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Scottish Trust Deed Forum
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Topic starter
26/04/2013 7:46 am
There's not a lot happening on the DAS front apparently, however the main changes appear to be;
* New offer of composition after 12 years if 70% of the debt has been paid.
* Debt to be frozen at application stage
I think we should all club together and make a prize for the 1st person to have an offer of composition agreed after their 12th year in DAS.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
26/04/2013 9:33 am
Some individuals appear to be offered a reduction when dealing directly with creditors after a few years.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Topic starter
26/04/2013 10:12 am
Hi Paul
I've had a few meeting recently where people with around £40k debts were advised to go into debt management plans on the basis that most of their creditors would accept 25% of the debt as a one off payment after 4 or 5 years. I then asked how they would come up with £7k - £10k if this was to happen!
Just another selling technique.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
27/04/2013 8:53 am
I meant people who have gone to creditors directly and been successful in arranging interest to be frozen and a payment plan and had offers from creditors to make percentage payment as s full and final.
I get your point about finding 7-10k but the same could be said about those having to come up with amounts to cover equity.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
27/04/2013 10:55 pm
That's true for some people Paul, but at least you have some certainty about what will happen with more formal options.
Creditors don't have to offer any discount to settle a debt. Some might offer a big reduction, some a small one, and some none at all.
You'll not know until you actually have the lump sum, which may never happen anyway.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
