She didnt go to CCCS

Buffythedebtslayer

Jackie, I just wanted to say I think you have been an amazing sister, I have a sister who is dreadful with money and I know the guilt and pressure and worry it can cause. I frequently try VERY hard not to think about it! but it is on the list of things that keep me awake at night.

I know it doesn't help much but any one can see you have done all you can to help her.

(((((hugs))))))

Buffyxx

kev1980_2

Hi Jackie,

I was just reading through your thread there before heading off to bed, have just finished work.

With regards to the DAS - Debt Arrangement Scheme. Remember I was telling you that i had my interview with an approved money advisor. Everything seems to be going well for me and i've been told that the approved money advisor will be writing to all my creditors about my intentions to enter a DPP - Debt Payment Program through DAS.

What I wanted to say is that I have roughly the same amount of debt as your sister and I also earn about 24k per year and have been told that due to this and that I have sufficent disposable income of around £400 per month then the DAS is the best option for me as i will be debt free in about 8 years.

Ok, its going to take longer than the Scottish Trust Deed route of 3 years but at the end of the day the creditors get all there money back and the best part is theres no risk of going bankrupt so long as you stick to the payment program.

If i can give your sister some advice, tell her to please investigate the DAS scheme more thoroughly as if she has some disposable income each month i'm sure it would be a better route for her to go down.

HTH

jackie_w

Hi Guys,


Sorry I didnt get back to you to let you know what happened.

My sister contacted me on Friday afternoon to say that she was sorry, and she knows that I was only trying to help her !!!
She has signed with the insolvency practitioner, and starts paying them in a couple of weeks. She said she hasnt jumped into anything, when she spoke to the man at Money Matters last Thursday, he said she didnt have enough money to go onto a payment plan! She has to pay £300 for the next 3 years & 9 months (the 9 months is so she can keep her car!!!!), once she has paid that and the rest of her normal monthly bills, ie mortgage, gas, elec etc, she is left with £80 per week, and from that she has to take her petrol, food, clothes etc.

She did ask the insolvency practictioner about them taking the equity from her house, he said yes they can do that, but, its very unlikely because she would need to have a substantial amount of equity in the house!!!!! when she got the mortgage changed into her name at the beginning of this year, her house was valued at £68,000, her mortgage is for £73,000 (or there abouts). Whether this happens or not, we will just have to wait and see.

She said she is very happy that she has signed up to this, and feels alot more relaxed.

The IP seems to think thats her creditors wont refuse for her to go onto this trust deed, because, if they make her bankrupt, they wont get anything!!!!

So, we will just have to wait and see what happens.

Once again guys, thanks for all your help.


Jackie xx

RAS

Thanks for letting us know.

So she is paying £11,700 in my estimate?

Given her situation, now is the time that she really needs to get on here.

have a look at http://www.moneysavingexpert.com/protect/make-money - some of these things do not count as income and she could probably do with the extras.

Also get her to look at the Money Saving Old Style forum and to sign up with the local group of www.freecycle.org - she is not going to be able to afford new clothes or white goods for the duration.

GeorgeUK

Hi Jackie - glad your sis seems to be a little calmer and thanks for letting us know.

If she can pay £300pm i can't see whay she wouldn't be able to do a DAS, but i guess you won't be able to get her to look at it now. Have you seen what she's signed and if she's got it in writing that the trustee won't take any future equity? Still sounds like a sales pitch to me.

jackie_w

Hi,

I havent looked at what shes signed, TBH, im not going to bother, because I still feel a bit hurt at the way she was. Im just going to let her deal with it herself. I have offered her a loan of the £1000 if she wants it, she says she will pay me back £10 per week.

Jackie