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Finally Finished

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(@scared11)
Eminent Member
Joined: 14 years ago
Posts: 21
Topic starter  

I have recently made my final DAS payment (I realise that this is a TD forum, but I found a great deal of help here before) and am looking to see what happens now?
I checked my credit file and have had some statements in since the last payment and there are still balances on them. I know that these will be accrued interest after the initial date of signing, but I am curious as to whether I need to contact them to alert them, or will I have to go through the phone calls and letters chasing payment again? I would forward all correspondence on as I did before, but I guess I'm really just wondering if I have all of this to look forward to again?


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi scared11.

Congratulations on reaching the end of your DAS.

There's sometimes a big difference between what creditors say is owing to them and what's really owed to them.

Interest should not have been added to the debts.

These lenders will have received payments via your DAS, but certain administration fees will have been deducted from them for distributing payments etc. This type of fee comes at the cost of your creditors not you. So, to illustrate, you might well have finished your DAS (by paying back the full amount owed) but a lender only received £900 of the £1000 originally owed to them. They'll need to make an adjustment to your record for this once you've been formally deemed to have completed your DAS.

I've little knowledge of exactly how things might play out from here for you, but I'd be surprised if it isn't a little bit like the end of a trust deed where certain creditors might need a firm nudge from you to bring your credit record fully up to date.

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


   
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(@scared11)
Eminent Member
Joined: 14 years ago
Posts: 21
Topic starter  

Thanks for the reply. I did have a few problems at the start with some creditors not understanding the DAS arrangement, and they were VERY persistent! I am guessing they will be the ones who will take some time to sort out. Funnily enough, the worst was RBS, a *Scottish* bank, who had never heard of DAS.

Fingers crossed it's not too bumpy a ride.


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 16 years ago
Posts: 4253
 

Your money adviser should be able to help you in dealing with these former creditors, scared11. Maybe you should let them know?

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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David Tannock
(@david-tannock)
Famed Member
Joined: 12 years ago
Posts: 2581
 

hi scared11,

Well done on successfully completing your Debt Arrangement Scheme. I think that’s the first time I have written that about a DAS.

How long was your DAS over? Also, how did you find the process? We always hear about Trust Deeds and some Sequestrations on the forum but rarely about a DAS so I’m just keen to see from your point of view how it was.

David is not currently posting in the Trust-Deed.co.uk forum


   
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(@scared11)
Eminent Member
Joined: 14 years ago
Posts: 21
Topic starter  

Thanks for the replies. I received my letter yesterday from my adviser, stating that my DAS was complete and that all creditors will now be advised that I no longer owe them any money. This is such a relief!
My DAS was over 5 years, which seemed like a long time when I started, but it hasn't really been, as I knew there would be a positive outcome. The process was actually fairly easy, after the initial admission of level of debt and the first few months of being chased by creditors who didn't know how the DAS worked. My advisers have been absolutely brilliant all the way through, answering my emails promptly and taking on the dealing with creditors too. They have put up with many questions from me!
It's run very smoothly all the way through, and I feel ready to deal with any other creditors who want to chase me, believing that I still owe them money! All of that aside, I'd recommend it to anyone who is able to pay their debts in full (minus the interest).


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

That's great scared11 - thank you for sharing your experience.

DAS is a great option for people who need a little more time to be able to fully repay their debts, while being protected from further interest and/or legal recovery action at the same time.

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


   
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(@scared11)
Eminent Member
Joined: 14 years ago
Posts: 21
Topic starter  

SO, after managing to speak to my Distributor, she managed to get Next Directory to stop writing to me. However, I just checked my credit file and see that they, and RBS are still showing a balance! Worse still, the accounts were previously showing as having an Arrangement to Pay on them, but are showing a default over the last couple of months. Surely after completing my DAS, they shouldn't still be showing as this? Should I be contacting my Distributor again? Nobody really tells you what to do once it's all finished!


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi scared11.

Regarding credit reporting issues, I think you'll need to address this personally and directly with any creditors that aren't reporting correctly.

I would have thought the balance should be changed to zero from the point that your DAS was formally completed and I think this is what you should be asking them to do.

That would also address the recent default reporting also.

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


   
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(@scared11)
Eminent Member
Joined: 14 years ago
Posts: 21
Topic starter  

Thanks. Problem is, that these creditors were really difficult when I first started my DAS, and any person I spoke to claim to never have heard of DAS, nor having heard from my distributor etc. Just didn't want to be passed from pillar to post again and not making any headway.
I called my distributor and she has agreed to contact them again - first thing she asked was "is one of them Barclaycard?" (which one is!) . I'm so glad that my distributor is still willing to help, despite my DAS being finished. Fingers crossed it will be reflected in my credit score very soon!


   
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