financial statements

daisychloe

Hi..can anyone help. my husband has a loan and needs to fill out a financial statement as he is struggling to repay....I help out by transfering money to his account, is this classed as an income and does he have to declare my DWP benefits ? we are in a rented house ...have no joint debts no children and my name is not connected with this current loan.
Should this be a household income or his personal income ? it isn't clear on the form.
hope someone can give advice
thanks

pure_dead_dopey

It should be his income alone, is this his only debt? I'm not a great fan of giving personal details to creditors but if this is his only debt and this is how he has chosen to deal with it, I would simply give a total in and a total out and make an offer to pay off the debt. He should aso ask that they suspend interest and charges and his offer should be what you can afford not what you think the creditor wants, sometimes this can be two different things!! Don't be bullied and if you can't get it sorted come back to us.

Tixy

Is this just a form for the creditor to try to get them to agree a reduced payment? Or is it a form for court?

If its just for the creditor then just include his income (not including what you pay to his account) and his share of household costs and outgoings etc.

daisychloe

Hello... Yes this is just a form from the creditor , he already pays some and thats a struggle, thats why I try and help but they want to increase it ..so are my contributions classed as an income ?
So he only has to list his salary and all the bills he pays.??? have I got that right ???

Tixy

Money you pay to him is not his income.

Technically he should fill in his income and his fair share of the household bills and the whole amount of any personal bills.

So if your income is the same as his then he should put half the rent cost down, half the utility cost down, half the council tax, half the grocery cost etc, and all of his personal costs like his mobile phone, his travel costs etc.
If his income is twice what yours is then it is reasonable to say his fair share of the joint costs would be 2/3 of the rent and the utilities etc.

You are not legally required to complete an income & expenditure form for a creditor, but equally they don't have to accept his reduced payments or have to agree to freeze interest.

If he cannot afford the amount that they are requesting him to pay then he should reduce the monthly payment to a level he can afford.

daisychloe

Thanks for the info...really don't know how to sort this ,I never seem to get through to my other half how to sort this out...I keep saying to pay bills first and live on whats left and make me a list of all of our in's and out's he says he will after a row.. but then nothing is done..!!! it's SOOOOOOO frustrating that I never seem to know whats going on until we run out of money, I need shoes , glasses dentistry work clothes when I say I have no money" I HAVE NO MONEY" not I need it for something else !!! can't even afford petrol to visit family in another part of the country. Totally fed up....................:(

Tixy

I'm sorry you are feeling so down about it. Do you keep your finances seperate or generally combine what you have? Or is the problem you don't know where all his money is going?
If you do know the details of his finances then naybe you could try completing a statement of affairs for you both as a household and posting on here so people can see if they can suggest any places you could make changes/ get things cheaper etc to free up more money for the things you need and for debt repayments? We use this calculator if you want to give it a try - http://www.makesenseofcards.com/soacalc.html

daisychloe

I am married to an Ostrich.... I have £50 a month to buy petrol and odds and sods.(mainly fresh veg and the like)..so to save my pennies I asked OH to take me to a hospital app and wait, then we didn't have to pay parking ..which isn't cheap. I was seen very quickly and went to find him, and there he was in car with crisps,sausage roll, sweets and drink ...might as well paid for parking it would have been cheaper, he is a lovely husband apart from being rubbish with money ..how on earth am I going to get through to him ....it makes me so fed up , we had only just had lunch..!! grrrr no food in freezer down to last few tins in cupboard .just waiting for him to ask whats for dinner...ARGHHH..!!!! I know this isn't asking for help with finance , but I need to get it off my chest. How come he has money for treats........??
Sorry rant over
thanks