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Topic starter
08/12/2012 6:53 pm
Hi,
I have more debt than my wife £38000 and an income of £500 a week but my wife has £9000 debt and only an income of £80 a week.
How does that work if we both sign a TD. Will it be separate of put together.
08/12/2012 7:01 pm
What's the source of your wife's income? Do you have property with equity? You may find that a different solution for both of you is the best way forward.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Topic starter
08/12/2012 7:26 pm
wife's income is part-time job
No Property but need my car for work on HP.
What different solution you talking about
08/12/2012 7:54 pm
Hi Bob
Unfortunately trust deeds are separate. It may well be that you could look at this as an option and possibly sequestration for your wife. Looking at her income, it is unlikely that she would require to pay a contribution.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
11/12/2012 1:31 pm
Hi bob1508 - im guessing plastic is thinking about bankruptcy for your wife. Its pretty easy to do if you have little or no income, but he's right to ask about property, as need to make sure its the right thing for her.
Look on the accountant in banrupcty website (dont think allowed to post links here, but google it and youll get it!) and look for information about low income low asset (LILA) bankruptcy.
11/12/2012 2:43 pm
I would always recommend seeking one-to-one expert advice before making any decisions, bob1508, as the devil can sometimes be in the detail - however I wouldn't disagree at all with what the others have said based on the information you have given.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
