Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • angied81
    • By angied81 9th May 18, 11:56 AM
    • 5Posts
    • 1Thanks
    angied81
    Debt Arrangement Scheme - pay off or keep savings
    • #1
    • 9th May 18, 11:56 AM
    Debt Arrangement Scheme - pay off or keep savings 9th May 18 at 11:56 AM
    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!
Page 1
    • kindofagilr
    • By kindofagilr 9th May 18, 1:01 PM
    • 6,221 Posts
    • 20,974 Thanks
    kindofagilr
    • #2
    • 9th May 18, 1:01 PM
    • #2
    • 9th May 18, 1:01 PM
    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?
    POAMAYC 2018 #87 Paid 7741.33/12,000 ~ 55.01%
    POAMAYC 2017 #87 Paid 10,380.18/10,000 ~ 104%
    POAMAYC 2016 #87 Paid 7454.80/7000 ~ 106%


    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    104,409/84,580.30 (as of 31/05/18) ~ 18.99% Paid

    Christmas Savings 2018: 270 Cash ~ Amazon Vouchers: 50
    Cyprus 2019 Savings: 500/6000 ~ Centre Parcs 2019 Savings: 0/1500

    My Debt Free Diary (Link)
    • angied81
    • By angied81 9th May 18, 3:05 PM
    • 5 Posts
    • 1 Thanks
    angied81
    • #3
    • 9th May 18, 3:05 PM
    • #3
    • 9th May 18, 3:05 PM
    I pay 257 a month
    • kindofagilr
    • By kindofagilr 9th May 18, 3:54 PM
    • 6,221 Posts
    • 20,974 Thanks
    kindofagilr
    • #4
    • 9th May 18, 3:54 PM
    • #4
    • 9th May 18, 3:54 PM
    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 years
    POAMAYC 2018 #87 Paid 7741.33/12,000 ~ 55.01%
    POAMAYC 2017 #87 Paid 10,380.18/10,000 ~ 104%
    POAMAYC 2016 #87 Paid 7454.80/7000 ~ 106%


    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    104,409/84,580.30 (as of 31/05/18) ~ 18.99% Paid

    Christmas Savings 2018: 270 Cash ~ Amazon Vouchers: 50
    Cyprus 2019 Savings: 500/6000 ~ Centre Parcs 2019 Savings: 0/1500

    My Debt Free Diary (Link)
    • angied81
    • By angied81 9th May 18, 4:24 PM
    • 5 Posts
    • 1 Thanks
    angied81
    • #5
    • 9th May 18, 4:24 PM
    • #5
    • 9th May 18, 4:24 PM
    Yes that would clear the whole things, I was given an outstanding balance of 10,750 not including fees.
    Thank you!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

91Posts Today

1,921Users online

Martin's Twitter
  • Ta ta... for now. This August, as I try and do every few yrs, I'm lucky enough to be taking a sabbatical. No work,? https://t.co/Xx4R3eLhFG

  • RT @lethalbrignull: @MartinSLewis I've been sitting here for a good while trying to decide my answer to this, feeling grateful for living i?

  • Early days but currently it's exactly 50 50 in liberality v democracy, with younger people more liberal, older more? https://t.co/YwJr4izuIj

  • Follow Martin