DAS Scotland

[janis6670]

Any thoughts on this scheme. What are the restrictions and the benefits? If I were to go ahead would I be advised to leave out some debts which may be approaching SB? Can you include mortgage arrears? Just any advice or guidance would be appreciated

[Fisher69]

Hi There

If you go to here and download pdf file on all the info.

Rick

 

I tried to add a link for you but I don't have enough posts to do so.

If you send me a private message I'll return the link for you.

[Fisher69]

Hi Janis

I tried to send the link by a private but it still won't let me send a private message unless I have more than 15 posts so if you want send me your email address in a private message and I'll send you the pdf file tonight.

I'm hoping to go for a DAS myself next week when I see a money adviser from the CAB.

I look forward to hearing from you.

Rick

[maroondevo52]

Hi janis.

 

This link should answer most of your questions...................

 

http://www.dasscotland.gov.uk/node/318

[Crocdoc]

In my view, DAS is one of the best schemes ever developed for dealing with debt, the banks and other financial institutions dislike it, for that reason it must be good.

 

First of all it protects your property and any equity that you may have, it also stops lenders from taking any kind of recovery action so long as you meet the terms of the agreement. Futhermore, interest and charges are frozen from the date of acceptance. The period for repayment can be up to 10 years, although this can be extended in certain circumstances.

 

From the applicants point of view, it is reasonably simple to make application, the process of setting up the agreement can however take some time, therefore I would suggest that you address your mortgage arrears during this period if possible. I would add that there is no reason why your arrears cannot be added to the application , however secured lenders may not accept the proposal.

 

If you decide to proceed it is important to avoid commercial companies who charge fees, the charity sector is a much better option as they set up the arrangement free of charge.

I hope this information is of assistance.

[janis6670]

Thanks for all the help and the links. I still would like to know if there are limits on how much debt you can enter and should I exclude some debts which will become statue barred soon. Can I definately include mortgage arrears

[maroondevo52]

Hi,

 

I don't know the answers to your questions, best give them a call tomorrow, there's a contact number on the 'link' I gave earlier.

 

Regards.

 

Scott.

[National Debtline]

Thanks for all the help and the links. I still would like to know if there are limits on how much debt you can enter and should I exclude some debts which will become statue barred soon. Can I definately include mortgage arrears

 

Hello there,

 

You are supposed to include all creditors, we can appreciate the implications that may cause if some of your debt is close to becoming statute barred. Mortgage arrears can certainly be included. In theory there isn't a limit as to the amount of debt that can be included so long as it can be cleared within a 'reasonable' period of time.

 

Best wishes,

 

National Debtline.

[mariadavid]

Hi

 

The DAS scheme is still in it's infancy and is not quite what it is cracked up to be, i embarked on my DAS full of hope that this would solve the hassle from creditors and still let me pay my debts off, however after 4 months my son moved out and my income decreased by £250 a month and we applied for an adjustment unfortunately based on current income this would extend it from 5.5 years to 15 years (apparently the DAS have agreed to longer terms than mine). They received agreement from 2 of 6 creditors so whilst this would normally be accepted because it was a longer repayment term they applied the "widely" accepted rule based on less than half of your creditors responding and then applied the fair and reasonable test and apparently this was in favour of my creditors.

My money advisor then wasn't allowed to amend my income and expenditure or take off a cleared debt and as i simply cannot pay 1/4 of my wages to the DAS scheme, the next step was for it to be revoked leaving me at the mercy of my creditors or appealing which you have to do through a solicitor and within 14 days of receiving the letter from the DAS administrator.

 

I might qualify for legal aid and through cab have a solicitor who has submitted a legal aid application and served a summons on the DAS Administrator refusing the extension as it was "too long". The DAS hasn 't been revoked yet and another solicitor who collects the debt for 1 creditor had already written demanding an I & E and giving me a week to submit this! My solicitor has now written to them as apparently they are not allowed to contact me.

W

e apparently go to court on the 12th June but as Legal Aid takes about 8 weeks to process, we might have to ask for the court case to be put back until we receive this, i am now in limbo and the worst outcome is that the DAS scheme might give my creditors the ammo needed to bankrupt me.

 

All because my son who is 24 has had to move out as his girlfriend is expecting a baby. I agree the DAS scheme is a welcome scheme but at present it still has major teething problems and has no bite

[Crocdoc]

Unfortunately, an application that extends the period beyond ten years is dependant on agreement with creditors, It is my understanding that when the legislation was introduced it was recognised that there had to be some kind of limitation on the duration of repayment. If this had not been the case the system could have been open to abuse.

 

For example, when the banks were throwing money about as if there was no tommorow it would have been possible to borrow say £30000 over a five year period and the almost immediately turn it into a 30 year interest free loan by entering DAS.

 

Don't take this the wrong way as I symapthise with your situation and wish you every success in your appeal, however I wonder if it was realistic at the outset to expect your 24 year old son to live with his parents for the entire duration of the repayment plan. The other thing that may have been possible if your disposable income dropped by 50% or more would have been a payment holiday (6 Months ), this would have given you the opportunity to at least try and increase you income in order that the plan once again became sustainable.

[mariadavid]

I understand fully when you say about expecting my son to remain at home but as i applied for this through a CAB money advisor, i didn't know any the ins & outs about a DAS scheme i didn't query anything with the advisor. Unfortunately my income didn't drop by 50% and as my advisor had assured me she had a DAS increased to 16 years this came as a total shock.

 

What is so annoying about the whole thing is that i get a raise in August so the repayments would have been increased then, but thanks for your reply