Valentine cards, chocolates, roses and romantic candlelit dinners are what most partners are hoping for this Valentines day, but leading credit reference agency, Equifax, is warning that there could be some other unwanted surprises.

Research conducted in 2007 has revealed that around one five people were keeping credit card and loan debts a secret from their partners. Equifax found that 23% of respondents said they had hidden debts from a partner or told a white lie about how much they had spent. 14% admitted to have hidden debts of over £5,000.

If a marriage ends in separation, a significant portion also try to blame their debts on their estranged partner, it said, as well as attempt to take out new debts for which their partner will be liable.

Just over a fifth of 30-year-olds hide debts from their partners, but almost a third of 40-year-olds do so. Men are more likely to hide their debts than women, the study concluded.

If a person has joint debts and has defaulted on repayments due to the inaction of an estranged partner, they can put a 'notice of correction' - known as a tag - on their credit file laying the blame on their partner.

However, there could be problems if both partners point the finger of blame at each other, says Neil Munroe, external affairs director of Equifax. He said: 'If some partners have both put the same tag on their account – saying, 'My partner is at fault for this' – that is a potential point of conflict.'

To prevent this from happening and as a first step to taking control of your debts, Equifax urges people to be honest about those debts.

Munroe adds: 'Mounting debts can have a far-reaching impact on partners and families as well as the individual. And, unfortunately, there are more and more stories of people hiding debts from loved ones, highlighting the heartache that comes with these costly secrets.

'Hiding debt is a stressful experience and could lead to serious mental illness, such as depression. Not only does the individual have the anxiety of trying to keep up with payments, but they also have to consider the effect the debt is having on their financial status.

'And if they share any joint financial commitments with another person it will impact on them too, putting the relationship under considerable emotional and financial strain. When it comes to debt, honesty is definitely the best policy and best way to end the nightmare.'