Trust Deed Forum - Can my partner get credit?
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 Can my partner get credit?
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wr2406
Regular Contributor

18 Posts

Posted - 05 October 2017 :  19:41:20  Show Profile  Reply with Quote
I know that I am not permitted to get credit whilst in my TD but is there anything stopping my partner from doing so? All of the debt in my TD was in my name and none of it was his

amorphous
Advanced Contributor

64 Posts

Posted - 05 October 2017 :  20:58:32  Show Profile  Reply with Quote
I'm no expert, but I would say that your financial situation is completely independant of his...so zero problem.
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TDA (Debt Adviser)
Trust Deed Expert



12101 Posts

Posted - 05 October 2017 :  21:44:52  Show Profile  Reply with Quote
Hi wr2406.

It's not that you aren't permitted to get credit. It's whether anyone would offer you credit, what terms they'd offer it on, and how you'd manage the repayments if no allowance can be made for them within the scope of your trust deed budget.

Your partner can make their own choices and spend their money as they wish.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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wr2406
Regular Contributor

18 Posts

Posted - 05 October 2017 :  22:16:40  Show Profile  Reply with Quote
But would that not effectively give our household more bills to pay? Would that not be seen as money that can go towards my TD?
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TDA (Debt Adviser)
Trust Deed Expert



12101 Posts

Posted - 06 October 2017 :  09:38:36  Show Profile  Reply with Quote
Hi wr2406.

I think the way to think about this is whether your partner obtaining a car would prevent them from paying their fair share of the household bills.

Let's say you split everything 50:50 at the moment, but then your partner adds additional expenditure which means you need to cover more than half of the household bills. That would have a direct impact on your creditors in a way that might not be seen as being fair.

But, if your partner chooses to spend their own money as they wish and it doesn't have an impact on the way that your household bills are split, I can't see a problem here.

You'd still be paying what you can reasonably afford from your income after paying your fair share of the household bills and expenses, just as the trust deed was originally proposed (I assume).

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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wr2406
Regular Contributor

18 Posts

Posted - 06 October 2017 :  17:30:35  Show Profile  Reply with Quote
Ok I see so if my partner was working they have no obligation to pay anything towards my TD?
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TDA (Debt Adviser)
Trust Deed Expert



12101 Posts

Posted - 06 October 2017 :  20:16:19  Show Profile  Reply with Quote
None whatsoever, working or not.

So long as everyone's paying their fair share of the bills, your partner can do as they wish.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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wr2406
Regular Contributor

18 Posts

Posted - 07 October 2017 :  18:43:14  Show Profile  Reply with Quote
Thank you TDA much appreciated
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