Unfortunate Position of Bad Credit after Divorce

Bad Credit after Divorce

 

Bad Credit after Divorce

Bad Credit after Divorce

The situation of having bad credit after divorce is not unusual. Many women find that not only do they have to undergo the strain of getting divorced, but also, they are no longer left in a good financial position and forced to use up the last of their savings to keep them going. Even though in the court order, the former husband had agreed to settle outstanding debts, he has failed to do so, leaving his ex-wife with a string of debts to pay, that she unfortunately cannot settle.

 

The problem with the bad credit after divorce and many debts to pay is that unless there are arrangements made for settlement, you end up blacklisted. Should this predicament be the case, you will not be able to get credit for a period of seven years; furthermore, getting your name off the blacklist can also end up being problematic. Even buying a necessity like a car may be out of the question.

 

Bad credit after divorce will reduce as soon as the ex-husband begins to make payments on the various accounts that are in your name,. Your credit scoring will show up in a better light, but this does not mean that your credit rating will improve.

 

It is possible to place a consumer statement on your credit report reporting the fact that your ex is actually responsible for these debts but so far has not paid them. To initiate the statement you will have to contact the credit bureaux in order to find out about the correct procedure. Make sure that you include a copy of the statement for each account that you have, as these must be included with your credit reports of bad credit after divorce.

 

The statements may not alter your credit scoring but will at least explain why you are in the position of having bad credit after divorce to potential lenders and in the end, this may improve your chance to obtain some new credit.

 

There are two things for you to be concerned about with the Statue of limitations for credit. (SOL)  The SOL for the reporting of bad credit is one, and the SOL for the collection of debts the other, as often the expired SOL issues recorded on credit reports are actually from the source of the credit and not by SOL.

 

Having bad credit after divorce most certainly can leave you in the lurch. Should you be on your own, without any family for back up, and have small children to care for, this most certainly is a problem that you do not want to have to suffer. To rely on friends for support at this critical period is fine for a very limited time, but you certainly have to make a plan for your future.

 

For years you have relied on your partner for most of the daily routine and expenditure, suddenly, you are on your own with every problem on your shoulders that only you can sort out and, the worst one of all, bad credit after divorce.