What are the chances of being accepted?

Sososad

Hi everyone, just looking for advice or if anyone has been through the seem please feel free to join in..

Cutting a long story short, i entered into a Trust Deed last December, it failed to become protected, IP resigned as i didnt want to go bankrupt, i then went back into a Debt Management plan in March 09, I have now been in contact with CAB and they are putting forward a DAS Scheme for me. Does anyone know what the chances of this being accepted are, the reason im worried is that i have already been refused the Trust Deed and just looking for some more knowledge if possible.

The DAS would last 9 years, although i reckon it will be cleared soon as im hoping to have money coming to me in January 2010.

Thanks

Charco_2

I THINK your creditors have less of a say in this one. It's not about whether THEY accept or not - your creditors had their chance to be reasonable! It's about your situation now and whether that fits DAS criteria! The chances of acceptance are therefore a lot higher...

Fingers crossed though! And let us know!

coolcait

Hiya sososad

It's really impossible to say, I'm afraid.

Your money adviser has to send a formal proposal to your creditors, telling them how much you propose to pay, and for how long. There's a specific form they have to use, and it also tells your creditors a bit about DAS (if they read it... :rolleyes:).

They have 21 days to say whether they agree or not. If they don't reply, that's taken as agreement. A lot of creditors don't seem to know/understand much about DAS. That could work for you (if they don't reply on time) or against you.

If all your creditors agree (or haven't replied), then your DAS will go through automatically. If some of them don't agree, the DAS Administrator will decide whether to approve it, based on how long the programme is, how many creditors haven't agreed and so on.

If the money you're expecting in January 2010 is definitely coming to you, you could also put that in as part of your proposal to creditors. If it goes to a decision by the DAS Administrator, your money adviser might also suggest adding it in as a condition of having it accepted - especially if quite a high percentage of creditors don't agree - as 9 years is on the outside boundary of what they usually accept (if it goes to decision making, rather than being automatic).

I have to say that all of this is about 'if this happens', 'if that happens', and 'maybes. It's too difficult to guess what your creditors might do - but please try to stay positive.

And least you only have to wait three weeks to know what they've said, rather than the five weeks you waited to hear about your trust deed!

Good luck!

Sososad

Thanks again everyone you always give the best advise and replies, will keep in touch, just hoping they look at the fact that we are able to pay double for 3 times longer - hopefully that will work in our favour. Also the money that we hope to get it isnt guaranteed just hoping to win a court case which should give us some money assuming we win X