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Topic starter
30/11/2013 9:25 am
I'm asking this question on behalf of someone else
She is considering the DAS as she is struggling just making the minimum payments and this seems a better option than a TD
She currently pays into a bonus cash builder scheme which also includes life insurance. It is due to mature in 5 years but is not a huge amount and it appears may not even pay out what was paid in.
My question is, would she be forced to cash this in to pay towards debt now, be allowed to let it mature and if still debt outstanding pay towards it or if it was cashed in now and used say for christmas could she still consider DAS in the near future?
final payment 1st May 2015
30/11/2013 11:01 am
Hi mummy2twins.
No, assets arent included in DAS as they are in trust deeds.
Of course using the money to repay some debt might lead to a shorter DAS. Also it might be worth reviewing whether life insurance can be more competitively sourced elsewhere. A reasonable monthly premium would be acceptable in DAS usually.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
30/11/2013 12:33 pm
Hi mummy2twins
As TDA say's assets aren't included the same as a trust deed
It would be best to get an income and expenditure carried see what they can afford to pay and over what length of time it would take to repay the debt. It maybe beneficial to look at keeping the cash builder going after 5 years whatever is in the policy might pay off the debts.
A full financial review would be a good idea then you know what's best.
Michael
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