Hi Chooky

In general, the contribution is based on income less expenditure and see whats left. Although the IP will build in a contingency as well. The contribution needs to be an affordable amount.

The other formal options are Debt Arrangement Scheme which will freeze intetest, although you need to pay the debt in full or Bankruptcy, although you would still need to pay the contribution.

Hope this helps.

Mark

Hi Chooky, welcome to the forum.

Can you let us know if you own your own house or a car?

Julie

Thank you for your prompt replys.
To answer Julie, no we do not own any property,and the car
is through the motobility scheme for my wife.I dont know if this will affect any payments I will make.

Hi Chooky

No, the mobility car will have no effect as this is an acceptable part of the expenditure.

Mark

Is the debt in your name only Chooky?

If your wife is in receipt of any kind of income, including benefits, a proportion of this will be allocated against the full household expenditure, including the payments that you make in respect of the car.

Julie

This debt is in my name only, but my wife has some debt in her name also, not sure of the exact amount though. Would it be beneficial to us or is it possible to enter into a joint agreement ? My wife receives only disability benefits and has no other income.

Thank you for taking the time to answer these questions, very much appreciated.

Unfortunately you cannot enter in to a joint Trust Deed agreement.

If your wife is in receipt of benefits only and has no assets I would suggest that she should maybe look in to bankruptcy, however she should seek advice from a money advisor or insolvency practitioner first.

Julie