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Joint and non-joint debts
sarah0404
Posts: 153 Forumite
I know that not many people here know much about the Scottish Trust Deeds (which I'm in the middle of setting up - basically its similar to an IVA), but I had a question.
Some of our debts are joint and some are in my partners name only. The advisor I spoke to said that we'd have to have two trust deeds set up. One in my name with my share of the joint debts and the other in his name, with his share of joint debts and his own debts. But they are only taking one single payment from us (of £220) So does that mean that they'll split that and pay it into each trust deed? (note - according to the terms and conditions the debt company takes £40 a month of this for their administration costs, so if they are taking £40 x2 the creditors will only get £70 a month for each trust deed - which will only give a really pathetic return, which they might be likely to reject)
Also, i have no income. I stay at home to look after my children. So if there is one set up in my name, technically I can't pay it, as I have no income. So wouldn't I be better off declaring bankruptcy?
Sorry, its all a bit confusing! I am supposed to be seeing the insolvency practitioner on Tuesday (supposed to be - he still hasn't confirmed details). But I've been wondering about this.
Some of our debts are joint and some are in my partners name only. The advisor I spoke to said that we'd have to have two trust deeds set up. One in my name with my share of the joint debts and the other in his name, with his share of joint debts and his own debts. But they are only taking one single payment from us (of £220) So does that mean that they'll split that and pay it into each trust deed? (note - according to the terms and conditions the debt company takes £40 a month of this for their administration costs, so if they are taking £40 x2 the creditors will only get £70 a month for each trust deed - which will only give a really pathetic return, which they might be likely to reject)
Also, i have no income. I stay at home to look after my children. So if there is one set up in my name, technically I can't pay it, as I have no income. So wouldn't I be better off declaring bankruptcy?
Sorry, its all a bit confusing! I am supposed to be seeing the insolvency practitioner on Tuesday (supposed to be - he still hasn't confirmed details). But I've been wondering about this.
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Comments
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Hi Sarah - I'm afraid I can't give you a specific answer - as you say, it does sound a bit complicated.
However, you may be able to get some clarification from Scottish Debtline - they are the Scottish side of CCCS - on the following link:
Hope they can help.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0
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