Debt Arrangement Scheme Forum - Trust Deed Forum | Scotland Forum

Default not added during DAS

mariokart — Fri, 07 Feb 2025 21:31:58 +0000

Hi there. I entered into a DAS in Jan 2020. 7 of the 8 creditors defaulted my accounts, however HSBC added an AR marker in relation to a credit card. 7 of these defaulted accounts will drop off my credit file in 2026, however due to the length of the DAS and it not being completed until 2028, the HSBC account will remain on my file until 2034. At the time I was only 2 payments behind when I entered into the DAS however lost my job, therefore I thought I was being proactive.

HSBC refused to remove the AR marker or change it to a default. I complained to the ICO and they have initially sided with HSBC unfortunately, even though their own guidelines state a customer should not be punished for attempting to repay the debt. I have asked for my case to be reconsidered by an Ombudsman and I am wondering if there are any precedents or other info I can use to support my case.

I have made early settlements and closed 7 of the 9 credit accounts, and only HSBC and a small amount elsewhere remain. At this time, given I have no assets of any kind, and rent a property, it would almost be more beneficial for my long term creditworthiness to stop repaying my DAS to allow this account to default and clear from my file 2 years earlier than it would otherwise.

Any advice is appreciated.

Thanks a lot!

Some questions regarding DAS

EdinDave — Mon, 22 Jul 2024 13:06:17 +0000

I asked for advice on the forum a few year ago which I really appreciated. I continued to make token payments to creditors and apart from making token payments, I've pretty much buried my head in the sand.

I have just under £20k of debt of which more than half is council tax arrears that have built up over a long time, about 10% is owed to HMRC (self assessment late filing fees from several year ago) and the rest is credit debt split between 5 creditors.

All debts are unsecured and other than the summary warrant for the Council Tax I'm not aware of any court action from any creditor although there has been threats of court action lately from 2 creditors.

My assets are:

Car (estimated value £900).
Tools (estimated value £500 to £700).
5 year old laptop and 4 year old printer (value unknown).
Some parts and materials left over from some jobs I've done through self employment (estimated value £150).

I rely on these assets for my self employment.

I have been paying token payments to my creditors but kind of lost my way as I've recently been suffering some health problems and have also had to help with the care of my parents due to their declining health, I'm now experiencing a bit of pressure from three of the creditors and have had one of them turn up at my home.

I have a debt moratorium in place which was granted earlier this month and is in place until January, although I'm not sure how much protection this offers or if it covers all debts with all creditors.

I currently have £180 a month disposable income and feel that rather than just making token payments it would be beneficial to enter into a formal debt plan, somebody suggested that I should consider a DAS, having done a bit of research into a DAS it's something I would like to find more information on. My disposable income is likely to increase later in the year but isn't guaranteed to increase.

An issue I have is that being self employed with an income that varies from month to month and can have issues with proving income but can manage £180 a month without causing myself issues financially.

What are the chances that a DAS would be accepted with a monthly payment of £180 over 10 years?
Can I apply for a DAS while a moratorium is in place or should I wait until the 6 months are up?
There are times where I make a bit extra or receive small lump sums, could I pay these to the DAS to hopefully settle the debts sooner?

Interest reversal on loan

Marie50 — Sat, 15 Jun 2024 17:44:47 +0000

Hi,

When I signed my DAS I was told all interest would be frozen, however for my loans I knew the interest had been added when I took out the loan.

I expected to pay the full amount of interest during the term of the DAS, but I've received a letter from one loan company showing an interest reversal of £4k.

Obviously I'm delighted, but now wondering if the other loan company will follow suit.

Is this something that depends on each company's policy and if so, I'll wait to see if I receive a letter, or should I be chasing it up?

Thanks

Das beeing revoked

Unmad277 — Wed, 31 Jan 2024 16:15:56 +0000

Hi there. Hope you all are well.

