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Scottish Trust Deed Forum
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Topic starter
26/10/2012 1:13 am
I lost my decent job, adn like anyone with a young family I took another fast. It's on half the pay, but we thought I'd get back into my industry, yet 6 months on I've not. We stupidly got pay day to cover rent, then later with the fees another to cover something else. Overdraft went over and built on interest and the bank closed the account 2 days ago. We have another account with them we're using at the minute that's not connected. We are in the process of opening another account with another bank, a basic account. Charles Anderson are after me for coucil tax. Then we have the normal odd small debts you have here and there like the CC and catalouge etc.
All in all we're in debt of 7,500. But at the ammounts each of our creditors want, on top on our rent, grocerie and travel costs means on payday there is not enough to cover everything. I've tried sorting it out myself but struggling.
A DAS sounds like the way forward. I contacted two companies. We earn combined 34,000 a year. 6 moths ago we earned 45,000 and everything was fine. We have one daughter in daycare. We said we could afford to pay 300 per month to pay it off, and including fees, they said that would take 33 months. Both companies said roughly the same ammounts and time, yet this was all preliminary. I have yet to meet them, but app is arranged.
I know I have not given you all the figures of in and outs, but does this sound like something that could work? Would creditors be likely to accept 2 and a half years to get the money back? Does 300 ppm sound fair or am I going to have to sacrafice other things you generally have like clothes for us, mobile phone and the internet.
26/10/2012 1:23 am
Sounds like you've been talking to companies which charge a fee for DAS.
When you meet them, they should give you details of the free sector organisations in your area. It might be worthwhile speaking to those organisations before you decide who to go with.
33 months isn't that long. But if you can pay 300 pounds per month to a debt of 7,500, you could pay it back in 25 months with a free sector adviser.
Topic starter
26/10/2012 1:43 am
How quickly can the free entities get the ball rolling as opposed to the private firms?
26/10/2012 2:20 am
No idea. You'd have to speak to them first to get an idea of the timescales in their organisation. Don't go by organisation 'x's estimate of timescales within organisation 'y', for example.
Leaving aside how long it takes to get an appointment with an adviser, the whole DAS process should be the same no matter who you go to.
First the adviser has to meet with you, go though your income and expenditure, the level of your debts, and any assets you might have. Once that's all done, you'll be given advice on your options.
If DAS is the right option for you, your adviser will contact your creditors to check balances, and that the debt hasn't been sold on. Then the proposal will go to creditors, who have 21 days to accept or reject the proposal.
If they reject it, the DAS Administrator will decide if the proposal is fair and reasonable or not.
