DPP under DAS - Bankruptcy - StepChange

Mumof2.

Hi,

I am in above my head in debt and have been looking into solutions. I done a tool on StepChange which when i add in all my debts it says they advise i go bankrupt. I would really like to avoid bankruptcy if i can. When i hold back my credit union loan and a catalogue the advice changes to they advise a dpp das thing. Does anyone know if i am able to go through with the dpp das without disclosing my loan so i can avoid bankruptcy and get the dpp if that makes any sense?
With the dpp it says i can pay it off in almost 10 years. I am worried if i have to disclose the loan too that would put the repayments back to well over 10 years and does say the dpp could be rejected and needs to go through some bankruptcy thing. I’m scared and very stressed about it all. Any info or advice would be greatly appreciated

Kind regards

Pixie5740

Mumof2. wrote: »

Hi,

I am in above my head in debt and have been looking into solutions. I done a tool on StepChange which when i add in all my debts it says they advise i go bankrupt. I would really like to avoid bankruptcy if i can. When i hold back my credit union loan and a catalogue the advice changes to they advise a dpp das thing. Does anyone know if i am able to go through with the dpp das without disclosing my loan so i can avoid bankruptcy and get the dpp if that makes any sense?
With the dpp it says i can pay it off in almost 10 years. I am worried if i have to disclose the loan too that would put the repayments back to well over 10 years and does say the dpp could be rejected and needs to go through some bankruptcy thing. I’m scared and very stressed about it all. Any info or advice would be greatly appreciated

Kind regards

A DPP isn't insolvency but it is a formal debt solution involving the Account in Bankrputcy and you also end up in a register so I don't think you can exclude debts.

coolcait

As Pixie says, DAS is not insolvency. It's more like a debt management plan which is legally binding on everyone involved.

I suppose it does get confusing when it's managed by the agency called "The Accountant in Bankruptcy"!

I'm afraid that the only debts you can leave out of a DPP are arrears of rent and mortgage - but you do still have to declare them. All other debts - including credit union loans and catalogue debts - have to be included.

It might be worth trying to speak to StepChange to talk it all over.

Good luck!

Jabronie

I’m on DAS. You need to tell them about all your debt but you DONT need to include it all. You also don’t have to give them all of your disposable income. Call StepChange and get on it, can’t recommend it enough. It’s changed my life

coolcait

Jabronie wrote: »

I’m on DAS. You need to tell them about all your debt but you DONT need to include it all. You also don’t have to give them all of your disposable income. Call StepChange and get on it, can’t recommend it enough. It’s changed my life

You DO need to include the type of debts the OP was talking about. You can only leave out mortgage or rent arrears.

It's true you don't have to use all your disposable income - but that makes the DAS longer. The OP is already talking about 10 years