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28 Posts
Posted - 11/20/2013 :  16:39:16  Show Profile  Reply with Quote
My finances are in a mess and I'm also expecting to become divorced.

When this happens my finances will change again for the worse. I don't know exactly how much by at the moment.

Is it possible to go ahead with a DSA given these uncertainties about what I could be able to pay in the future?

Philip Gill



18 Posts
Posted - 12/05/2013 :  06:50:48  Show Profile  Reply with Quote
The uncertainty surrounding a client's finances is something that must be dealt with as part of any proposal.

Obviously everyone has different personal circumstances, however your PIP will be able to preapre a draft budget for you which can estimate your circumstances post any separation and spliting of finances. This will enable you and your PIP to agree the potential for contributions in to the DSA.
Licensed Insolvency Practitioner. For debt advice please:
   
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Sample Question

28 Posts
Posted - 12/13/2013 :  09:54:27  Show Profile  Reply with Quote
Do you think the creditors would object if they knew the payments were going to go down later?

Is it possible that the DSA would be extended if they did go down?
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Philip Gill



18 Posts
Posted - 01/20/2014 :  10:58:15  Show Profile  Reply with Quote
You can vary the terms of your DSA after it has been initially approved, with creditors consent. This could extend the arrangement or simply reduce the dividend to reflect the reduced payment.

Your PIP would make his recommendation to you and the creditors if or when your circumstances changed.
Licensed Insolvency Practitioner. For debt advice please:
   
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