should add this is for me and my partner together.

Hi bsmith1986,

Sorry to hear that you have found yourself financially struggling again and back in debt. This is a lot more common that you would think so I wouldn't beat yourself up about it too much.

Why is it you have decided on a DMP and not a Debt Arrangement Scheme or even a second Trust Deed? Did the team at Step Change explain all of your available options and carry out a full assessment?

Can you tell us a little more about your circumstances I.e your level of debt, what assets you have and how much you can pay per month to a plan. Also, have Step Change told you how long your plan will last?

A DMP can be a good way of helping to stabilise your situation but a Debt Arrangement Scheme in my opinion is a better solution as it offers full legal protection providing it is accepted.

If you can share some more information we can help. Like I said don't beat yourself up too much, it's a lot more common and the positive is there are solutions to help you deal with it.

Hello bsmith1986.

Just to add to David's comments, it isn't especially common (in our view) to find a resident of Scotland who will be better served by an informal debt management plan rather than the debt arrangement scheme (DAS).

DAS generally provides a lot more protection and certainty.

Were the similarities and differences explained to you?

I agree with the other experts that DAS is usually a better alternative than a DMP. However, it doesn't suit everyone and the benefits of better protection from creditors does come with a few more strings attached and a bit less flexibility than a DMP.

There are also eligibility requirements for a DAS - for example you would have to have at least one debt that you are jointly liable for, so maybe this isn't the case??

As long as all viable options were set out and this was your preferred choice then fair enough.

I wonder if Stepchange have been talking about a DPP (DAS) rather than a DMP? It would be interesting to know, and I can see that it would be easy to get confused!

bsmith and his partner can go into a joint DAS even if they don't have a joint debt - as long as they each have at least one debt.

That's right Candlewick they can.

And easy to see how the confusion can be there with the acronyms!

apologies for late reply (nightshift). all options were explained and I felt this was best option. all debts ( approx. £10000) cleared in 15 months. felt this was best option as it was the quickest to get to where me and my partner want to be. thank you for the replies and will keep you posted on progress.

Good luck with everything bsmith1986.

I'm not sure what types of debt are included here, but if they're interest bearing I'd suggest you keep a very close eye on whether interest actually stops being charged. If it doesn't the term of the debt management plan may be longer.

Lenders consider concessions like this to support people in financial difficulty. However, when presented with a pretty short debt management proposal, some will sometimes consider that the level of financial difficulty isn't especially high and therefore not make the same level of concessions that they otherwise might.

Hopefully this will not be an issue for you, but it's well worth keeping an eye on.

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Originally posted by candlewick
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bsmith and his partner can go into a joint DAS even if they don't have a joint debt - as long as they each have at least one debt.

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Thanks Candlewick - glad you are tuning in to pick up on these things! I had obviously forgotten that that particular rule had been changed.