Hi Snuf, Your expenditure is based on total house hold income. There may also be a problem with the joint loan as you partner would become responsible for this. Best Speaking to one of the experts

see i did think about getting a joint trust deed but i dont see us being together in 3 months let alone 3 years. I thought about extending the loan we have together aswell but struggling to make the monthly payments on that already. I also considered a debt consolidation loan but i think in the long run that would put me further in the red!

How much is the joint loan for?

umm it was for 5500 been paying 187 a month and we will have had it a year in october.

What was the durartion of the loan?

Welcome to the forum snuf_88.

SkintAlly is absolutely correct; the record of income and expenditure that you complete should be for the household rather than you as an individual.

It's not that your partner will have to help repay your debts via a trust deed, it's just to help in sharing out the household costs fairly between you.

There's no such thing as a joint trust deed. Where a couple each want to deal with their debts this way there would be two trust deeds though of course they can be co-ordinated together. That does mean however that you would not be tied together by the trust deed if you decide to part from each other in the future.

As SkintAlly says, with a joint loan if one of you does a trust deed the lender is likely to seek full repayment from the other.

If you're unsure about the future of your relationship it may have an influence on the decisions you seek to make now. For example I'd imagine your expenses might increase a lot of you were to part your ways? Do you think you'd be able to pay all of your bills and contribute to a trust deed if that were to happen?

I wouldnt be able to pay much if we did part..what would happen then? Is a tust deed not the best option for me? if we did a coordinated trust deed would we just pay half the repayment each??

I am pregnant aswell with my second baby. Do you have to have debt alone over 10000 to get a trust deed? because without the joint loan my debt isnt over 10000!

I don't think that a TD would be your best option if that is the case anyway as the fee's involved and the money pot for the creditors dividend could be close to what you owe at the moment. A debt arrangement scheme or bankruptcy would probably suit you better. Your partner will have to do the same or be left on his own with the joint loan.

The level of debt isn't a problem, but the main issue would be that your partner would still be liable for the full amount of the joint debt, so if you are likely to be staying together there would be no real benefit for you to sign a trust deed - between you and you partner you would probably end up paying over £10000 in total anyway.

I guess it is different if you split as then you aren't having to take his situation into consideration and a trust deed might be appropriate.

It also sounds like what is affordable to you might change, you really need to try and work out what you are likely to be able to stick to in future and base any decision on that I think.

whats a debt arrangement scheme? im really confused now. Can you coordinate a trust deed together to take into account the joint loan?

Hi snuf_88.

You can both enter trust deeds in a co-ordinated way if it makes sense for you both. That would avoid the situation where your partner is saddled alone with the loan debt.

You can read more about the debt arrangement scheme (which is one of the alternatives to a trust deed) at:

http://www.trust-deed.co.uk/debtarrangementscheme.php

is it normal for a trust deed company to do a fee of 295 each for couples to do a credit check and look through your file??

Nope, don't pay any money upfront for anything