Not all debts are ‘bad’, but if your unsecured debts have become a problem and you’re struggling to repay them, the Debt Arrangement Scheme, or DAS, can help Scottish residents out of debt.
Ways DAS could help you
- You can repay your unsecured debt on a personalised Debt Payment Programme (DPP) under DAS, at a rate you can afford.
- A payments distributor will deal with your lenders on your behalf.
- You would be protected from legal action by the people you owe money to. (Once the DPP is approved, the lenders included in the DPP, or those that have been informed about it, cannot petition for your bankruptcy, or take other legal action to recover the debt.)
- You may be able to vary your payments on the DPP if you need to.
- Debt interest, fees and charges are frozen when you start the DPP and you will have this written off completely if you complete the DPP.
Before you apply for DAS
If you’re thinking about applying for DAS, you can find out more about how the scheme works at http://www.debtadvicenow.co.uk/das/. As with other debt solutions, it will be recorded on your credit record for up to six years, which can affect your ability to borrow money. If you’re on a DPP under DAS, you can’t normally borrow money except in certain circumstances anyway.
DPP participants under DAS will have their details recorded on the DAS register.