At any time in your life something can happen that affects your financial situation. When you get married or start living together, you have to deal with two incomes. But when you become unemployed, an income suddenly disappears. On this page you can read about the options that are financially possible in situations that can happen to all of us.
Marrying or cohabiting
When will my loan change?
Congratulations, you are about to get married or live together. A nice and fun step, but financially quite a bit is involved. When you start living together, nothing will change about the loans that you have already taken out in the past. You still remain liable for this. When you get married under marital conditions, it depends on those marital conditions whether something changes.
If you get married or enter into a registered partnership in the community of property, then all assets and debts will be yours from that moment on. You still remain liable for the loan you took out in the past. But from now on the debt can be recovered from your joint assets.
Can I adjust my loan?
When you get married or start living together, this often means that you can spend more together and borrow more, because you now have an income twice. Do you both have a loan and do you want to refinance it ? Then you can choose to take out one loan and then both become liable for the loan amount. Or you choose to apply for a new loan, for which you are both liable.
Which loan suits us?
Are you about to get married and want to apply for a new loan together? Then you can choose from a personal loan or a revolving credit. Curious about the advantages and disadvantages of both loans, then read further on our special information pages:
- Personal loan
- Revolving credit
Do you choose to take out one or both loans? Even then we can tell you everything you need to know about transferring your loan. Read all current information on the pages:
- Loan loan
- Transfer personal loan
- Transfer current credit
Renovate or decorate your home
Now that you have found a new living space, it might be necessary to rebuild a few things or you want to buy a new interior. That costs money. Many people choose to take out a loan at that time. You can choose a personal loan or a revolving credit.
Overvalue not required
You do not have to have surplus value on your home to be able to borrow money for a renovation. If you do have surplus value, you can sometimes borrow at a lower interest rate. This is possible because the lender takes a smaller risk when he provides you a loan.
Which loan suits me?
For financing a renovation, a revolving credit is usually chosen. This form of borrowing gives you the opportunity to withdraw money up to an agreed amount at the time that suits you. And is your renovation a bit more expensive? Then you can withdraw money that you have already repaid.
For all information about borrowing money for a renovation and a revolving credit, we refer you to our pages full of current information:
- Revolving credit
- Loan for renovation
Who is responsible for what?
Now that you have decided to separate, this has consequences for the financial situation. An inventory will probably be made of the assets and debts. With a marriage in community of property, both the assets and the debts will be fairly distributed. Please note that both of you were and are 100% liable for the loan, which means that the entire loan can be recovered from you if your partner does not pay. Have you entered into a registered partnership or marriage under marital conditions? Then it depends on the conditions how the assets and debts will be divided.
When you decide to separate, there are three ways in which the loan can be continued:
Let the loan run
You let the loan run until it is repaid. Nothing else changes. Together you discuss how you will ensure that the loan is paid on time every month.
2. One person takes over the loan
Do you decide together that one person will take over the joint loan? Then the person doing this will have to apply for a new loan for this. The lender will see if a loan can also be granted to one of you in a responsible manner.
3. Split loan
Would you like to distribute the loan and associated liability? Then you can see if you can split the loan. That way you both get your own part for which you are responsible. To be able to split the loan, two new loans will have to be contracted. With this you redeem the old loan. If you decide to split the loan, then it must be determined for you both separately whether the new loan can be provided in a responsible manner.
Change loan of a deceased
When someone dies, the lender is happy to be informed as soon as possible. When you report that someone has died, you provide the contract number of the loan and you must provide proof of the death certificate. Without a death certificate, the file cannot be processed.
There are various options for which a lender can and will adjust the loan. If there is no longer any debt outstanding, the loan will be terminated. If a debt is still outstanding, the debt remains in the name of the co-contracting party or heir. Is the loan a revolving credit? Then the option to withdraw money is frozen. In this way the co-contracting party and / or heir are protected.
Other job or unemployed
Changing jobs can change your financial situation. Maybe you are going to earn more and would like to increase the amount that you borrow. Or is it in your case, now that you have more to spend per month, interesting to repay the loan faster? By shortening the term, you ultimately pay less for the borrowed money.
It can also be the case that changing jobs or no longer having a job means you have less money to spend per month. In that case it may be nice to contact the lender. In consultation with them, you can, for example, choose to lower the monthly amount. In this way you will continue to pay off your loan without having to build up any payment arrears. One consequence of this is that the term of the loan becomes longer. As a result, you are going to pay more interest altogether. Do you get more financial room after a while? Then you can choose to have the monthly amount reset to the original monthly amount.
Tight in the greenhouse
It all happens to us: the month is a lot more expensive than we had anticipated. As a result, the monthly amount cannot be paid on time. It is best to immediately inform the lender and explain the situation. Together with you they look at how you can best continue your loan.
Do not pay the monthly amount once
If you are unable to pay the amount on time, you can also choose to pay the amount later that month. That way you quickly made up your payment arrears.
Decrease monthly amount
Do you not expect to be able to pay the amount before the payment reminder period? Then contact the lender immediately to make an arrangement. Together you determine a new monthly amount that is feasible and as a result of which you will not build up payment arrears. Keep in mind that lowering the monthly amount means that the term of the loan is extended. One consequence of this is that you will have to pay more interest over the entire repayment period of the loan.