Welcome to the forum Buz.

How long has the new business been trading for? Is it a limited company or are you a sole trader?

If your partner moved in there might be some upward pressure on your monthly trust deed payment as it would be assumed that household costs were being split (and hence that your own expenses had reduced). That all depends on the actual circumstances if and when it were to happen.

Whatever evidence is reasonably available would be acceptable. At the end of the day there is always a bit of estimation involved when setting the contribution payment. The trustee will probably expect there to be better evidence when it comes to your reviews further down the line.

I have been trading as a sole trader for just over 3 years, I have a van that is used for my business but no premises or other assets. Current trading profit are just covering my outgoings.

My concern with my girlfriend moving in with me is that she is then required to significantly contribute to my debt repayment, when it was created some time before I met her. Clearly the household income will increase and rightly I would expect to pay more, but I do not wish to disadvantage her financially to an unfair degree. I read on the site somewhere that it is proportioned accordingly but wondered if there was any set rules or guidelines re this? It is important for us both that we are aware of this moving forward and prior to making a decision to proceed further.

Your debt is your own, I don't think she will be expected to help towards it, your trustee would probably expect her to contribute towards household bills( gas, electric, phone ), rent or mortgage, council tax etc. I am in the same position I live with my husband but the debt and therefor trust deed is in my name only. I calculate all my household bills including food, nursery fees,fuel etc and half them. After I have deducted this half from my personal income what is left is classed as disposable income and is paid to the trust deed. My husband pays half the bills and keeps his disposable income to use as he chooses.

Hi Buz,,

I think cheerkel is totally correct.
I'm in a trust deed and any disposable income belonging to my wife is hers to do with whatever.
She pays half of everything domestic; mortgage, kid stuff, gas, food ...!
As long as you can stick to what you sign up to and dont mind your better half buying you shoes, its a good move!

Ralph

Hi Buz

I think the above pretty well sums thins up.

In simple terms, she would be expected to assist with costs of rent, gas etc, but would obviously be allocated her own surplus for her own things. I would be surprised if the contribution amount couldn't be easily agreed.

Mark

Thanks folks that is a great reassurance to us both. I assume when providing details of my income and expenditure I would require personal and business bank statements and proof of outgoings, receipts etc ? How far back will I need to go with this proof ? Thanks again for replies its a big help.

Hi Buz,
I think my bank statements went back about 2 - 3 months and were very messy.
All went through okay, it was nothing the company i went with had'nt seen before!
I think some form of confirmation of income may be useful as that may be required for any creditor to accept your proposal.
Ralph

Hi Buz.

In terms of personal bank statements I'd think most firms would look to cover the most recent two or three months.

As a self-employed person a little more work than usual needs to go into setting up a trust deed payment that is manageable for you and fair to your creditors.

Putting together your recent business bank statements and any other relevant material (like management accounts for example) may be helpful. The trust deed firm are also likely to be interested in your future projected trading so you may wish to have a think about that side of things if you haven't already.

The Trustee may wish to see your HMRC - Annual Returns for Self Assessment given you have been trading in addition to what has previously been identified above.

Chris

Your last years accounts would be helpful, as they can give an average income for you. If you sit down with someone who can calculate the figures for you, I am sure a reasonable figure can be agreed upon. It has to be sustainable, but your partner's free income will not be used for your debts. A good time to get it sorted- before the big 50, then you can enjoy it!!!

Thanks for that I had wondered about potential fluctuating future trading profits (down as well as up!) and, having traded for over 3 years, I have a pretty good fix on my regular and fixed expenses averaged out on an annual basis. My business has gone through its growth period and flattened out to what I think is a sustainable business over the medium to long term. Any future expansion plans would wait until the TD is settled to ensure I do not add any potential risk to the business income I have built up so far. By the way I walk dogs for a living having escaped the rat race of a high pressure sales career in......Financial Services !!! Strange that I should find myself in so much debt but you cant beat a failed marriage and ex-wife's business to leave you owing a few bob !! My main objective is to finally be free of the cloud of debt that has hung over me for many years. And as you say Shona achieving this before the big 50 is a target I would be so happy to achieve 🙂 As has been mentioned elsewhere in the forum "control" is a huge thing to lose and regaining that over my finances and my future is truly worth the effort.

Hi Buz

Great post.

I honestly think when you take away all the unknowns, you find the control comes back at the same rate.

Mark