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    • 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
    • 6,311 Posts
    • 21,166 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?
    Current Debt 44,856.00/44,233.00 ~ 04/10/18 - 1.38% Paid

    POAMAYC 2018 #87 12,941.36
    ~ POAMAYC 2017 #87 10,380.18
    POAMAYC 2016 #87 7454.80

    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    104,409/83,554.88 (as of 30/09/18) ~ 19.97% Paid

    Christmas Savings 18: 570 Cash ~ Amazon/Gift Vouchers: 90 ~ Total = 660
    Cyprus 19 Savings: 190/2000 ~ Centre Parcs 19 Savings: 110/1500
    Emergency Fund: 50

    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
    • 6,311 Posts
    • 21,166 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
    Current Debt 44,856.00/44,233.00 ~ 04/10/18 - 1.38% Paid

    POAMAYC 2018 #87 12,941.36
    ~ POAMAYC 2017 #87 10,380.18
    POAMAYC 2016 #87 7454.80

    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    104,409/83,554.88 (as of 30/09/18) ~ 19.97% Paid

    Christmas Savings 18: 570 Cash ~ Amazon/Gift Vouchers: 90 ~ Total = 660
    Cyprus 19 Savings: 190/2000 ~ Centre Parcs 19 Savings: 110/1500
    Emergency Fund: 50

    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!
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