A divorce is definitely one of the experiences in a person’s life that really turns everything upside down. However, when two people have to divide up a life planned together, this is by no means a purely emotional burden, rather divorce is often a financial challenge for humans.
Especially when common property exists and the former couple have common accounts or financial obligations, the start of a new life on their own feet is sometimes not that easy. In the acute situation of divorce, the person concerned may not be fully aware of the full extent of the financial consequences of a divorce, but the costs of divorce and the wider economic implications are often grave. Sometimes there is only the way out of a loan from this dilemma.
The problem with the follow-up costs and credits after the separation
Those who have arranged themselves and their economic situation so far that the realization has come about a loan to finance the divorce and the follow-up costs, which is often faced with another problem. If a divorced partner has formed a common economic basis during the marriage, the individual’s credit bureau may well stand in the way of a loan. However, if, for example, joint ownership has to be sold, hardly any well-known branch bank will finance the costs associated with the sale through a loan. The problem here is not even the sales proceeds, but rather that in most cases this common property was acquired or even built on a joint loan. Now, if this loan is due to be prematurely redeemed due to the divorce, the lending bank usually requires a prepayment penalty. This prepayment penalty compensates the Bank for the interest lost on financing the property. With a conventional loan, this prepayment penalty will only be paid at very little withholding tax.
Financial problems after marriage separation
Even after the successful divorce, the financial problems of the individual often go on. Interstitial long-term loans usually need to be completed in order for the legal separation of the former spouse to be completed. It is not uncommon for the person concerned to pay considerably more money for this than many years would have been necessary. After one or two years, a person may well consider recalculating the old debt and thus gain significantly more financial leeway each month. Immediately after divorce, this is usually unthinkable, as the person’s credit bureau status has to “recover” from the sudden change. However, if the loans are repaid over a period of one or two years carefully and without intermittent default, then the credit bureau status and especially the credit bureau score will improve significantly again so that the person concerned a bank or a credit provider on the Internet with the suggestion can contact the debt restructuring. The important thing here is that the whole extent of the financial liabilities is well sorted and clearly presented to the lending bank. Sometimes this way, the financial shadow of the past, which can be seen monthly in the form of expensive loan installments on the bank statement, can be dealt with much sooner than expected.
Are you looking for divorce / separation for an alternative to a house bank loan or online loan?
Many divorced people are asking about the separation; Who can lend me money after divorce?
One way to borrow money quickly without a bank is to offer credit marketplaces in Germany. With these credit portals, you can let private lenders finance your loan request. If you borrow money from a credit portal privately, this is done unbureaucratically and without much paperwork.