DAS - going self managed
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Minnie82
Posts: 47 Forumite
Hi everyone,
So, I've also had some support on the DMP support thread, I thought this may be the best way to get some advice from people who have specifically done the same.
We are in Scotland so it's a DAS we have with Gregory Pennington. We are about 4 years in and its only now I feel I can really look this in the face rather than just paying and avoiding thinking about it.
We have around £15,500 debt remaining from just under £39,000. We are paying around £800 a month, looking at the last statement I recieved it looks like £85 is GP fee, £12.23 to the DAS administrator and ££29.83 payment distrbution fee. Now I'd imagine some of this HAS to be paid but even if we could save the £85 a month, it's all the sooner we are paid off.
Now, our current situation isn't the best, we missed November payment (did inform GP of this and arranged to call them back and discuss increased payments to get back on track in the new year) and we are going to really struggle in December. The reason for this is my DH being owed around £2000 by a company who just announced insolvency, he now has constant, good, reliable work (self employed) but the way the payments fall, he will only be able to get 1 weeks invoice in for pay on 21st December (they need invoices in by 5th for completed, signed off works so not even Monday will count). I work part time but can't quite cover all the bills plus feel the kids etc.
So, my initial thoughts were, get in touch with creditors and explain the situation, offer token payment for December and let them know the payments they will be receiving as of January directly from us (including I&E?) and hope they don't revoke?
I also need to chase a few of them about applying defaults late....maybe best to leave this until everything self managed set up?
We have a couple of the debts down to around £200, hubby will have a good wage in Jan, is it possible to just pay a few off to get them out of the DAS?
Any help/advice is welcome. We really want to take full control of this and get rid asap.
So, I've also had some support on the DMP support thread, I thought this may be the best way to get some advice from people who have specifically done the same.
We are in Scotland so it's a DAS we have with Gregory Pennington. We are about 4 years in and its only now I feel I can really look this in the face rather than just paying and avoiding thinking about it.
We have around £15,500 debt remaining from just under £39,000. We are paying around £800 a month, looking at the last statement I recieved it looks like £85 is GP fee, £12.23 to the DAS administrator and ££29.83 payment distrbution fee. Now I'd imagine some of this HAS to be paid but even if we could save the £85 a month, it's all the sooner we are paid off.
Now, our current situation isn't the best, we missed November payment (did inform GP of this and arranged to call them back and discuss increased payments to get back on track in the new year) and we are going to really struggle in December. The reason for this is my DH being owed around £2000 by a company who just announced insolvency, he now has constant, good, reliable work (self employed) but the way the payments fall, he will only be able to get 1 weeks invoice in for pay on 21st December (they need invoices in by 5th for completed, signed off works so not even Monday will count). I work part time but can't quite cover all the bills plus feel the kids etc.
So, my initial thoughts were, get in touch with creditors and explain the situation, offer token payment for December and let them know the payments they will be receiving as of January directly from us (including I&E?) and hope they don't revoke?
I also need to chase a few of them about applying defaults late....maybe best to leave this until everything self managed set up?
We have a couple of the debts down to around £200, hubby will have a good wage in Jan, is it possible to just pay a few off to get them out of the DAS?
Any help/advice is welcome. We really want to take full control of this and get rid asap.
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Comments
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Hi,
I would certainly think very carefully about this, as a DAS (Scotland) is a bit more of a formal process than a DMP is, its insolvency in bankruptcy.
In a DAS you have legal protection from your creditors, which can be useful, can you just end a DAS without penalty ?
I would contact stepchange and see what they recommend first.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
People in Scotland can have Debt Management Plans which are informal arrangements with their creditors. A Debt Payment Programme under a Debt Arrangement scheme is a different kettle of fish and is a form of insolvency. Which is it that you have a DMP or a DAS?0
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sourcrates wrote: »Hi,
I would certainly think very carefully about this, as a DAS (Scotland) is a bit more of a formal process than a DMP is, its insolvency in bankruptcy.
In a DAS you have legal protection from your creditors, which can be useful, can you just end a DAS without penalty ?
I would contact stepchange and see what they recommend first.
Hi, thank you, yes I have the SC number and called this morning, I've to call back Monday when the correct department are in. It may be better for us to try and just move it straight over to SC at least to save the fees. Will get better advice Monday.People in Scotland can have Debt Management Plans which are informal arrangements with their creditors. A Debt Payment Programme under a Debt Arrangement scheme is a different kettle of fish and is a form of insolvency. Which is it that you have a DMP or a DAS?
We have a DAS which was always put to us as a way to avoid insolvency! Not a Trust Deed which apparently is also something we can get up here, we don't have one of those.0 -
We have a DAS which was always put to us as a way to avoid insolvency! Not a Trust Deed which apparently is also something we can get up here, we don't have one of those.
I think you are getting your terminology mixed up. DPP under as DAS are uniquely Scottish as is a Trust Deed but a DAS is not the same thing as a Trust Deed. I think it might be best to wait until you've talked to Step Change before making any decisions because you can't self manage a DPP under a DAS.
https://www.stepchange.org/DebtadviceinScotland.aspx0 -
I think you are getting your terminology mixed up. DPP under as DAS are uniquely Scottish as is a Trust Deed but a DAS is not the same thing as a Trust Deed. I think it might be best to wait until you've talked to Step Change before making any decisions because you can't self manage a DPP under a DAS.
Hi, sorry, don't think I wrote my last post very well. We have a DAS, I'm confused by the mention of insolvency as according to my paperwork from Wilson Andrews (now GP) " A debt arrangement scheme is not a form of insolvency." This is why we chose this route rather than a Trust Deed.0 -
Thanks for the link Pixie, I don't know how I missed that. So I need to ask SC if they can take over our DAS to allow the fee we normally pay to be reduced and distributed to creditors instead of GP0
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Thanks for the link Pixie, I don't know how I missed that. So I need to ask SC if they can take over our DAS to allow the fee we normally pay to be reduced and distributed to creditors instead of GP
Yes that's correct, you need to ask if that is possible, it may not be, but they will tell you one way or another.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Brilliant thank you.0
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Hi
Just noticed this thread.
It's probably worth pointing out that DAS is definitely not insolvency.
It's more like a legally protected DMP.
You can definitely change from one money adviser to another - assuming they both agree to the change - but you do need to have a money adviser .
Please, please don't make any kind of payment directly to your creditors - that could cause the DAS to fail.
Speak to your money adviser about a formal application (variation) to make lower payments or token payments for a few months, if that would help.
Hopefully you've already got it all sorted out, and you can tease me about being at the coo's tail on this one!
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