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Parted couples with joint debts 'should inform creditors'

Couples who have joint debts have been advised to inform their creditors and credit reference agencies if they split up or divorce.

Financial education charity Credit Action stated that their provider would need to know if a couple parts company to make sure they do not face money problems in future.

Chris Tapp, associate director of the charity, warned that since the debt is usually under one person's name, that person is left to pay off the entire debt if they split from their spouse or partner.

He said: "It can be that money is the cause of the break up in the first place, so it's a shame for money to break up the relationship, then kick you while you're down afterwards."

According to MoneyExpert.com, up to 140,000 couples could get divorced throughout 2007 and have to divide assets worth a total of £32.2 billion.

Most of a couple's joint wealth comes from their property, while many each have their own incomes and pension funds.

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30/03/2007 14:14:50

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