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Debt Arrangement Scheme (DAS)
A Debt Arrangement Scheme is an option available for Scottish residents who wish to be protected from creditor legal action while repaying their debts in full at an agreed and affordable rate.
Advantages
- A DAS offers you legal protection from your included creditors.
- Your assets are generally not included in a DAS.
- Interest and charges on included debts will be frozen.
- Creditors cannot legally chase for additional payments.
- The payments you make into a DAS are based on your income and expenditure, so should always be affordable to you.
Disadvantages
- You must go through a Money Advisor to get a DAS and some Money Advisors may charge a set up fee.
- 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.
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