Ok thanks again TDA I will check into this more.

Hi Hope4me,

A joint income and expenditure will be done with you and then an individual one which we tend to split based on a % of the household income. For example, if you and your husband both earned the same amount per month then the bills would be split 50/50. If you earned 60% of the total household income then it would be split 60/40.

The reason that a joint income and expenditure is completed and also an individual one is that when it comes to registering your Trust Deed as protected with the Accountant in Bankruptcy, the paperwork for this needs to be based on an individual's financial position. The Insolvency Exchange who are a private company representing a lot of large creditors request a joint income and expenditure when considering a Trust Deed proposal. This is the reason why both may need to be used.

A good advisor will sit down with you and work through all of that so it makes sense and you understand it.

Ultimately as TDA has said by doing this and whichever way it's worked out it should end up with the same payment that you can both afford to make.

It is an important point actually. If there is a big difference between what one spouse/partner earns compared to the other then it can affect what options are viable for both.