Biting the bullet and considering bankruptcy

Owllover

OK, so I've posted a few times about my debt and a possible IVA, but the advice always seems to be bankruptcy. I've been trying to avoid this, but I'm now starting to think it is the best option.

I'm really worried about how it will affect my partner. HELP! We're about to move in together, which will be life changing for both of us. We've agreed to split the household bills 50:50. He has a higher income, but we think this is fair as he also has the costs of running a car, is repaying his debts and is trying to save to buy a property in the future. The tenancy will be joint and all the bills will be in his name - no joint bank account.

My income is around £1500 per month and my partners is £2700. When it comes to an income payment agreement, will we be OK to say that we split the bills 50:50?

I have medical expenses which are quite high, what are the rules around this?

Is there anything else we should be considering about how this may affect my partner? To recap my debts are around £32000, all charging interest and I was paying around £750 per month in repayments before it became too much. No assets, no property.

Thanks for reading and any responses. It's a big step for me to even be considering and posting about this. I feel sick.

debt_doctor

Hi,
The insolvency service would expect the household bills to be split on a pro rata basis, so your partner would be expected to contribute more than you to the household costs.
They would use a calculation called the Standard Financial Statement to asses this.

DD

Owllover

Hi debt doctor


Thank you for the reply. I've been trying to find out more about the SFS but obviously struggling to find out about triggers and things like that. As well as the questions in my initial post, it's brought up another couple


1) As I would be including my partners income, would I need to include all of their expenditure too? So for the car and debt repayments etc that they have? Would the payment amount be based on the joint income? I've really got my head in a muddle with this.


2) Thinking out loud, would it be better to go bankrupt now before moving in together? I'd obviously have to give the OR my new address but would they want all of the new income and expenditure information, and make a new payment amount in the same way?


3) I have high (probably very high) costs for medical things, as I pay for immune support and equipment relating to my diabetes. Would these things be questioned, or would I just need to provide receipts etc? Any information on the triggers for this section would be great.


Think I'm heading for a meltdown...

Owllover

Reflecting this morning and after reading around, it may be possible for my partner to become less cooperative. I think that means my main question is 3), so I'd really like some thoughts on this and what will be allowed or challenged for my medical expenses and extra things I buy for my condition.