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Debt Arrangement Scheme - pay off or keep savings
angied81
Posts: 5 Forumite
Hello
I have been in a Debt Arrangement Scheme (Scotland) for the past 4 years and has been great for me, slowly getting there. I have another 4-5 years left on the arrangement.
I have recently inherited some money however, and have found out I have £10000 outstanding, which is what I have in my savings. I really wanted to keep this as potential deposit for property in the future, but wonder if I should pay off my DAS instead?
Advice greatly appreciated!
I have been in a Debt Arrangement Scheme (Scotland) for the past 4 years and has been great for me, slowly getting there. I have another 4-5 years left on the arrangement.
I have recently inherited some money however, and have found out I have £10000 outstanding, which is what I have in my savings. I really wanted to keep this as potential deposit for property in the future, but wonder if I should pay off my DAS instead?
Advice greatly appreciated!
0
Comments
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Personally I would use it to pay it off if it is going to pay it off, then you can save for a deposit.
How much do you pay into the DAS a month?Debt £30,823.48/£44,856.56 ~ 06/02/21 - 31.28% Paid OffMortgage (01/04/09 - 01/07/39)
£79,515.99/£104,409.00 (as of 05/02/21) ~ 23.84% Paid Off
Lloyds (M) - £1196.93/£1296.93 ~ Next - £2653.79/£2700.46 ~ Mobile - £296.70/£323.78
HSBC (H) -£5079.08/£5281.12 ~ HSBC (M) - £4512.19/£4714.23
Barclays (H) - £4427.32/£4629.36 ~ Barclays (M) - £4013.78/£4215.82
Halifax (H) - £4930.04/£5132.12 ~ Halifax (M) - £3708.65/£3911.20
Asda Savings - £0
POAMAYC 2021 #87 £1290.07 ~ 2020/£3669.48 ~ 2019/£10,615.18 ~ 2018/£13,912.57 ~ 2017/£10,380.18 ~ 2016/£7454.80
~ Emergency Savings: £0
My Debt Free Diary (Link)0 -
I pay £257 a month0
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Yeah I would definitely pay it off if it will pay it all off?
Then you could save the £257 and it would take 39 months to get it back, which is just over 3 yearsDebt £30,823.48/£44,856.56 ~ 06/02/21 - 31.28% Paid OffMortgage (01/04/09 - 01/07/39)
£79,515.99/£104,409.00 (as of 05/02/21) ~ 23.84% Paid Off
Lloyds (M) - £1196.93/£1296.93 ~ Next - £2653.79/£2700.46 ~ Mobile - £296.70/£323.78
HSBC (H) -£5079.08/£5281.12 ~ HSBC (M) - £4512.19/£4714.23
Barclays (H) - £4427.32/£4629.36 ~ Barclays (M) - £4013.78/£4215.82
Halifax (H) - £4930.04/£5132.12 ~ Halifax (M) - £3708.65/£3911.20
Asda Savings - £0
POAMAYC 2021 #87 £1290.07 ~ 2020/£3669.48 ~ 2019/£10,615.18 ~ 2018/£13,912.57 ~ 2017/£10,380.18 ~ 2016/£7454.80
~ Emergency Savings: £0
My Debt Free Diary (Link)0 -
Yes that would clear the whole things, I was given an outstanding balance of 10,750 not including fees.
Thank you!0
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