score is affected.
There lots of advice on how to build your credit score back up, but this can take years, fortunately at UltraCar we are here to help, we are happy to lease a vehicle to you as long as you meet our criteria of affordability and traceability. We work closely with our customers helping to find the perfect car, at a price that is affordable in their new financial situation.
Managing your finances after divorce
Ensure that all accounts which are open in both your names need to be closed. Your ex partners actions will continue to affect your credit score after you have separated.
If you are able to come to an agreement to split the debt in separate accounts, you will then be responsible for your % and not for anyone else.
Any accounts which remain in both names need to be managed, by assuming that the other person is paying will have a negative effect on your credit score should payments be missed.
If you find yourself with bills that cannot be paid contact the company, do not ignore them.