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This is the place to ask questions about DAS
#22648
Is it right that I should start a debt arrangement scheme for a few months before starting a Trust Deed? I heard that this is the best thing to do because there is more chance that the creditors will accept the Trust deed if they can see that regular payments have been made into a DAS first of all? is this right?
#22660
Hello Archie and welcome to the forum.

As far as I am aware, there is absolutely no need for you to start a debt arrangement scheme before you start a Trust Deed. Your creditors are no more likely to accept the Trust Deed than if you simply go for the TD application straight away. If you feel a Trust Deed is right for you my advice is to get the application underway immediately.
#22690
Thanks Hayden

Can I ask another question. I am a homeowner. There is about £15k of equity in the house I think but half of this is owned by my wife (house in joint names). I have been reading that I have to pay the equity in the house into my Trust Deed. Does that include my wife's half as well? She does not have any debt so really it would not be right for her to use her half of the equity to pay my debt.....
#22710
Archie,

No your wife's half of the equity will not be considered during your Trust Deed.

Rgds
Geraldine
#22732
Hello Archie

Hayden and Geraldine have given good advice already. As Hayden has said, there is absolutely no need for you to start a DAS before you apply for a Trust Deed and as Geraldine has rightly pointed out, only your half of any home equity will be taken into account. Have you spoken to a debt expert about your situation? I advise that you do this and if you do decide to go ahead with the Trust Deed application, then you make sure you get in writing how your home equity will be dealt with. Generally speaking the equity in your property should be calculated and frozen at the time your Trust Deed starts so you know exactly where you stand.