Scenario 3


Scott is a 22 year old university graduate.

Having recently graduated from university with a degree in engineering, Scott found himself unable to find work in his chosen field. 

From the start of his time at university he found himself easily tempted by Credit Cards and interest free overdrafts.  Throughout his first year Scott utilised both of these types of credit to fund his new university lifestyle of socialising and paying for travel fares.  Working a part-time job throughout his this time allowed him to pay something towards his debts every month. 

Scott’s  course included 2 full-time paid summer placements at engineering offices at the end of 2nd and 3rd year.  During the summer placements Scott earned the equivalent of a graduate wage and relished in his new found income.  He still serviced his debt but his now increased credit status led to him taking on a loan to finance a car.  During his periods of part-time work Scott now struggled to maintain even the basic credit card payments choosing instead to maintain his car payments.  His overdraft now at £1500 remained and there was never an attempt to pay this off.

Scott finished university with £8500 of debt, having taken on another credit card in his last year to fund everyday expenses.  Scott never addressed he had a debt problem as he assumed he would walk into a high paying graduate job, allowing him to pay off his debt.  However, four months on from finishing university Scott is still in part-time work with varying hours and mounting debt, he periodically maintains his car loan and now that he is graduated his student overdraft is no longer interest free.

Scott decided to seek Money Advice following a number of months of red letters.  Scott maintained that he did want to repay his debts for the good of his credit rating in later years, and as he felt confident that he would eventually begin a graduate job.  Through working over Scott’s finances, a local money adviser in private practice worked out that Scott did have a surplus income of £100 per month.  Taking into account Scott’s determination to get a better paying job and his willingness to pay his debt with the minimum of effect to his credit rating Scott’s money advisor recommended Scott DAS. 

The proposed DPP set up by Scott’s money advisor included a £100 per month payment to settle his now £9000 debt.  It was worked out that this would take Scott 7.5 years to complete the DPP.  With only 1 smaller creditor objecting to his DPP Scott’s proposal was accepted by the DAS Administrator and he commenced the DPP.

Eight months into his DPP Scott started a full-time job and visited his money advisor to talk over his new circumstances.  A full-time wage meant Scott now had a surplus income of £250 per month and his money advisor recommended putting forward a variation to the DAS Administrator to shorten the length of the DPP.  The new proposal was for 33 months, thus lowering the DPP by over 4 years.  Scott was delighted with this development and with the flexibility of DAS and felt he was well on his way to improving his credit rating and addressing his problems with debt.


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