Divorce and separation loans
What are divorce loans?
Divorce loans are designed to fund legal costs and disbursements, with the loan being repayable from your settlement. Divorce loans can be used (subject to eligibility) to fund:
- financial proceedings on divorce or dissolution;
- property disputes between cohabitants;
- collaborative law; or
- mediation
How do divorce loans work?
The key features of divorce loans include:
- the loan can be used to fund all legal costs and disbursements;
- interest is only payable on the amount drawn down;
- subject to you meeting the lending criteria, a lending decision can be taken quickly;
- it may be possible to defer interest payments by adding the interest and fees to the loan amount;
- the rate of interest is fixed for the duration of the loan; and
- the loan is repayable from your settlement, and there are no exit charges or early redemption penalties.
Do we recommend taking a divorce loan?
No. We do not recommend divorce loans as other funding options may be available to you or more appropriate in your case. However, if you have no other funding options, a divorce loan may be right for you. If so, we can assist you with an application to a suitable divorce loan provider. Please note that we do not receive any commission or fee from the lender and you may be required to take independent legal advice upon the loan.
Where can you find out more?
You can obtain further information about divorce loans by clicking here or call us on (01228) 829530 to arrange an initial consultation or request a free call back.
