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This is the place to ask questions about DAS
By jet
#23783
Helllo,

I am looking to settle my DAS early but my money manager has recently change to seem to be getting mixed answers and contact.

My previous money manager left the company - seemingly without informing my new handler that we were trying to settle the DAS with a reduced offer. Initially, my old money manager told me BoS has rejected my offer as they do not settle - as a policy. My new money manager is keen to offer again. Is this normal?

I have up to 15,000 but would ideally like to settle for less. My current balance is 17,000.

Could anyone give me any advice?

Many thanks!
By Michael
#23804
Hi there Jet and welcome to the forum.

The basic principle of a DAS is that you have to pay back 100% of your debt. However as far as I am aware, you can offer your creditors settlements at any time if you have access to the necessary funds. I would certainly take your new advisor's advice and present the offer again. Was an offer also made to your other creditors? what did they say?
By jet
#23819
So I have a current balance of 17,000 with the majority being owed to HBOS.

Previously offered 12,000. My old money manager didn't inform me of the other creditors response to the settlement. I can offer more if this is rejected.

Any advice on maybe how long this whole process could take?

Many thanks for help!

Jet
User avatar
By Geraldine
#23829
Hello Jet

As Michael has said, I believe that you can make an offer to settle your debts while you are in a DAS. You should get your new money manager to represent your offer and and then make a decision as to whether or not you you need to up the offer when you hear.

In terms of the time that this will take, there are no real guiidelines. But once the offer has been made I would think you should hear from the creditors within a couple of weeks. If not I would get your money manager to chase it.
By jet
#23834
Hello!

Just to update.

I contact my RM a week ago with no contact back. Today , I e-mailed the money advisor for the company who prompted my RM to get in touch.

Details have been sent to a 'settlements team' who are gathering settlement figures from each of the creditors.

Fingers crossed.

Thanks for everyone's help!

Jet
By Michael
#23846
Hi Jet

That sounds like progress. Sorry to sound a bit thick but when you refer to your "RM" who do you mean? Good luck and let us know how you get on.
By jet
#23868
Apprently,

Wilson Andrews has one 'Money Advisor' who overseas all DAS clients. Each client has a 'Relationship Manager' who is the direct contact for day to day queries.

I am now on to the 'Settlement Team'!!

Jet
User avatar
By James Falla
#23869
Hi there Jet. You would think that Wilson Andrews who are part of the Think Money Group, one of the largest debt management groups in the UK, would be able to provide more than just one Money Advisor....

Anyway just to re-iterate what the other posters have said. There is no question that you can settle a DAS early if you offer a sum that your creditors agree to. I am sure that this is something that Wilson Andrews is used to doing so hopefully you should have responses from all of your creditors pretty soon. You can then decide whether what they are asking for is acceptable or if you need to make counter offers.

Any questions along the way, please do not hesitate to ask.
By jet
#23969
Hello again,



Still no word. I am being made frustrated and anxious by the lack of communication.



I am worried by the lack of awareness or paper work from my previous attempts to settle with my old 'Relationship Manager'



Any attempts at querying progress now are met with 'your case has been passed on to our settlements team'.



I re-requested the settlement action on Aug 15th (under my new RM but initially on June 20th).



Should I be concerned? Or am I too soon to expect any word?◘



Thanks!
User avatar
By Geraldine
#23985
Hi Jet

I would not worry too much just yet. I would say that it would take a month or so to start getting responses back from your creditors so if the requests were re-submitted around the 15th August it is still relatively early days.

Having said that Wilson Andrews should be able to tell you exactly what progress has been made with your case. Even if it is simply that they everything is in hand and they are still waiting for responses from your creditors.

If I were you I would speak to them again and ask to be put through to the person in the settlements team who is dealing with your case. This should not be a problem. However if it is I would then be asking questions.....