Notifications
Clear all
Scottish Trust Deed Forum
4
Posts
3
Users
0
Reactions
1,268
Views
Topic starter
23/11/2012 8:51 pm
After my last post to the forum I had a great meeting with Mark, and have decided that I am going to switch from my current DAS to a trust deed.
I have my meeting to sign the TD on Friday next week. I put it off till then so that I'll have been paid, as I'm aware I'll have to make my first payment to the TD at that meeting. However my next payment to my DAS would have been due a few days later.
Will the switch from DAS to TD be automatic, or do I have to cancel my direct debit to my DAS payment distributors? Do I inform them beforehand of my intention to switch to a trust deed or will that happen as part of the normal process?
I suppose I'm a bit worried that I end up having to pay 2 payments next month, one to DAS and one to my TD.
23/11/2012 9:59 pm
It's probably best to cancel the direct debit to the DAS, so that you don't have two payments to make.
You can tell them that you've done it, if you want, but you don't have to explain why you're doing it.
When your trust deed becomes protected, the DAS should be revoked automatically. If it didn't become protected, then you could simply restart the direct debit to DAS, and continue paying to it.
While your DAS is still running, you're protected from action by your creditors, so you're actually in a pretty good position while you wait to see what happens with the TD!
Good luck with everything.
Topic starter
24/11/2012 12:17 am
Thanks candlewick. That's reassuring, I'll cancel the direct debit.
24/11/2012 10:33 am
Good luck with everything mathlete.
I'm pretty sure everything will work out as you hope.
As both DAS and trust deed payments are worked out upon your disposable income you certainly don't want to be paying both in a single month.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
