Divorce loans

[DeadbeatYoda]

Hi all, I wondered if anyone has any experience with divorce loans? My stbx is unlikely to be reasonable - not necessarily out of spite, just that he cannot see anything except through the prism of how it affects him - and I know I need the advice of a good solicitor. I don't have any disposable income and he is very much the higher earner as we have always put his career as paramount. There is a huge difference in our earning potential. I do, however, have a good credit rating.
So, anyone used a divorce loan before? Is it workable? More hassle than it's worth? Thank you for reading.

Never heard of a divorce loan. What my solicitor did was put a charge on the house so that her fees were paid from the equity I got when everything was finalised. I did have to put down £1000 to start with, but once the house was valued and they could see there was sufficient money in the pot they were happy to wait for payment.

Thank you for sharing your experience.

I used joint savings - we then worked that out in the consent order. But do ask a solicitor. Divorces can vary wildly in price and you pay in bits over time. My biggest expenditures initially were setting up a new home (I moved out with the children). Good luck

I think you mean a Litigation loan. I had one. I would avoid one if you can, as although I did need it it was an incredibly expensive way to borrow.

Your Solicitor will apply for it (it’s usually worked out on what settlement you should get) and they charge to apply for it, then another solicitor charges you to give you advice before you sign (no choice over this) then you get the loan, mine was at 18% interest. It felt a little like a licence to print money.

It’s probably the absolute last choice, as it eats into anything you will get.

Brilliant. Thanks ladies.