Confused about husbands income

sammydodger_2 · 4 March 2018 at 8:14PM

Hi..

So Iv already asked a few questions and I just want to be honest and explain my situation and maybe ask a few other questions as my head is hurting from all the worry and googling.

Sooo debts are pretty high .. I have a £10k loan I took as debt consolidation about a year ago to try clear up some thinking if I paid one amount then I’d be able to pay other things easier.. my credit limits have been going up and up and iv got 9800 in one credit card.. 3800 on another and 2 for 1500 each..

I think have 2000 on a next about, maybe 3000 on very and 700 on studio!

It’s all so silly now looking back just instead of saving I have put things on my cards etc and hidden a lot from my husband.

I’m self employed and changed the way my business was running to work around the children and husbands job and basically my earnings just aren’t covering it right now.

Obviously they take into account my husbands earnings to see that he’s paying equally to it’s fair etc.. he does earn more then me though so even doing an SOA it doesn’t show who pays what so how is that worked out? I read that he wouldn’t be expected to pay for my debt and I don’t really want to disclose what’s owed in fear of divorce! (All jokes aside because it’s not funny atall) I felt like I was keeping on top of everything but in reality I’m just getting deeper into debt and it’s not great atall!! I worked out with both our incomes and all the expense it’s 1000 ish over what we earn..

Obviously being self employed iv just been paying things weekly and doing what I can and borrowing and paying back etc but haven’t taken into account tax as I’ll worry about it later on but basically that’s how iv kept on top of it all at the moment..

However if i had no debt then it would be 150 ish left after expenses but how do they determine if that’s mine or his??

Feeling sick nervous and gutted at myself.. I’m 30 next month th and I certainly never expected to be spending it worrying stupid like this I could literally cry it’s conseantly on my mind and I’m so snappy at the kids :,-(

FlowerGirl27 · 4 March 2018 at 8:36PM

Sorry Hun, what’s your question?

mwarby · 4 March 2018 at 8:39PM

They can only take into account your income and your share of the expenses. I can't find anything detailing how they determine fair share, but I'd guess it's be 50/50 or by relative income(if you want to disclose this, I'm not sure the OR has a right to know your partners income). Worth bearing in mind that not all expenses you and your partner would like will be allowable, which could make the split feel unfair.

mwarby · 4 March 2018 at 8:41PM

FlowerGirl27 wrote: »

Sorry Hun, what’s your question?

It reads to me like she's unsure of how the income and expenditure will look with regard to shared expenses/bills, and the resulting IPA

sammydodger_2 · 4 March 2018 at 8:49PM

Yes sorry like we have our usual expenses.. household etc

He pays for the family gym membership and his golf membership etc so obviously that!!!8217;s nothing to do with me..

My car and phone I use for business but I cleared all that up in a previous post...

I used a soa form thing and put in my own wage and partners.. then I added all expenses in including his phone and car expenses etc because I!!!8217;m assuming that would need to be declared if they intend to look at what he!!!8217;s paying as fair?

It!!!8217;s so confusing as it!!!8217;s not his debt.. all bills go out of my account and he transfers money over each month as was easier when we first lived together as I had a spare account - I!!!8217;m assuming I!!!8217;d best move them to his account before going bankrupt if they are going to close my accounts..

We pay quite equally in tho so I hope they don!!!8217;t say well he has left over money he should pay more ?? Does this make sense x

mwarby · 5 March 2018 at 8:11AM

I would exclude any expenses which re his alone, the OR wont be interested, the OR will be interested in his fair share of the shared expenses (like mortgage, council tax, utilities household expenses), also include any expenses which are yours alone.

If you are sharing fairly you should be fine. Your partner isn't liable for debts that are solely in your name, so he may well have more disposable income which the OR has no rights too. The OR should only be looking to ensure your not overpaying on expenses (so to avoid an IPA)

If you happen to pay some of his expenses through your own account, I'd mention this at the interview and maybe add a note to bankruptcy form if there is space. There's nothing wrong with this, as long as you don't try and claim those expenses as your own, while disowning the income

Re bank accounts, if you have an overdraft or other debts with this bank, you need to set yourself up a new basic account, as the bank is likely close the existing one. When I had my IVA I chose not to switch via switch service, but to manually switch only the bills I was keeping and wages(IMHO no point in switching direct debts for debts)

It maybe worth taking to a debt charity/helpline about this so you can go over your full SOA and get any advice reassurance (and things which won't fly flagged) you need before going bankrupt.

Bigphil1474 · 5 March 2018 at 8:22AM

OP, some advice from experience - tell your hubby. I had massive debts that started way back in 1994 and I finally got the ball rolling to sorting them out in 2005, cleared my debts by 2010. Couldn't have done it without my OH. Yep, we had massive arguments but we stuck together and got it all sorted and we are now in a better financial and relationship position than we were before. Might be worth bearing in mind that if you have these debts that your hubby doesn't know about, he could have some that you don't know about.

Confused about husbands income

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