Notifications
Clear all

Reuniting?

4 Posts
3 Users
0 Reactions
1,963 Views
(@tdscot)
Active Member
Joined: 10 years ago
Posts: 3
Topic starter  

I am 2 years into my TD and my ex-partner and I are getting on well and may get back together. With only a year left to go, I'm worried that if he moves in, then how that will affect my contributions. I know they will need to go up and that's ok, but he doesn't and cant afford to pay half of the bills, and would just have to give me a lump sum monthly towards them. Can anyone advise how this would work? Does his income get taken into account or just what he gives me (everything relating to the house is and for the time being, would remain in my name).
Thanks


   
Quote
TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Welcome to the forum TDScot.

There are slightly different ways of assessing this that might be used, but in essence your trustee will look to be fair to your ex-partner and your creditors if this happens.

Basically, he'd be expected to pay his fair share of the bills normally. If he earns more than you his fair share might be more than yours, if he earns less his fair share might be less. This is likely to leave you in a position where an increased trust deed payment is possible.

"Fair share" isn't a precise science though, so I'd suggest picking up the phone to your trustee and getting some information from them about exactly how this will work if it happens.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
ReplyQuote
David Tannock
(@david-tannock)
Famed Member
Joined: 12 years ago
Posts: 2581
 

Hi TDscot,

Like TDA has advised it's about trying to find a balance between your creditors and your ex-partner should he move in.

It's up to your partner whether or not he wants to share details of his income. If your provided with a lump sum payment from them towards the bills then this will reduce your costs and in turn an increase in payments is likely.

It's one of those situations that you will need to run past your own Trustee.

How long do you have left on your Trust Deed TDscot?

David is not currently posting in the Trust-Deed.co.uk forum


   
ReplyQuote
(@tdscot)
Active Member
Joined: 10 years ago
Posts: 3
Topic starter  

Thanks for your help. I certainly wont be rushing into anything and will speak to Wilson Andrews before he moves in. I'd probably need a review, as moving him in would reduce my tax credits and therefore my income would increase on one hand and decrease on another.
I have 14 months (and counting) to go!
Thanks


   
ReplyQuote
Share: