Anybody used Carrington Dean (Scottish Debt Expert)

[scottybhoy]

sorry for creating a new thread for this but had to get it noticed before I discuss my options with them.

Have spoke to one of their agents today who took some details and has left me to think whether I would like to take it further - so no pressure selling there.

Just want to know if anyone has had any dealings with them as they seem quite reputable up here, but want first hand knowledge of any plans that people have had if any off them.

Have tried CCCS but they recommend bankrupty - Carrington Dean recommend Protected Trust Deed and protecting my home. Have a few others to try, so just trying to get different views.

[sequenci]

Is there equity in the property?

[scottybhoy]

Hi seq I'm pretty sure I don't have any. Part is the unsecured loan so if you take that out the equation then then there maybe some equity in there.

[sequenci]

The mortgage is secured, whereas the unsecured element of your together mortgage wouldn't be. To calculate if you have equity you would take the outstanding balance of the mortgage away from the value of the property. If there is more than about £4 or £5k of equity it is highly unlikely that a Trust Deed would work for you.

 

The reason being is that when a trust deed is being set up your creditors can object, they are almost guaranteed to do this if there is equity - any creditor that objects will not be held under the arrangement - so it renders the TD pretty useless.

[scottybhoy]

Your right there it would be pretty useless then. I do think that there would be about £10k in it. I know that this is a hard question to answer but what would be the solution. It's all getting too much to be honest. Going to see them next week to see what they say. Still to contact a few charities too Payplan again, CAB and nationaldebtline I think it is. Want to get this right this time but don't want a ten year plan that's being touted as the new government scheme. Fair on the creditors yeah but not good for my health!

[sequenci]

If you are not fussed about keeping the property it is likely that Bankruptcy could be the right option.

 

If you are wanting to keep the property then either self-negotiations, a FREE debt management plan OR, my favourite option for those in Scotland, a Debt Arrangement Scheme (only really possible if the debt can be cleared in around ten years)

 

http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=22_debt_arrangement_scheme

[scottybhoy]

Hi Seq, the factsheet has been pulled

 

The property must be kept at all costs! I'm happy doing my own DMP and managing on my own behalf as that is what I have been doing the last few years and I'm comfortable in the fact I have managed to freeze all interest and charges and come to an arrangement I can afford. The 10 year thing - that is a long time to have a crap credit history and to be burdened with all this hassle and then there is the fact that the creditors may just say, bugger this lets go for a CO. I know this is probably a long way off, but, will see what comes of it. In limbo just now so have to see what options I have. Will google info on the DAS, but would like something shorter term - of course I know I cant have it both ways.

[bluedogx]

Not only does DAS force creditors to stop interest and charges, it also gives you protection from diligence, and they are not allowed to ask you for more money, or harass you. Please see your local CAB money adviser for more advice.

A DAS can be approved for much longer than 10 years, and most creditors agree to any offer under the DAS scheme - but it has to be reasonable for you too.

 

B

[sequenci]

Here you go matey, take a look:

 

http://www.moneyscotland.gov.uk/das/MoneyScotland/Debt_Arrangement_Scheme__DAS_/DAS_Homepage

 

As Bluedogx mentions a DAS guarantees to freeze interest and charges and prevents the enforcement of any court orders. It's a really decent option. I wish we had it for those that live in England and Wales too.

[bluedogx]

I wish we had it for those that live in England and Wales too

 

I often think that when I read posts on here.

 

DMC often charge a fee for DAS. Your local money adviser does it free

 

B

[scottybhoy]

yeah I figured that but I want to see what a DMC offers compared to a charity. Personally I think people make too much profit off people in debt and it works both ways. If I get something that works for me and benefits me then I'm happy, tha DAS does look like a good option. From CAB though!

[sequenci]

Don't rule out the local authority money advisers, they are very good too.

 

Just remember that the fee-chargers are there to profit from your situation, they are unlikely to provide you with holistic advice and will quite possibly steer you into an option that could suit them better than you.

[scottybhoy]

Hi seq, I totally agree with that . They have profit making at heart. This is the reason I want to go there first, so that I can take the info from there and run it past someone who will give me impartial advice. I have about 3 months before my situation gets bad, so I am taking half of that to get an insight into ALL my options and not getting rushed into one that may be wrong. Paid companies are full of salespeople, they have to be sp kist want to see the pros and cons of it all it has to be right this time. Thanks for the advice.

[scottybhoy]

sp kist should be "so just" stupid iPhone!

[scottybhoy]

Meant to say also the DAS looks to be my preferable option.

[jonbhoy1]

sorry for creating a new thread for this but had to get it noticed before I discuss my options with them.

Have spoke to one of their agents today who took some details and has left me to think whether I would like to take it further - so no pressure selling there.

Just want to know if anyone has had any dealings with them as they seem quite reputable up here, but want first hand knowledge of any plans that people have had if any off them.

Have tried CCCS but they recommend bankrupty - Carrington Dean recommend Protected Trust Deed and protecting my home. Have a few others to try, so just trying to get different views.

We went into a protected trust deed administered by Carrington Dean in 2005 and finally discharged in 2008. The quality of their advice,guidance and support was of the highest level . While I accept that there is a monetary cost it was certainly worth every penny. You will probably deduce Scottybhoy that I am also a fan of Carrington Dean. Goob Luck. Take the step its certainly been worth it for us.

[scottybhoy]

Hi johnbhoy,

 

thanks for your post, wont be entering into the PTD. Don't want to say why, but all I can say was that the people were nice enough. Not for me though and I would also like to say that anyone considering this option, give it some serious thought (as with any option you choose) and think about all the implications that may affect it i.e what protection you have if you lose your job, is your home 100% guaranteed IN WRITING, are you comfortable, do you have any doubts?

 

IMO if you were able to clear your debts in say 5-7 years I would seriously consider the DAS option (if in Scotland) as recommended by Seq. Seq - I now realise why you may prefer this as it does protect your home without "forcing the creditors hand" - or does it as a PTD would.

 

Jonbhoy, glad you are debt free and hopefully we can take the league next year!

[sequenci]

Hey Scotty.

 

I know from experience that TD's for homeowners would only get off the ground if there was equity of about £5k or less. Any more equity and you'll find that all the creditors will simply object to the TD.

 

DAS's are great as they are legally binding BUT genuinely protect property + further action.

[scottybhoy]

Cheers Seq, I am pretty sure (or was rather convinced) that there would be no equity available on my property. However, I feel that entering into a TD is really forcing the creditors hand into taking action against you if the TD is rejected, possibly leading to sequestration/bankruptcy IMO (I've not really got a clue about these things but trying to put some common sense into it). I have one other loan to sort out and I am going to see about getting on a DAS arrangement. I really do think that these seem to be the "magic solution" to repaying your Debts - on Scotland anyway.

[sequenci]

They are very good things. Sadly there are pending changes - likely to be brought in within the next few months whcih will allow the fee-charging industry a piece of the pie too. Hopefully the free providers will still be able to continue with their DAS's too!

[bluedogx]

Yes we will. Just less paperwork to do

[Crocdoc]

The pending changes wiil assist the charity sector as the follow up admin will be done in house by the AIB. However the fee paying sector will still be required to do all admin. The fees charged by the private sector can be substantial and add large amounts to the payment programme.

[bluedogx]

One other good thing. If you are already a money adviser with the likes of CAB you won't have to be accredited any more. Hopefully that means more access to DAS for clients where there aren't accredited advisers, although not so good from the professional standpoint for those of who are accredited.

 

B