We are in love, what could possibly go wrong…

Nobody wants to get an STD, and without the proper protection it can happen to just about anyone. It is an all too familiar story….you counter-sign a loan document for your partners new car, not long after this, they leave, and take the car with them. Where does this leave you, other than heartbroken? You are left to pay off their debt. ‘Sexually Transmitted Debt’ (STD) is debt that arises when one party of a relationship signs up to be jointly responsible for a debt, even when they receive no financial benefit from the property over which there is a loan.

Contracting an STD is bad for your financial health, and will leave you with long term side effects. If you are a co-borrower or you have a guarantee, or if your asset is the security for the loan, you will generally be responsible for the repayment of that debt. There are very limited prospects of being able to avoid paying the debt back. You could face being sued by the lender or having your assets sold to pay off the debts. Your credit rating could also suffer, which may leave you unable to borrow money in the future, long after you have moved on from the ‘bad relationship’. Everyone should know how to avoid contracting an STD and it is not hard to protect yourself.

How hard can it be? The solution is very simple: only you can protect yourself from contracting a nasty STD.

Before entering into any loan or financial contract, do not be afraid to ask questions, and do not be fooled by a lender stating that they ‘just need your signature’. If you are not going to obtain some benefit out of the arrangement, do not sign anything.

Do not feel pressured into entering into an arrangement, or fear that your partner won’t love you if you don’t go along with the plans. You need to make sure that you are aware of the consequences of signing something and seek independent legal or financial advice if you are not sure.

The consequences of contracting an STD can have a significant impact on your financial health both in the short and long term. Just because you are in love, doesn’t mean you can’t protect your financial health from Sexually Transmitted Debt.

Want to know more?

If you would like to know more, please phone us on 07 5458 9000

for a free chat with one of our solicitors.

Read the full article here.