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Debt Arrangement Scheme

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Sorry, don't want to become a serial poster but i had my meeting with CAB this morning and it turns out i could go into a DAS. Has anyone had any experience of these? The two options on the table are sequestration or a DAS....so i'm not sure what to do! HELP

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Hi,

 

I think avoiding sequestration is adviseable,

 

Have a look at this link.......................

 

Sequestration - What Is Sequestration? Advice and help

 

Regards.

 

Scott.

Edited by maroondevo52

 
 

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DAS is an excellent scheme for homeowners in debt, I have never seen the value of it if there are no assets.

 

How it works.

An approved money adviser will look at all your circumstances, draw up a financial statement and create a payment programme over a period not normally exceeding 10 years based on disposable income.

 

Once it has been approved by the Accountant in Bankruptcy all interest and charges stop and the amount at the date of approval is the figure you pay over the period.

 

The advantages are, as long as you meet the agreed payments throughout the term of the agreement, the creditors cannot take action against you or the property by means of enforcement even if you have substantial equity.

THIS SCHEME SHOULD NEVER BE CONFUSED WITH DEBT MANAGEMENT, WHICH PROVIDES NO PROTECTION WHATSOEVER.

 

With DAS you are protected by Scottish Law.

 

You can find more information at WWW. Money Scotland

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Hi,

 

It is depdendant on you circumstances on which would best suit you.

 

There is plenty info on both for you to make an informed choice

 

National Debtline Scotland | Debt Advice | Factsheet 22 Debt Arrangement Scheme

 

National Debtline Scotland | Debt Advice | Factsheet 01 Bankruptcy

 

ida x


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Thanks. I am assuming i could try a DAS and if it's too much of a struggle i could move into bankruptcy. My only really asset is my house but that is in negative equity.

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