Recovering money owed from an Ex Partner
Recovering Money Owed from an Ex-Partner
Many people across the UK need help with recovering money owed by an ex-partner.
If you and your partner have chosen to separate, financial matters are likely to be the last thing that is on your mind.
People build most relationships on trust.
Partners share financial responsibilities.
This is especially true for relationships that have become more serious and long-term.
It is normal for partners to loan money to one another.
For married couples, you and your partner will share many responsibilities.
If the relationship breaks down, it can become difficult to resolve money matters.
If a marriage is ending, a divorce court will resolve money issues.
Most unmarried couples can not resolve finances as easily.
In this article, our debt collection experts explain what happens if you need help recovering money owed from an ex-partner.
Recovering Money Owed from an Ex-Partner – What to do
There are many reasons why an ex-partner might owe you money.
At the end of a relationship when you discuss money matters, it is common for disputes to occur over:
- Any monies borrowed from one to the other
- Any joint financial obligations you might have together
- How to split any possessions or items bought together such as house, car etc
- Arrangements for your children such as child maintenance payments (unpaid CSA)
If an ex-partner owes you money, you might be feeling stressed about recovering it.
It is very common for the debtor to believe that they do not owe you anything.
With this in mind, a frequent question is whether they are bound to pay up by law.
A survey of 2,000 UK adults found almost six in ten Brits have borrowed money from a partner, friend or family member.
From this, over a third currently still owe cash to them.
There are several options for recovering money owed from an ex-partner.
Many people choose to speak with solicitors that will then take court action against the debtor.
This can sometimes be effective at recovering a debt but comes at a very high cost in money and time.
Some solicitors can charge as much as £200 per hour for their services, making this a very expensive option.
The best choice for recovering money owed by an ex-partner is to instruct a professional debt collection agency.
Arming yourself with the right information will make you feel more prepared…
…for separating your finances from your ex-partner, and will ease the collections process.
Here are some handy tips on how to deal with the situation:
Gather All Written Evidence
For any financial matter, you should always ensure that there is documentation.
This might be a receipt from a sale, to an invoice or bank statement.
If you have made any financial arrangements with your ex-partner…
…there is a high chance that written evidence exists somewhere.
For example, if you transferred money, make sure that there is a record of this with your bank.
An email or text with confirmation of them receiving the money is also good to have.
Arrange a Repayment Schedule
If an ex-partner owes you a large amount of money, it may be too much for them to pay in one lump sum.
If this is the case, it is better to arrange a payment plan.
If the debtor sets up a monthly standing order for a manageable amount for them to transfer into your account…
…it can be a good way to resolve the issue in a way that suits all parties.
You will get the full amount of money back over time, and you will not put them into a difficult financial position.
You must document all correspondence you have with your ex-partner during the collections process.
If you need to escalate the case to a debt collection agency, it is best to have a documented history of what you have agreed.
For example, it is common for an ex-partner to miss a payment date.
This is even more true if they feel that they do not owe you.
If this happens, you should not ignore it.
Instead, you should pursue the payment with a polite phone call, text message or email that you record.
A separation from a partner is always an emotional time, no matter what the circumstances are.
If an ex-partner owes you money, it is normal to feel angry and upset.
If you are recovering money owed by an ex-partner, you should always try to remain calm and composed.
If your emotions get the better of you, conversations can turn into arguments.
This could result in your ex-partner becoming unwilling to consider repayment at all.
If you have reached a point where it is clear that your ex-partner is unwilling to repay you…
…it is time for you to seek a professional debt collector.
Breakups can be hard enough without trying to collect money owed from an ex.
Having a personal debt collection service at hand can help minimise the stress this can cause.
Recovering Money Owed from an Ex-Partner – Instructing a Private Debt Collection Agency
Many people think that only businesses can use a professional debt collection agency.
This is not true, and there are a large number of agencies that specialise in the collection of private debt.
Recovering money owed from an ex-partner can be a challenging time for all involved.
We recover what an ex-partner owes to them in a sensitive and understanding manner.
At Frontline Collections, we empower individuals where there is a need for recovering money owed by an ex-partner.
Whatever the situation, we can provide a Free assessment of your claim.
If it is appropriate, we can accept an instruction to recover your money.
Our debt collection services help individuals, as well as businesses, get what their ex-partner owes them.
For further information on Frontline’s Private and Personal Debt Collection services…
…speak to a Professional, friendly Collections Adviser now.