Planning your future with your partner is vital to any relationship, especially on matters concerning finances. However, talking to your partner about debt can be difficult. Many people carry their debt burden, which makes it even bigger and stressful.
Marriage brings two compatible people together, and also, in some way, it links their finances and debts. Money management can help couples reduce money stress and know how to avoid getting over-indebted. Also, good communication with your spouse can help you reduce too much pressure.
But what if your financial situation is getting worse and you are considering debt review to deal with overwhelming debts. Should you talk to your spouse about it? Debt review is a debt relief measure that helps many over-indebted South Africans get out of debt. The process allows consumers to make ends meet by reducing their monthly debt repayments.
Telling your Partner about Debt Review
Getting support during these difficult financial times is necessary, and that’s where your partner comes in. It would be best if you let your spouse know about your financial situation as soon as possible. After all, they will be the first to know when something is not alright.
Talking about debt review can trigger negative feelings. But it’s better than keeping it from your partner, which can make life unbearable. Too much stress can result in heated arguments, mental health issues like anxiety, and poor communication.
If you have decided to talk about your debts, reassure your partner that a debt review will help you deal with the problem. Debt counseling or debt review was enforced by the National Credit Act in 2007 to help heavily debted South African consumers repay their debts.
Explaining to them the progress you are making, and the benefits of debt review will assure them that your debt problem will not be around forever. Working out issues together can solve many marital problems. This applies to finances also. However, many questions may arise during a debt review discussion with your partner.
Here are some of the questions you should expect:
How will Debt Review Help?
When you are over-indebted and opting for debt review, it is essential to explain to your partner the pros and cons of the debt review process. The key is to get the help that will help build your finances again. Debt review will give you and your partner legal protection from getting harassed by your creditors. You will not have a fear of creditors repossessing your assets.
While under debt review, you will not be able to get new debt which will protect you from deeper trouble. This will help you to pay the existing debts in the shortest time possible. The debt counselor will negotiate lower monthly repayment plans, giving you a chance to cover other monthly expenses.
Will Debt Review Affect Your Spouse?
During the debt review process, all income should be considered. If you are married, your partner’s income may be included according to your marital contract. But how exactly will debt review affect your partner?
When married in Community of Property (CoP)
Married in a community of property means that you equally share what you own. This also stands during the debt review process. When you are in this marital contract, you and your spouse will apply for a debt review process together. In this marital contract, you both have to agree to start a debt review process before the application is processed. Remember, after the debt review process, you and your partner will be responsible for debt repayment.
Married outside Community of Property (OCOP)
If you are married outside the community of property, it means that you and your partner own everything independently. Partners under marital contract are not obligated by the law to through the debt review process together.
When you are married under a marital contract means you can apply for debt review independently. Your spouse can rest assured that their finances will not be affected. However, a reliable debt counselor like DebtBusters will guide you and your spouse through the best course of action, including a step-by-step guide to the debt review process.
As much as sharing about your financial situation with your spouse can be difficult, it is vital to work together to deal with any situation. Discussing your over-indebtedness and tackling it head-on will ensure that money woes won’t bring your relationship to a bitter end. You are not alone in this. DebtBusters is helping many South Africans build a better future through debt management solutions like debt reviews or debt counseling.
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