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DEBT ARRANGEMENTS. ARE THEY RIGHT FOR YOU?

Debt Arrangement Scheme (DAS)

A Debt Arrangement Scheme (DAS) is a government-run debt management tool for Scottish residents, that allows you to repay your debts through a debt payment programme (DPP). Similar to a debt management plan, a DPP in Scotland allows you to pay off your debts in full over a reasonable period of time. All interest, fees and charges on the debt will be frozen. You’ll also be protected from any legal action by your creditors to recover what you owe them.

ADVANTAGES OF A DEBT ARRANGEMENT SCHEME (DAS)

DISADVANTAGEDISADVANTAGES OF A DEBT ARRANGEMENT SCHEME (DAS)S OF AN IVA

  • You must go through a Money Advisor to get a DAS
  • You must pay a monthly fee to your Payment Distributor
  • Your credit file will be affected for 6 years and your ability to obtain credit may be limited
  • You can only make one application a year, so if your DAS application is rejected you will have to find an alternative solution or wait 12 months before reapplying.
  • Some money advisors may charge a setup fee. 10% of your monthly payments are also taken as fees – 8% by your chosen payments distributor and 2% by the Accountant in Bankruptcy

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