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Manage Your Finances After a Relationship Breakdown

Are you or someone you know going through a separation or divorce? This can be a really difficult time and to add to the stress of a relationship breakdown there is also the financial implications including the division of assets. How do you manage your finances after a relationship breakdown We recently helped a client when he thought he had run out of options. Here we share his story.
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Manage Your Finances After a Relationship Breakdown

Are you or someone you know going through a separation or divorce? This can be a really difficult time and to add to the stress of a relationship breakdown there is also the financial implications including the division of assets. How do you manage your finances after a relationship breakdown We recently helped a client when he thought he had run out of options. Here we share his story.
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The Client

Our client was a 40-year-old male with two children, recently separated from his partner. He was trying to manage his finances after a relationship breakdown. He came to us on the referral from his divorce lawyer.
The client wanted to keep the house for the stability of his children, but he had challenges.

His first challenge was that he had already been to his bank and they told him they could not help him because he could not service the debt.

His second challenge was that his loan was fixed for three years and it would cost him a significant break fee exceeding $10,000. An extra expense that he could not afford, especially at such a tough time in his life.
His bank basically turned their back on him and said, “No, we can’t help you.”

He thought his only option was to sell the house. This was something he didn’t want to do because they were in the middle of renovations and had poured a lot of money into the renovation which wasn’t complete. The house price would have been heavily discounted to sell in its current condition and this would have had a significant financial impact on both him and his ex-partner.

The Process

This is where Rise High came in. His divorce lawyer referred him to one of our brokers. At the first meeting, he thought there was no point and had lost all hope, but he showed up anyway because we were his last resort.

Our broker sat down with him and tried to understand everything about his situation. She assured him she would do the best she could for him. Her first port of call was with his existing bank to try to understand why they said no to him because in her eyes he had the ability to afford the loan based on his income and commitments.

Our broker was able to help him. After working closely with the client for 18 months whilst he worked through his divorce and division of assets our Rise High broker managed to negotiate with our clients existing bank for him take over the fixed loan without any penalty at all, saving our client more than $10,000. So even though the bank had said no to him the same bank said yes to Rise High. All it cost him was $250 to transfer the loan. What an amazing result!

The Result

Whilst we worked with our client for 18 months, in the end, getting the finance solution was quick. It took our broker less than two weeks to work it out with the bank that it could be done.

Smith’s goal right from the beginning was to retain the house, both for the stability of the children and to maintain the value of the house. We were able to help him achieve his goal.

It’s the end goal that we find so satisfying. The client still cannot believe that the same bank that said no, is the same bank that he ended up being able to stay with. We make the impossible possible.

Smith’s story is a really good example of how we can help you. If you are in a situation where you are going through a relationship breakup or, you have a situation where you think what you really want to achieve is out of your reach or a bank or someone else has told you it’s not possible, don’t give up.

Come and speak to us at Rise High because we go the extra mile to make sure that we can find a solution for everyone that walks into our Rise High community.

Finally, our quick tip to you. Separation is always a hard time. So, you need to make sure that you understand that you will have a separation of assets. You need to make sure that you speak to your divorce lawyer.

Even if it’s amicable, you still must make sure that at the end of that separation, you have a consent order in place.

Speak to your mortgage broker so you understand what your borrowing capacity is. If your bank says no, don’t just take no for an answer. Our service is fee-free so, you have nothing to lose. Come and talk to us today. Send us a message here we are happy to just have a chat!

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