Hi poprey.

So you're saying that there is a single joint debt of £22,000?

And that you're in a trust deed and your wife isn't?

No, we are both in a trust deed, total debt 42k, out of that 42k, 22k of it is joint, so we are both paying separate trust deeds, what I am saying is that if 22k is in joint names then my wife's total debt is 11k, that is what's nearly in her pot with 13 more payments to make, am I right in saying if she has paid 11k, which is half of the joint debt then that is her debts paid in full

No, I'm afraid that isn't correct poprey.

The principle that applies is "joint and several liability".

In the simplest terms this means that each of you technically owes the full £22,000.

Joint debts aren't split in half in the way that you describe.

You can read more about this here:

https://www.trust-deed.co.uk/joint-debts-and-a-trust-deed.html

Hi poprey,

It's common for people to look at joint debts and think that they are only responsible for half of the balance and the other person is responsible for half the balance.

Like TDA has advised joint and several liability applies in this scenario. Your both fully responsible for the joints but that doesn't mean you both pay back £22,000 each.

If you were to pay £22,000 and your wife paid £1,000 then lenders wouldn't care, they only care about receiving their full balance back.

Ok thanks for the input guys, would love to find a way to at least get my wife out of this PTD

Hi poprey

It's probably one of the main things which can massively alter a Trust Deed's calculations. Because both parties are jointly and severally liable for the full debt, the the full amount is shown.

It would not be unusual for one to sign a Trust Deed and the other to continue with the repayments on the joint debt which would have the effect of the debt eventually being repaid in full by the other party ansd therefore would vanish from the original list of creditors in the Trust Deed! Or another scenario would be that the Trust Deed makes ongoing dividend payments to the joint debt and therefore reduces the amount requiring to be paid by the non trust deed person.

I think this makes sense!!

Mark

See I sidnt know that my wife could have kept away from the TD and continued paying, if I knew that she wouldn't have entered it, what do you mean about creditors dropping off the TD, does that mean if there are any small amount to be paid, this can be done to keep them out of the TD, think I explained that right

No, poprey, what Mark means is that if your wife wasn't in a Trust Deed and therefore repaid the joint debt in full herself then that creditor would no longer be entitled to claim any money from the Trust Deed as the debt has been fully repaid.

It's a hypothetical scenario and not relevant to you as you are both in Trust Deeds.

You shouldn't be paying anything to any creditors, no matter how small, if you are both in Trust Deeds.