Right, My situation is this, I have been in a das for now 3 years have reduced my debt from 8100 to 3300. Btw, today i found out the das is gonna be revoked because missed payment the things is just sent to creditors today, Am a bit worried as after long time with no safe employment I now have a permanent position and wouldnt like to find myself again with 8100 in debt. What Can I do? How long does the revokation process take? I was thinking in calling my creditors and start dealing with them asap so Im ahead of what can happen (settlements offers was something i was think to all of them)

Hope any of you can reñax me from the anxiety im having at the moment.

Regards

DAS annual review

Marie50 — Thu, 28 Dec 2023 19:44:51 +0000

Hi,

In May this year I entered into a DAS and I remember my adviser saying they would carry out an annual review.

My DAS will run for 9.5 years and I'm paying £514 a month which is fine. My debt is approx £60k.

I've just had a pay increase so I'm expecting my monthly payment to my DAS to increase slightly and I was also told that if I can afford it then I can pay extra money to my DAS if I'm able.

I read something yesterday which said that increasing your contribution to your DAS doesn't necessarily mean that the term of the DAS will decrease.

I'm thinking that can't be correct and surely if I'm able to pay more then the outstanding term will decrease?

Can you please clarify this for me?

I have a mortgage so have equity in my flat and I may sell my flat and move in with my partner. I was thinking of using the equity to pay off some of my debt which is why I never entered a Trust deed.

Thank you

How do you show proof of income for a visa application?

charlottenhuj — Mon, 25 Sep 2023 09:54:22 +0000

How do you show proof of income for a visa application?

Can I use rental property income as proof of income for a mortgage?

Lewisghjk — Sat, 16 Sep 2023 06:29:22 +0000

Can I use rental property income as proof of income for a mortgage?

How do you prove sources of income?

hudson99999 — Fri, 12 May 2023 13:36:25 +0000

How do you prove sources of income?

Help Required

Effy27 — Tue, 07 Feb 2023 03:48:17 +0000

So after a few years struggle with mental ill health and being in and out of work I feel I’m finally on a good path. About to finish college after completing a course I’ve always wanted to do and got a job on a zero hours contract which has enough hours for me to make money but not have to work all the time and effect my mental health.

My college course will give me the opportunity I start my own business (nothing big but an opportunity to make some sort of a living).

My one major issue is I’ve around £5k of debt which is being passed onto different companies and I feel in now ready to deal with it. Although possibly drastic I feel with what I have been through mentally over he last 3 years and with the opportunity to start my own small business it would be best for me to draw a line over these past few years and apply for bankruptcy. Any advise would be appreciated.

DAS - advice needed!

elljay — Tue, 13 Dec 2022 13:01:38 +0000

Hi, looking to hopefully get some advice on here about my DAS. It's been running now for 5 years with another 12 to go - started at £64,000 and now at £44,000.

In the summer I moved area for family reasons and in doing so gave up my job. I'm 60 next year but genuinely thought I'd find it relatively easy to find another job with my experience. I was provisionally offered a job but was told that I didn't pass the pre-employment credit checks which has left me totally demoralised. I took a temporary Xmas supermarket job but suffered a panic attack on day 3 and didn't go back.

My claim for Jobseekers Allowance has now ended and I'm now living completely off a small monthly private pension and my savings - I have £13,000 left from the sale of my old flat.

I asked my Money Adviser about a payment break and ended up offering £10,000 as partial settlement - I received an automated message via eDEN on Saturday to say it had been rejected. My Money Advisor was one of the experts on here but my case has been sold on to another company.

My problem now is that I don't know how to proceed. I'm considering coming out of the DAS and dealing with my creditors myself. Once my savings are gone it'll be revoked anyway but at least just now I have something to offer them. If I cancel my direct debit to the distributor and standing order to the Money Advisor then presumably the process would start?

My situation just seems so hopeless and I don't know how it will ever get better - I'm now at the stage where I rarely leave home except with family and any confidence I had is gone.

Thanks for reading and apologies for waffling. If anyone has any advice I'd be very grateful.