You might be able to apply for a loan that’s designed to pay for the costs of divorce or dissolution.
Very few firms offer these – and they’re not available in Northern Ireland. But it’s worth asking your solicitor if they know of firms that do.
The lender will assess the prospects of your case and the likely level of your settlement.
If their lending criteria are met, they’ll release the funds direct to your solicitor to cover legal fees as they are due.
The advantage over a traditional loan is that you have a pre-agreed maximum loan. And you only borrow what you need as your legal costs rise.
When your divorce or dissolution is finalised, the money to pay the loan will be taken from your financial settlement. The rest of the money is then released to you.
- if there are any set-up fees
- how much interest you’ll pay
- whether the lender requires any security to be given, and
- whether you can pay off the loan early without having to pay an early repayment charge.