DEBT ARRANGEMENT SCHEME (DAS)
SCOTLAND ONLY
The DAS is a formal solution available in Scotland. It allows you to repay your debts in affordable monthly instalments based on your financial situation. During this period your creditors cannot take legal action against you.
Benefits
- You make one monthly payment to a DAS administrator, who distribute the funds to your creditors.
- No administration fee will be charged, all payment go directly to your creditors.
- Creditors included in the DAS must stop adding interest to your debts.
- Your monthly debt payments are reduced to an affordable amount, which helps cover essential living costs.
- You can keep your assets, including valuable items such as savings, vehicles and property.
Risks
- You may take longer to repay your debts under a DAS compared to making regular contractual payments. The length of the repayment period depends on your financial situation.
- While DAS helps manage debt, it will still affect your credit rating and be recorded on your credit file for up to 6 years, which can make obtaining credit more difficult.
- You must meet specific criteria, including having a minimum level of debt and proving that you can make the agreed payments.
- You are required to adhere to the terms of the DAS for its duration, failing to comply with the terms could result in the DAS being revoked and creditors taking legal actions.
