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What are Debt Arrangement Schemes
A Debt Arrangement Scheme uses government legislation introduced in 2004 as an alternative to debt management programs, sequestration and Trust Deeds. A Debt Arrangement Scheme (abbreviated and also known as DAS) helps people in financial difficulties to repay their debts over a set period of time, based on what they can afford.
Like Trust Deeds, Debt Arrangement Schemes are only for residents of Scotland. Anyone can apply for a debt arrangement scheme and under the terms of the DAS, it is a solution open to those who owe to two or more debts and are experiencing financial difficulties, with problems keeping up with their payments.
If an individual is on a debt arrangement scheme, they make one single payment to a payment distributor instead of their usual creditors.
Debt Arrangement Scheme Advantages
- Pay what you can afford up to a maximum of 10 years
- Once approved, you will be protected from any legal action imposed by your Creditors
- Your home will not be affected (as long as you maintain your mortgage obligations)
- Interest and charges will be frozen once approved
Debt Arrangement Scheme Disadvantages
- Unlike a Trust Deed, a DAS will last until the full debt is cleared.
- Like Trust Deeds, or debt management plans, your credit rating WILL be affected.
- You may only make one application to the Debt Arrangement Scheme within any twelve month period.
- DAS schemes usually carry an on-going admin fee and an initial setup cost.
Debt Arrangement Scheme
Fill out the form and we will provide you with a report and recommendation on your Debt Arrangement Scheme. DAS refers to a repayment plan designed especially for you, which will enable you to get your debts down quickly and easily by allowing you to make one affordable payment every month.
We will recommend a company to contact your creditors to request that they accept lower payments from you they will take care of any phone calls or letters that you get from creditors You just need to make your one monthly payment and they will look after everything.
The Debt Arrangement Scheme is a debt solution introduced by the Scottish Government in 2004. The Debt Arrangement Scheme, referred to as (DAS) helps individuals repay their debts over a period of time and at a rate that they can afford to pay.
Any resident of Scotland can apply for a debt payment programme under the DAS if they have two or more debts and are having difficulty keeping up with their payments. Individuals cannot apply if they are currently bankrupt or have signed a Trust Deed. Individuals who are subject to a bankruptcy restriction order or paying debts under a conjoined arrestment order are also restricted from applying.