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Debt Arrangement Scheme - Advice
Jilly38
Posts: 24 Forumite
Hi there
This is my first post and was just looking for any advice re Debt Management Scheme (DAS) which is different from a DMP.
Can anyone recommend this? I currently have around 20K unsecured debt. I was looking at a DMP with Payplan but believe there is no guarantee they can stop interest. My understanding is with a DAS this happens and my property cannot be touched. I believe I have some equity.
I have been to CAB today and have an appt in a week or so but just wondered if anyone could share their experiences. I am looking to pay off my debts asap (obviously!) but am very worried that my property is at risk. Also does anyone know how long it would take to set up a DAS and in the meantime will be majorly hasseled from my creditors? Up until now, I have been making the minimum payments but debts never going down due to increasing interest rates!
Does anyone also know if you are accepted onto a DAS will this affect me getting a new deal (2 years to go on a fixed rate) with my mortgage provider. I am not in arrears with this and never have been.
Any advice much appreciated.
J:)
This is my first post and was just looking for any advice re Debt Management Scheme (DAS) which is different from a DMP.
Can anyone recommend this? I currently have around 20K unsecured debt. I was looking at a DMP with Payplan but believe there is no guarantee they can stop interest. My understanding is with a DAS this happens and my property cannot be touched. I believe I have some equity.
I have been to CAB today and have an appt in a week or so but just wondered if anyone could share their experiences. I am looking to pay off my debts asap (obviously!) but am very worried that my property is at risk. Also does anyone know how long it would take to set up a DAS and in the meantime will be majorly hasseled from my creditors? Up until now, I have been making the minimum payments but debts never going down due to increasing interest rates!
Does anyone also know if you are accepted onto a DAS will this affect me getting a new deal (2 years to go on a fixed rate) with my mortgage provider. I am not in arrears with this and never have been.
Any advice much appreciated.
J:)
0
Comments
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Hi Jilly
DAS is a Scottish scheme, I'm presuming you are in Scotland?
http://www.aib.gov.uk/guidance/Legislation/legistlationpreapril08/DASregs2004 Lots of info here. I believe interest is guaranteed to be stopped and your property is safe. There are a couple of posters on the IVA thread who are in DAS, so may be a idea to post there before you commit. You need a money advisor to do a DAS and some (not all) charge, I think you'd be better going through a council money advisor as they are usually free, but I think there is quite a wait for appointments as a lot of peeps are in the same boat.
good luck and let us know how you go.More than Two Years in
Doing it the Niddy way:j:j:j0 -
Thanks for the link. I am just learning where to put my posts! I believe the CAB that I am attending have two designated DAS Counsellors so when I return next week he will go through everything with me.
Thanks for the advice, very much apprecitated
J:)0
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