You are here: Home - Credit Cards & Loans -

Only 1% prepared for love turning sour

0
Written by:
09/02/2007

Research from Alliance & Leicester Personal loans has revealed that only 1% of those who make joint purchases have a contract in place in the event of a split.

A further 3% have a verbal agreement over who gets what, but the figures reveal a worrying shortfall considering nine out of 10 surveyed made major purchases with their partner.

The cost of starting a new life after a break-up has previously been estimated by A&L as £13,500, so the end of a relationship can be hard on the finances as well as the heart.
Richard Al-Dabbagh, senior personal Loans Manager at Alliance & Leicester, said: “It is the tragic truth that the cost of splitting up can often last longer than the associated heartache. And while it is hardly romantic to discuss what will happen to jointly bought items when the relationship ends, it could save a lot of trouble, heartache and cost if that uncomfortable conversation takes place.
“This research shows the huge amount of uncertainly that couples have as to who gets what. It seems that too many people are getting swept away in the moment and buying things jointly with no thought about what happens in the future.
“The financial implications of starting again after a split can be major, and if funds are needed, a painless way of getting those could be to get a personal loan. To make their budget go further people should look around for a good deal, and not just rely on their big-name high street bank to give them a good deal – it could end up costing them £700 more in interest payments.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Over-45s boost comparison site usage

Almost six in 10 over-45s regularly use price comparison sites to cut the costs of just about everything they buy.

Close