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    • kmccallum87
    • By kmccallum87 11th Nov 17, 3:26 PM
    • 2Posts
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    kmccallum87
    DAS questions
    • #1
    • 11th Nov 17, 3:26 PM
    DAS questions 11th Nov 17 at 3:26 PM
    Hello,

    My partner and I are finally facing our debt problem head on. We’ve totted everything up and have £80,500 in debt between the two of us. We are currently meeting all our repayments but have very little left over to live on. We think the best solution would be the Debt arrangement scheme and setting up a DPP (with are in Scotland) I’ve filled out the stepchange remedy tool and need to phone them on Tuesday but I have a few questions if anyone can help?
    1. Once a budget has been set will everything left over go to the DPP or do they set a fixed amount and anything left over could be saved for an emergency fund?
    2. My husband has the mortgage in his name only, would this be affected?
    3. I work in the financial industry, could this affect my job?
    4. It says it stays on your credit file for 6 years would this be longer if say the payment plan was for 8 years?
    5. My husband is paid on commission so Varys every month, how much do we put down that he earns?

    Thanks for taking time read, any help would be greatly appreciated!
Page 1
    • sourcrates
    • By sourcrates 11th Nov 17, 5:42 PM
    • 12,471 Posts
    • 11,863 Thanks
    sourcrates
    • #2
    • 11th Nov 17, 5:42 PM
    • #2
    • 11th Nov 17, 5:42 PM
    Hi Kmccallum87,

    First off, I`ve moved your post to the general DFW forum, as you will get more responses there.

    A DAS is a good option, as its the only debt management plan in the UK that automatically has interest and charges frozen, and also gives you legal protection from your creditors, such a scheme, offering all of the above, whilst avoiding insolvency, is not available in the rest of the UK.

    To answer your questions :

    (1) make your budget work for you, if you cant officially save an emergency fund, hide it under another heading.

    (2) Its not insolvency, so wont affect the mortgage.

    (3) Wont affect your job unless it stipulates as such in your contract.

    (4) Six years is the maximum in the UK.

    (5) Take an average figure over the 12 months, then deduct 10% for any inconsistency.
    Last edited by sourcrates; 11-11-2017 at 5:46 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
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