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Need more info? Here are answers to a few of our most common questions. If you still can’t find what you’re looking for, give us a ring or message us on live chat– we’d love to help.
Why does my proposal mention fees?
When your debt solution is all set up, the fees to cover your Trust Deed or Debt Arrangement Scheme (DAS) will be taken from the monthly amount you pay to your creditors. Everything’s covered by that figure, and we won’t take any money from you upfront.
Why have I been asked to change my bank account?
If you’ve been asked to switch bank accounts, it could be because you’re already in debt to your existing bank, and it’s often the easiest way to prevent your creditors taking money while we get your proposal underway. Setting up a new account doesn’t have to be a hassle – with some accounts, you can organise the switch in a matter of minutes.
Why can’t I take out any more credit while I’m in a Trust Deed or DAS?
Trust Deeds and the Debt Arrangement Scheme are designed to help you budget your income and get out of debt, for good. Taking out more credit will only set you back – and we want to give you every chance to stick to the plan. Once you’ve successfully completed your debt solution, you will be free of debt and able to take on more credit.
Why am I still being contacted by my creditors?
Until you sign your proposal and your Trust Deed or DAS is approved, your creditors are still allowed to contact you. Once your arrangement is in place, you’ll be legally protected from them getting in touch – and we’ll contact them on your behalf to let them know.
How long will it take me to pay off my debt through my arrangement?
It depends on which debt solution you choose. A typical Trust Deed takes 4 years to complete, whereas the length of your Debt Arrangement Scheme depends on how much you can afford to commit towards your monthly payment. When you consider that the average credit card debt takes 26 years 7 months to pay off (making just the minimum payments), you’ll see why a debt solution can be a lifeline for those who want to get out of debt sooner rather than later.
What if my friends and family want to pay off my debts for me?
If a friend or family member has offered to pay off your debt for you, we can still help. We’ll set up what’s called a ‘full and final meeting’ on your behalf. This will allow you to pay a lump sum to all your creditors, and write off the rest.
Whatever you need help with, we’re here to get you seamlessly to the next step.
Read stories from Carrington Dean customers who chose a Trust Deed or DAS…and how it changed their lives for the better.
“It’s made me sleep easier at night. It’s put my mind at ease. Certainly things will still be a wee bit of a struggle but it’s made things a lot better.”
Catriona
A Lanarkshire man found himself in hot water after his continuous use of credit and store cards caught up with him and left him with over £24,000 of debt. Repaying balances every month always seemed…
A South Lanarkshire father of two found himself in a downward financial spiral after an abrupt end to his career left him with £10,000 worth of debt and no income. Everyday life became a struggle…
Debt wasn’t something that mum-of-three Yvonne ever worried about. Having worked in the catering industry for more than a decade, the 33-year-old Wishaw mother was financially stable with a £5,000 savings pot in the bank. …
Our customers put it best. With thousands of positive reviews and an overall rating of Excellent on Trustpilot, you can trust that we’ll put you on the right path.
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There are fees associated with our services. It is important these are fully explained before entering into a debt solution. You will always find us open about these fees and how they are charged.
© 2019 The Carrington Dean Group Limited. Authorised and regulated by the Financial Conduct Authority. FCA No: 674395 Registered in Scotland, Company Registration No SC 225672. Registered Address: Regent House, 5th Floor, 76 Renfield Street, Glasgow, G2 1NQ
Carrington Dean: provides insolvency solutions to individuals, specialising in Trust Deeds, DAS ( Debt Arrangement Scheme) and Sequestration. We do not administer or provide advice relating to debt management products, such as Debt Management Plans. Advice and information on all options will be provided following an initial fact find where the individual(s) concerned meets the criteria for a Trust Deed, DAS(Debt Arrangement Scheme) or Sequestration and wishes to pursue it further. All advice given is based on formal options available in Scotland and is therefore provided in reasonable contemplation of an appointment.
