Debt Arrangement Scheme (DAS) is a DAS right for me?

How canDebt Arrangement Scheme (DAS)help me?

A DAS will help you set up a debt payment programme (DPP) which allows you to pay your debts at a more affordable rate.

The creditors are allowed 21 days to respond with their outcome either rejecting the DPP or accepting the terms of the DPP, if the creditors do not respond with an outcome within the 21 days then due to legislation this will be taken into account as they have accepted the terms of the DPP.

The DAS Administrator will then decide if the proposal should be accepted or not. If a DAS is approved the creditors must comply with DAS legislation.

If the creditors oppose the DAS then the DAS administrator can overturn there if it fair and reasonable to do so.


(DAS advice overview)

Pros Cons
Interest and charges are frozen in this arrange arrangement for the life of the plan. 10% of your monthly contribution is taken as a fee to cover the cost of running the plan..
Creditors cannot contact you or take further action against you. Your credit rating will be affected for up to 6 years.
Payments breaks can be added into the plan as long as supporting evidence is provided to support this. Your name will appear on the DAS register, which is only available to your creditors and money advisors.
If you situation changes you can apply for a variation on your payment. This solution is only available to permanent residents in Scotland.
You will not have to deal with the creditor’s directly yourself. You can only apply for a DAS once a year. So if your application is rejected you will have to wait.
You have more time to pay your debts back. You must have more than one line of credit to qualify.

(Key issues to consider with a DAS)

Before considering DPP there are other keys issues you may need to take into consideration.

DAS is individual to you if you have any questions or queries please do not hesitate to contact us on free phone 0800 206 1447

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