Raising Awareness: Financial and Economic Abuse in the Aftermath of Domestic Abuse
We have teamed up with Koto Financial Services for this blog post, to help raise awareness of the growing problem of financial and economic abuse, an often overlooked but devastating form of manipulation that can continue long after a relationship has ended. Financial abuse can leave victims struggling to rebuild their lives and their financial independence, trapping them in a cycle of dependency. Koto Financial Services, believe in supporting individuals in all aspects of their financial lives.
Understanding Financial and Economic Abuse
Financial abuse in a domestic setting occurs when one partner controls another’s access to financial resources, restricting their ability to work, access money, or make decisions. It can take place during a relationship but can also continue post-separation. For many victims, the abuse doesn't stop when they leave; their ex-partners often continue to manipulate them through financial means.
One of the most concerning ways this manifest is through missed mortgage payments. Abusers may deliberately sabotage their ex-partner's financial standing by ensuring they miss mortgage payments, thereby damaging their credit score and making it impossible for them to secure a future mortgage or rebuild their financial health. This tactic effectively traps victims in financial instability and can leave them without the resources they need to secure a stable home for themselves or their children.
Post-Domestic Abuse Tactics: How Abusers Use Finances as Control
After a victim leaves an abusive relationship, the abuser may still find ways to exert control, often using financial and economic abuse as a weapon. Here are some of the ways they do this:
Withholding or Delaying Child Support Payments: Abusers may withhold or delay child support payments, leaving the victim struggling to cover basic living expenses.
Co-Signed Loans and Mortgages: Many victims are tied to their abuser through joint mortgages or loans. An abuser might refuse to contribute to payments or even deliberately default on them, resulting in financial penalties for the victim.
Deliberately Missing Mortgage Payments: Abusers may manipulate their ex-partner by making them miss mortgage payments, knowing that this will damage their credit score and prevent them from obtaining a mortgage in the future.
Forcing the Victim into Debt: Some abusers will take out loans or run up credit card debts in the victim’s name, leaving them with huge financial burdens even after the relationship has ended.
These forms of manipulation can have long-term consequences, making it difficult for victims to regain control of their finances and rebuild their lives.
Support and Resources
If you or someone you know is affected by financial or economic abuse, there is help available. The Herts Domestic Abuse Helpline provides confidential, free support and can help victims navigate the complex legal and financial issues they may face.
At Koto Financial Services LTD, we are committed to helping individuals regain their financial independence after experiencing abuse. Our team offers free consultations to discuss your financial situation and help you get back on track. Whether you're dealing with mortgage issues, struggling with debt and need to consider consolidating this into your mortgage, or need advice on how to move forward, we’re here to support you every step of the way.
Book a Consultation with Koto Financial Services
If you’re in need of financial advice or support, or know someone who has been affected by financial or economic abuse, please don’t hesitate to book a consultation with a member of the team at Koto Financial Services LTD. We understand the challenges you may face, and we’re here to help you regain control of your financial future.
To book a consultation or learn more, visit www.kotofs.co.uk and take the first step towards financial independence.
By raising awareness about financial and economic abuse, and partnering with organisations like Herts Domestic Abuse Helpline, we hope to empower individuals to break free from the cycle of abuse and regain their financial security.