Hi equity but skint.

I don't see any problem in the payment plan you outline above, in theory. The only possible problem would be that you'd need to be able to justify that ?ú400 pm is a reasonable outlay for your car - it is possible that your creditors/the das administrator might have a problem with this (though I suspect it should be fine given that the payment plan would be completed within only 50 months).

I have been on holiday so have not posted regarding your situation before, but would add my voice to the others who have said that a trust deed is not appropriate. Technically there is nothing to stop you signing a trust deed, but you would only end up paying several thousand pounds more than your debt is and would also be putting your property at risk.

Thanks Kevin, I have no intention of going down the TD route now that I've got better information from yourselves.

I've spokem briefly to trading standards and have an appointment in a few weeks but I feel a wee bit uncomfy because the lady came across as a bit too 'official' which frightens the life out of me so I have payplan calling this week to go over things and I'm wondering if they are definitely free and also if they can help as they all seem to have English accents and have mentioned DMP when I want DAS...I'm not sure if they are looking at things via English law instead of Scots law and therefore unable to help?????

Hi equity but skint,

As the DAS scheme exists only in Scotland, and as only limited numbers of people use it, some advisors and operations outside of Scotland are less familiar with it than they might be.

If you do a DMP with Payplan your creditors will pay them to handle it. If they were to refer you for DAS they would receive no payment.

Payplan cannot set up a DAS arrangement or a Trust Deed.

A DMP is not a legal solution; if you choose to enter a DMP it is therefore largely irrelevant where they are based. It carries no legal protection or guarantee that interest would stop.

If you want to go down the DAS path you need to contact a DAS Approved Money Advisor. There is a tool on the Money Scotland website to help you find local advisors who can help you. This is a government website.

Hello everyone,

Just an update to let you know that the IP/Trust Deed firm have not only confirmed that a TD is not the route for me to go, they have agreed DAS is the best option AND they were decent enough to advise me to go to Trading Standards as they will do it for free. I already booked T/S so will keep you informed how things go so that it might help anyone who is in a similar situation or can relate to some of what I'm going through.

I feel confident now about the whole thing and can't wait for it (DAS) to be in place so that I can get back on track...I'm sure everyone can relate to how THAT is going to feel!

You guys and girls are worth your weight in gold!

That sounds like really good news equity but skint.

It's great to hear that you are on a path that you are both comfortable with and which will enable you to overcome your debt concerns.

Hello again,
I've just popped into give you an update on my DAS.
I had an appointment with trading standards today and it was very relaxed-I'd anticipated it being a bit formal and daunting but the lady was lovely. I had all the paperwork required with me plus I'd made up my own income and expenditure accounts. My estimated payments and timescale were almost identical to what t/s worked out and also t/s agreed DAS is the route for me. If all goes well, I'll pay all my debt in full (which I wanted to do as I got myself into the mess)and be debt free in 6 years. I've just to wait a few weeks until t/s get back to me.

Here's the irony though. I've tried to put an overdraft and loan together (both at my bank) to consolidate but the bank (been with them 20 years) refused. I've tried to sell my house, I've tried consolidation...brick wall. FOUR HOURS after I left t/s I got a call from my bank's head office, totally out of the blue,and wanting to help me!!!! It's like the buses..nothing then they all come at once.I told her I had tried so hard to get them to help and I'd only met with t/s a few hours ago so suggested she call me in a month in case I need plan B.

Hi equity but skint,

I'm really pleased to hear that your meeting about the Debt Arrangement Scheme went well.

There has been a lot of discussion about releasing equity on the forum recently; for many people with a significant amount of equity in their home DAS or a debt management plan might be a better option than a Trust Deed.

Interesting news about your bank. I guess on the one hand it's good that they have proactively tried to help and on the other hand a shame that they have only decided to do this so late in the day.

I bet you don't know whether to laugh or cry!

Glad your meeting went well - as a former t/s money adviser myself it is always great to hear them getting good feedback. I do worry that the upcoming slashing of public sector services will affect the money advice sector adversely. I guess we'll see what happens after today!

(by the way, that is NOT an attempt to influence anybody's vote!! But do remember to go out and vote today people, whatever your persuasion)

Oh dear.

Can we not even escape from the election on the Trust-Deed.co.uk forum now?!

Just popped in to say that this site is incredibly helpful (as if you didn't know that already)

Anyway I told you I had a meeeting with a company rep re a TD. You had already advised me that I shouldn't go down that route and through reading some posts you kept repeating to people NOT TO PAY MONEY UP FRONT to these advisors so on that basis I didn't pay however I signed a paper to say I had provided income and expenditure figures...I didn't read what I was signing!!! Apparantly I had signed that I was paying their ?ú350 fee in 2 instalments...they never told me that!

Today I had a call asking for the first instalment of ?ú175...I nearly had a bowel movement! Anyway the waffled on about setting up my TD and I said I wasn't entitled to it, she then said I was going for DAS and that the company they had referred me to was arranging my DAS. I lost the rag at that point and said indeed they were not and that the company had told me themselves to go to trading standards. They backed down but vulnerable people are being duped by these sort of people. I'm not mentioning any of the company's names but I am prepared to mention them privately to the forum admin if you think it will help others just as you have helped me.

Hi equity but skint,

Thank you for the update.

It's a huge shame that you or anyone else would be treated like this when trying to improve your financial position.

If you feel that the information about fees is deliberately hidden away in the paperwork that you mention then it might be useful all around to know a little more about it.

Can you let me know who to email and the email address?

Hi there equity but skint.

One of my colleagues has sent you an email with contact details.

Thanks TDA, I've emailed the details. I think the 'go between' company aren't trustworthy.

I understand that to provide debt advice you must hold a consumer credit licence and that trading without one is a criminal offence.

Using the OFT credit licence checker I cannot find any evidence that the company who are the 'middle men' are properly licenced.