We’ve put together some information about how separating from your partner can affect your money
If you’ve decided to separate it can be hard to discuss finances. It’s important to have conversations about money as ignoring it may lead to problems in future. You should contact your service providers so they’re informed about the situation and can advise on what support they can offer.
Get support Difficult conversations about children, assets and finances can be stressful. Counselling or mediation could help manage these discussions.
Financial support
If you have joint accounts, you’ll need to contact the relevant provider to make them aware of your change. The impact of separation on joint accounts can differ between organisations, so make sure you contact each provider.
Many services allow you to take additional products that your partner may have used. This can include things like an additional credit card or a mobile phone on your account. Talk to your providers to find out if you can remove, transfer or limit services from your account will help you keep control.
If you have a mortgage or tenancy agreement in joint names, you will both remain equally responsible for meeting monthly payments. If you and your ex-partner can’t agree on what to do or if you can’t afford to keep making payments then contact your mortgage provider or landlord as soon as possible.
Support and Benefits
A relationship breakdown may have an impact on any benefits you receive. Citizens Advice can help you find out what might change, also our benefits calculator can help to check you are receiving the correct amount of benefits. You should also update the Department for Work and Pensions as soon as possible, to let them know about any changes.
Your local council can help as you may qualify for things like single person discount on your council tax.
If you have children then the Child Maintenance Service may be able to help you come to an agreement for paying for your child’s living costs.
If your income or expenditure has been affected and your current payment plan is no longer affordable, then you might be able to change your payment plan. Our payment plans are flexible, and we will agree a plan that suits your current situation.
If your account with Lowell is a joint account we can give you information to help you manage that account. We can also make sure that any accounts you have are kept up to date with contact details and remove permissions if your ex-partner was authorised to talk to us about your account.
It can be harder to manage your money if you have a reduced income or additional costs. We can give you time so you don't need to worry about contact from us or making payments until you're ready.
If you're finding it difficult to manage your account we can authorise someone you know to help you. They can be the point of contact to discuss your account.
If you want to find out more about how we can help you can contact us
Information is available on divorce if you live in the UK, including how to divide your money.
UK GovernmentThey can help to put you in control with impartial guidance and trusted support.
MoneyHelperProvider of free debt advice on how to deal with money when going through a separation.
StepChangeHelpline available 24/7 for anyone who needs it, no matter what the situation.
SamaritansIf you're not sure what to do next, our FAQs might be able to help answer some of your questions
FAQsGet in touch with us and we can help you take the next step
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