Welcome to the trust deed forum missk88.

The creditors of the joint debts are entitled to chase the other borrower for the full amount owed at the moment. You're "jointly and severally liable" for each joint debt which means, effectively, you both owe the full amount on each account.

Usually a dividend will be paid from your trust deed to each creditor in time. When that happens the balance owed will reduce (and therefore reduce the liability of the other borrower).

You need to remember that some of the £195 you are paying each month will be paying the fees and costs of your trust deed. That element will not ultimately reduce the debt.

I don't think your trustee can stop you from moving to a new home with a higher rent. There may be implications for you however if the increased rent later prevents you from paying what you agreed to pay.

Hi missk88

As TDA says, if the debts are joint then the creditors have the right to pursue the other person for payment. I am surprised that this was not highlighted to you before you signed as this would be a major factor to consider before doing anything.

The majority of firms will pay the dividend at the end, so i would not hold out much hope of the creditors agreeing to hold off for 3 years until the dividend is paid to see what the final balance is. In addition, they can add interest and charges against your partner.

As mentioned, I'm amazed that this was not highlighted to you at the meeting before you signed.

Mark

I'm afraid your ex-partner will need to consider their own situation separately and either make some kind of offer, or enter into an insolvency arrangement themselves.

As Mark says, this should have been made clear to you. However, at least you don't need to worry about your own liability for any of these debts should your ex-partner fail to meet their obligations to them.