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Scottish Trust Deed Forum
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Topic starter
09/09/2015 9:56 pm
Hi.
Sorry I know this is trust deed forum but it is a fountain of high knowledge so I thought I would ask here if that's ok?
My wife has had one of these Debt Arrangement Scheme things for about 3 or 4 years now. It roughly has £10000 left to pay and about 8 years to go. Against my advice, she went with a company who are charging £30 a month odd to service it as she didn't want to go to the CAB in person as too embarrassed or something I can't remember exactly....
Anyway whole point of this story is, I was wondering if anyone knows if these things can be paid off early?
Since I finished my trust deed I can now get a loan at a fairly decent rate with the interest not too far in advance of the £30 a month they will be taking and it would mean I can pay it back in 4 years instead of 8. Also gets her out of the bad credit etc. I didn't particularly want to start getting bank loans etc again, but it's just an idea to get rid of this DAS thing.
Any thoughts?
Also, what do you think the chances would be of her making an offer of say £7500 or something in that region as a final settlement? Would there be any chance they would accept this or is it only 100% settlement for these things?
thanks
steve
09/09/2015 10:09 pm
Hello steve1984.
Your wife should speak with the firm that's she's with and run this by them.
If the debts can be repaid that's potentially very attractive to her creditors.
I wonder if, instead of taking out a loan, you might also consider assisting her to repay the DAS quicker by directing some or all of your old trust deed payment towards it? Less risk for you and also potentially a route to settle the debts sooner?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
09/09/2015 10:55 pm
My trust deed money is going to the mortgage as I had changed it to interest only prior to starting the td. So I am looking at changing back now.
I found some other forum thing there where someone made a settlement offer on their DAS and it was accepted. So I will get her to try that and see what they say. Be nice to get rid of it asap then both start afresh.
steve
09/09/2015 11:29 pm
There's certainly a possibility of a settlement steve.
Definitely one to run by the firm concerned if you best this to be the best way forwards for you both.
I understand your point about your mortgage - seems like an excellent use of the old trust deed funds.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
