Hi Ricky10

Based on the figures, DAS is not an option as it would take about 14 years.

From the basic info, I think sequestration or Trust Deed are the only viable options.

Mark

Hi Mark
Many thanks for getting back to me at a push I could make £300 a month but thats about as far as I can go otherwise I'm not going to give myself enough to live on.
Regards
Rick

Hi Ricky10

That would take it to approx 10 years. If you are confident that you can maintain this for 10 years, then you should look at the DAS option. The average DAS seems to be about 8 and a half years , so it may well be an option.

Mark

Welcome to the forum Ricky10.

I think some people do enter debt arrangement schemes expected to last longer than 10 years.

Of course, with such a long arrangement it's even more important than ever not to cut your budget too fine as an unsustainable debt solution is of little or no value to anyone.

There are sets of allowances used to work out contributions to a DAS or a trust deed. You may wish to consult with an appropriate adviser to get a better feel for what your DAS contribution might be (and therefore how long it might last).

Hi, although the maximum tterm suggested for DAS is 10years, there are some running for longer. However, creditors have to approve the DAS, and they seem to prefer it when they are less than 10. If the £300 is sustainable, then you have a good chance of the DAS being successful. This is a long time, so there's scope for variations to your payments if your circumstances change. This means payments can go up or down. You should sit down with someone to go over the DAS, so they can make sure your calculations fit the requirements, and that it is the best option for you.

Hi Ricky10,

The opinion appears to suggest that if the DAS repayment programme lasts in excess of 10 years and nobody objects to it, then the DAS Administrator will automatically approve the proposal but if there is any objection it will not be approved.
If you could afford the £300 then it is not as clea cut because it depends upon levels of objections and percentages of debt.

Shona's suggestion to sit down with someone to go over the DAS and options makes a lot of sense.

Chris

Hi There
I would like to thank you all for the help and I think I need to sit down with someone and look at my options as I have no assets no there could be other options open to me.
Thanks
Rick

That is true Ricky10.

Without assets you can weigh up the term of a debt arrangement scheme against trust deeds or even bankruptcy.

It really comes down to what your priorities are.

If you have no assets,ther could certainly be quicker options for you. Again, just sit down with someone, and they will be to go over all options with you.

Hi thanks again for the advise if I was to go down the sequestration route would you advise me to get a Insolvency Practitioner do this for me?
Regards
Rick

Hiya

With DAS, if there are no objections from any creditors, it will be automatically approved - whether it's 5 years, 10 years, 20 years or more.

If there are any objections from creditors, the DAS Administrator will decide if it's 'fair and reasonable'. As Chris says, they'll be looking at levels of objections and percentages of debt - as well as the length of the programme.

Your starting point has to be "Is DAS the right option for me?". Getting advice will help you decide on the answer - which has to be the right answer for YOU, and no one else.

I wish you all the best in finding the right option for yourself.

Hi Ricky10.

Good advice from candlewick there on getting advice to help work out what will be the best route forwards for you.

In terms of sequestration, the advantage of appointing an insolvency practitioner will be that you know what any required monthly contribution will be in advance of going ahead. If you take the direct route that will be worked out a subsequent stage.

Not a massive difference, and in all instances the trustee will be seeking to recover from you what you can reasonably afford. However I can understand why many people would prefer to know where they stand in advance.

TDA is right, the main difference is knowing what you are expected to pay per month BEFORE you apply for your bankruptcy. It just gives you some peace of mind. Any of the experts in the forum could help you with sequestration.