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Scottish Trust Deed Forum
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Topic starter
29/10/2013 1:53 pm
I am considering entering a trust deed an have been looking through some posts on the forum. A few questions I have are regarding my partners position if I enter a trust deed. I currently live with her and pay half of living costs, however she owns the house on her own. She is not keen on any trustee getting involved in her affairs which I can understand. She is more or less debt free and fairly good with looking after her finances. If a trustee goes through my income and expenditure what would my partner have to provide to prove half of living costs? Mortgage or bank statements? Or wage slips to show total household income? We have seperate bank accounts and at the moment I just give her an amount per month to cover my half of outgoings so if the trustee were looking at my statements, rent, electtric, gas and council tax would all be one amount.
29/10/2013 2:06 pm
Hi Dave and welcome to the forum,
Well done on taking steps to deal with your financial difficulties.
There are a number of options that you have to deal with your debts and we would always advise sitting down with an advisor and discussing things in person. You could be suitable for a Trust Deed, Debt Arrangement Scheme, Sequestration or another option.
Any potential Trust Deed would not have am impact on your partner and her house would not be affected.
Your income would be reviewed along with your expenditure. If you contribute towards a proportion of the bills then this would be taken into consideration and a monthly payment worked out from that. A Trustee would not really require evidence of any bills so you don't need to worry about providing evidence of each bill. A lot of what you do will be based on trust. You would have to provide bank statements and payslips though but only for yourself.
Can you give us an idea of your situation i.e. how much debt you have any how much you feel you could afford to pay per month to a plan?
The positive thing to remember is that there is a solution to your financial difficulties it's just taking your time to find the right one for you.
David is not currently posting in the Trust-Deed.co.uk forum
29/10/2013 2:11 pm
Hi Dave
Generally an income and expenditure would be prepared to take account of your contribution towards the household expenses. This would fully allow for your partner's own costs and expenses to be taken into account which is only fair.
The financial review is based on your own individual position, although as stated we need to take account of your partners contribution towards ongoing household expenses.
Don't worry, it's all about taking a balanced view where someone is not indirectly supporting the payments of the other.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
