What is a Debt Arrangement Scheme(DAS)?
Live in Scotland and need to consolidate all your debts into one plan?
- Consolidate your debts into one plan
- Only pay back what you owe including fees
- One affordable monthly debt repayment
- May not be suitable for all, fees apply in solutions we offer and they may affect your credit file.
What exactly is a Debt Arrangement Scheme (DAS)?
A Debt Arrangement Scheme also known as a DAS, is a legally binding debt solution in Scotland that allows you to put all your debt into one plan, be protected from your creditors, someone deals with your debts on your behalf, write off any further charges and you only pay what you can afford each month until you are debt free.
The good thing about a Debt Arrangement Scheme is that it prevents you from going insolvent, you can keep your assets safe and any fees to administer the plan comes from the creditors pot so you don’t pay above what you owe in the end!
This does go on your credit file for at least six years under the public notice section.
Benefits of using a Debt Arrangement Scheme (DAS)?
- Interest and charges on your debts are frozen.
- One affordable monthly repayment towards your debts.
- The creditors are dealt with on your behalf.
- The plan is flexible so you can adjust your payment throughout to suit your affordability.
- The plan finishes as quick as you can pay your debt off.
- You are not going insolvent.
- You assets are protected.
- The fees to administer the solution are included in your monthly repayment and come from your creditors funds that you pay back.
- You can do a joint plan with another adult in the same household.
- You can spread the payments over a much longer period.
Risks of using a Debt Arrangement Scheme (DAS)?
- This goes on your credit file under a public notice for at least six years.
- As you are paying back 100% of what you owe the plan could last a lot longer than other solutions.
- You do not write any debt off.
