Separating or getting divorced? 6 things you need to know to prevent spiralling into bad credit: Tip 5

What can you do during this difficult time to protect your credit file & avoid getting a bad credit history? Over the next month Fair Go Finance will expose many pitfalls and provide 6 helpful tips to help those entering this difficult time. Our fifth tip involves those nasty things called rates…if you are paying them quarterly then you need to address how its going to be paid…

Tip FIVE to avoid spiralling into bad credit –  Rates and Taxes: If you jointly owned/mortgaged a home

If you ever jointly purchased a property then you both are still responsible for the payment of the land and water rates. Regardless if one has temporarily moved out, you both made the joint commitment to buy the property and must honour the costs associated with it until you reach a final decision over the future ownership or sale of the property. IF YOU DON’T: Avoiding these taxes will consequently result in your credit file being updated with payment defaults and detrimentally affect your borrowing future.

Our final sixth tip is for those who have had children with the separating partner, or even a jointly owned pet. This is one area that you really must step up to the plate and be as sensible and responsible as you ever have before.

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It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:
For more information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.

Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan.
If you are on government benefits, ask if you can receive an advance from Centrelink.

The Australian Government’s MoneySmart Website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.