Hi rpd1974

If you are able to maintain payments of £700 per month DAS would take about 6 years and at least guarantee interest to be frozen. This would appear to be the better option in light of the equity within the property.

The Trust Deed would require to deal with any equity and while Trust Deed valuations are generally lower than estate agent valuations, I suspect there would still be equity to deal with. The Trust Deed would generate around £25,000 in contributions plus the half share equity.

If the debt is in the £50k region, I would certainly consider a formal proposal as debt management will not guarantee interest being frozen and therefore the repayment time could be considerably longer.

Mark

Hi rpd1974

Based on the information that you have provided I would agree with Mark's comments. If you believe that you can maintain a payment in the region of £700/£750 per month for up to 6 years, DAS would appear to be the better option for you, particularly if there is equity in your property.

As always make sure that you speak to a money advisor/insolvency practitioner first prior to making any decisions.

Julie

Is the property jointly owned, rpd1974? If so then a trust deed may be viable as it would only be half of the equity that would have to be gathered in on top of your 3 years contributions.

Having said that, the total amount paid in might still be not that much less than under the DAS scheme - really depends on what the valuation came in at as to whether a trust deed would be attractive or not.

Thanks all for your advice. I had been thinking das is the right route.

Reckon ad long as I am not made redundant then that amount is affordable.

I would also hope that my financial situation will improve in that time which would Mean it can be paid quicker.

House is jointly owned but as mentioned equity may be as much as that left outstanding from any trust deed.

Some advice on finding a practitioner who deals with das would be hugely appreciated.

Thanks for all your responses

Hello rpd1974.

Julie's company has a DAS approved adviser and this is a service that they provide on a commercial basis.

An alternative would be to make an appointment with a DAS approved money advisor working at your Local Authority or Citizens Advice Bureau, each of which may be able to deliver the service non-commercially for you.

Hello TDA and Julie,

TDA, thanks for the update. All you guys have been very helpful.

Can you guys let me know if I would be able to get in touch with Julie's company to discuss a das?

I would feel a bit guilty using a service run by la or cab as though my circumstances are very difficult in terms of paying bills etc, I do have a good job and can afford to make these monthly payments for some time to come.

I am just desperate to get my finances under control and not feel like I am constantly chasing myself in circles... which is sort of how I feel at the moment.

It has been cathartic to post here, something I should have done a long time ago.

Hi again rpd1974.

If you go to Julie's profile page (or click the button in the signature of her post above) you'll find a contact form that you can use to contact her and her colleagues.

It's really good to hear that you have found the forum useful and hope you'll let us know how everything goes for you.

hi tda,

thanks v.much for your quick reply. i shall certainly keep you up to date with how everything goes.

have sent my contact details to julie

thanks for your help.

Hi TDA,

I have been reading on the national debtline website and have a small question, is it ok to save a small amount each month for emergencies and things like christmas and birthdays while in either a das or a trust deed? they say yes and I have used these figures as a calculation.

the figure i gave above would include me being able to save a small amount each month for an emergency fund (which we dont have at the moment) and for things like family xmas and birthdays.

My biggest fear on something like this is an emergency coming up that i am unable to pay for. However that is the situation i am in now.. so not sure what i am worrying about.

i really want to regain control of my finances and i think saving an small emergency fund would allow me to take a step towards it.

thanks in advance.

Hi rpd1974.

The guidelines issued to the industry (including creditors) include a category called "sundries and emergencies" which should provide a modest allowance to set aside for unexpected expenditure.

In addition allowance should be made for things like home repairs, car repairs, car tax and so on. This is also money that can be set aside monthly ready for inevitable but irregular expenditure that is bound to crop up.

Over time, and barring disasters, there should be cash set aside to provide some reassurance.

Where there are major expensive events (over and above those mentioned above) there is some scope for those managing a trust deed or DAS scheme to allow a short payment break provided that it is absolutely necessary and the need can be evidenced.

Hi rpd1974

My colleague, George White, will be in touch with you shortly to discuss your current situation.

Julie

Hi julie,

Thanks look forward to hearing from him

I

Hi

I have an appointment with George early next week, thanks all for the help. It feels like relief to finally be doing something to get myself out of this financial mess.

Hi rpd1974.

It's good to hear that you're feeling a sense of relief having initiated the process of advice and a potential solution.

All of the advisers here have experienced the sense of relief that their clients often feel when they make progress in dealing with their debts. It's well understood that making the first call can be extremely difficult and intimidating... but it's almost always well worthwhile.

It will be very interesting to hear from you how the DAS process progresses for you if you're able to let us know. In addition, George White is soon going to be joining the forum as an expert answering DAS questions which I think will be really useful for a lot of our visitors in the future.