Debt Bomb shell dropped on me

financialdisease

My initial thought was that he should default to show he is struggling but apparently not, he has not made full minimum payments to the cards but has paid his loan as normal. He has the step change pack home today to read and sign the pages required to send back with prof of income and details of creditors and sort the letter template to send to the creditors.

eyeopener2

Progress.

At last, only way is up now.

Miss_Poohs

Eyeopener2 have a look at this link to explain DAS
http://www.dasscotland.gov.uk/help-centre/worried-about-debt

It's a great way to deal with debts if you are trying to protect equity in a property and can repay your debts but just need a bit longer to do it.
It's similar to a DPP in England but not the same.
As Mr FDs payments will be less than the minimum agreed - the creditors may well default his accounts in time, but he will be repaying in full eventually

troublesparking

Please say that you are allowed to read it before he signs. You need to know what he is 'claiming'.:mad:

financialdisease

Yes I have read it all along with a copy of his SOA there was nothing unexpected in either

financialdisease

His remorse is clearly visible now the anger has cleared from the air meaning I can think more clearly I think he can now see the enormity of his situation being signed up to a legally binding contract that will control his income and budget for the next 8 years has hit him like a bombshell.

in_need_of_direction

I'm so glad that this is becoming a shared issue as opposed to you dealing with it on your own.

eyeopener2

financialdisease wrote: »

His remorse is clearly visible now the anger has cleared from the air meaning I can think more clearly I think he can now see the enormity of his situation being signed up to a legally binding contract that will control his income and budget for the next 8 years has hit him like a bombshell.

Ah, he will soon get used to it. First month or three is a bit weird but once you know the debt is going down for the first time in years, you actually enjoy it.

National_Debtline

Hello there,

We've a useful fact sheet that discuss Debt Arrangement Schemes in detail, you can find it by clicking this text.

I'm really pleased to learn that things are moving in the right direction.

Best wishes,

David @natdebtline

troublesparking

See what the MSE forum does? You've gone so viral that the official sites are reaching out to YOU! Just keep going.:j