Trust Deed Forum - DAS query - waiting for approval
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 DAS query - waiting for approval
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frenzy382
New Member

4 Posts

Posted - 16 December 2021 :  21:27:07  Show Profile  Reply with Quote
Hi,

I've just been through my verification chat with my money advisor and they will be shortly sending me all the paperwork rtc so we can get this DAS application off to the Administrator..
There is one thing that I can't get my head round though.....do I still need to keep making payments to my creditors until DAS is approved and date set for 1st payment, should I stop right now..not sure.
My main concern is that I stop, then DAS gets refused and then my creditors rain down on me afterwards and I'm then even more shafted then I am right now!!!

Any insight, greatly received.

Thnx

TDA (Debt Adviser)
Trust Deed Expert



13875 Posts

Posted - 17 December 2021 :  12:01:58  Show Profile  Reply with Quote
Welcome to the trust deed forum frenzy382.

This can be a tricky question and I'm not sure we can give you an answer you can rely upon.

Obviously however there will come a point at which you'll have to stop direct payment or you will not be able to afford your DAS contribution.

Presumably as well you cannot afford the full contractual repayments or you would not be going ahead with DAS.

Talk to your money advisor (who will know your personal situation best) and get their guidance on what you should do and when.

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Kevin Mapstone
Trust Deed Expert



4041 Posts

Posted - 17 December 2021 :  16:13:50  Show Profile  Reply with Quote
Hi frenzy382

If it worries you to stop making payments and if you can afford to keep making them then there is nothing to stop you doing so until your DAS payment programme is approved. Most clients stop payments when the application is submitted though, as the outstanding balances at that point are what is used for the proposals and therefore any further payments can complicate matters.

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frenzy382
New Member

4 Posts

Posted - 17 December 2021 :  20:04:38  Show Profile  Reply with Quote
Hi,

Thanks for the advice. Tricky one by the looks of it...I'm just paranoid that I'm tempting fate by stopping payments (upon submission) before approval (or refusal).
Obviously my money advisor trys to play it up and say it will get approved and don't worry, it will all be fine...but I can't help being a bit more negative (or realistic?). I don't know what the likelihood of approval for a DAS..do they get pushed back alot? Haven't a clue. I've only ever spoken to 1 person on this (my money advisor)

Thanks for all your help and insight
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Kevin Mapstone
Trust Deed Expert



4041 Posts

Posted - 20 December 2021 :  09:41:49  Show Profile  Reply with Quote
Over what term are you proposing to repay your debts via the DAS? That is the key variable which is likely to determine whether your proposals will become approved or not.

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frenzy382
New Member

4 Posts

Posted - 20 December 2021 :  10:08:40  Show Profile  Reply with Quote
Hi,
It's for 90 months.
Cheers
Frenzy382
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Kevin Mapstone
Trust Deed Expert



4041 Posts

Posted - 20 December 2021 :  16:16:44  Show Profile  Reply with Quote
I find it rare for proposals over that kind of timescale not to become approved, so I think you should feel very confident that it is likely to be ok.

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DASdude
Frequent Contributor

39 Posts

Posted - 24 December 2021 :  00:42:25  Show Profile  Reply with Quote
As someone who is in a DAS I remember being very nervous at that stage, no need to worry. I was in a similar position and stopped payments at the start of application. It felt alien to me doing this but it was ok. Yes there is impact on your credit report but there will be anyhow going into a DAS or other solutions. DAS for me has been an overall positive experience, just wish I did it alot sooner.
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