looking at a debt arrangement scheme

popster11

Hi ALl new here, after years of struggling due to my own bad choices, ive realised i cant cope! Im looking at a debt arrangement scheme but it seems too good to be true so i have it in my head it will never work.

Has anyone any experience?

Heres a SOA, the credit is all in my name, my husband hasnt had any part in running up these debts. My SOA isnt quite right as i pay £1300 into a joint acount monthly that covers mortgage, council tax, food tv etc, so ive tries to show those expenses totalling £1300

im left with £950 for personal expenses and debt, i do some extra ad hoc work and this COSTS me approx £350 and I earn approx £600, so i make £250 ish profit but this is unpredictable

ANY advise or comments welcome

Growurown

Who are you going through for this debt arrangement scheme? If it sounds to good to be true it sounds like a company you pay fees too that are promising you the earth. If so you should consider one of the free organisations such as payplan or CCCS.

ihateyes

i recently went with PayPlan.

coolcait

Are you talking about the actual Debt Arrangement Scheme, under Scottish law?

Or a debt management plan?

Although they both work on the same principle - pay a monthly sum to a distributor, who then dishes it out to your creditors - they are very different in terms of how much protection you get from your creditors.

Being in DAS means that your creditors can't make you pay more than you've agreed to pay; they have to freeze interest etc while the DAS is running; they have to write the interest off at the end of the DAS.

Payplan and CCCS aren't involved in DAS - at the moment anyway. They can still give advice about it.