I have recently entered a trust deed and my partner has asked me to move in with him. All of our house hold bills would be split equally and I understand if I have more money left I will have to pay a higher amount to my trust deed. What I want to know is, will he have to declare his income and savings or will they still be his. Will my debts owed become his as well and he will also have to contribute towards the deed? Or will it solely still be mine to deal with. I wouldn't want to move in with him and then he has to start paying toward something he had nothing to with as they are my debts.
Thanks, any advice would be great.
Hi Claire2008 and welcome to the forum.
I can understand your nervousness but you really have nothing to worry about.
Your right in that the Trustee would look at your budget to see if you could afford to pay more because you are splitting the bills but that's it.
The Trustee can ask about your partners income but this is to see who is paying what to the household bills. You could either split to bills 50/50 like you advised or you could do it on a percentage basis of who earns more money and therefore pays more of the household bills. For example say you earned 60% of the household income then you could pay 60% of the bills.
Ultimately it shouldn't result in your partner being liable to pay your debts and if your partner doesn't want to disclose his income he doesn't need to. You can just advise the Trustee your splitting the bills 50/50.
Also the Trustee wouldn't take into account your partners savings so no need to worry about that.
Do you think after moving in and splitting the bills 50/50 you will have more money left over to pay an increased payment to the Trust Deed?
I would speak to your Trustee but like I said this should not have an impact on your partner so I would go for it!
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Thanks for the reply. I think it may work out around the same as I would have to pay for child care and I would lose a percentage of benefits that I get living as single.
I was just wondering whether he would have to sacrifice any income left over after paying bills as I do toward my deed.
Thanks
Hi Claire2008,
If it works out just the same as your current bills then there shouldn’t be a problem.
Just remember to update your Trustee with the change of address.
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