debt arrangement scheme

I pretty much knew that my alternatives were Trust Deed or Sequestration and that a Protected Trust Deed would be a reasonable option.

Sequestration would have lead to the sale of my family home and there was no guatantee that the Trust Deed would not have had the same outcome. At the time I made my decision I had 2 decrees against me totalling £40k which could have lead to sequestration at any time - DAS seemed the most appropriate action which would afford me immediate temporary protection and a solution in the longer term.

My concern now is where I turn if my DAS application is unsuccessful as the threat of sequestration will return and my options will be less appealing.

Just thought I would freshen up on my DAS experience thus far. To be honest it has been extremely straightforward and since my DAS was accepted I have had no hastle from any of the creditors involved.

There have however been further mitigating circumstances which have led me to review whether to continue with the DAS process. Since starting down this route my wife was made redundant and spent 6mths on JSA before landing a part time position (ironically in the same company as me!). This has altered our personal finances quite significantly and our ability to honour the DAS payments is now being tested. I therefore spoke with my Money Advisor regarding a review of my agreement which was explained in detail. This again seemed straightforward but would mean a period of uncertainty while my creditors and the DAS Administrator reconsidered my position. The reality of the situation however is that I would be looking to reduce my payments and extend the period of the DAS - the prospect of which was not appealling.

We have therefore decided to sell our property and fix up something cheaper, using a chunk of the equity to settle with our creditors. This way we will have a clean break, be debt free (save for our mortgage) and have surplus cash each month. Having adapted somewhat to a more restrained lifestyle the intention would be to substitute the amount I would have been paying to the DAS to a savings account and thus getting us back to a solid footing in a similar timescale.

The beauty of all this is I feel as though I can control the situation and won't be placed under pressure from creditors demanding money. I will achieve my goal of repaying my debts and be able to do so in a timeframe that suits me.

BBT