The Debt Arrangement Scheme (DAS) is one of the debt solutions available for people who are living in Scotland. The best way of describing the DAS solution is that it is a legally binding Debt Management Plan.
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In the same way as a Debt Management Plan it allows you to reduce the payments that you make to your unsecured creditors to fit within a budget that you can afford. However the key advantage of the DAS over a DMP is that once agreed your creditors are legally bound by its terms.
This means that after a DAS is agreed your creditors are not allowed to add further interest to your accounts and they cannot take further action against you or your property to collect their debt.
You still have to pay back 100% of the debt you owe however with no interest being added to your balances this will be a lot easier. In addition if you are homeowner you will generally not be obliged to release any of the equity from your home to put towards your unsecured debts.
Government advice about Debt Solutions in Scotland
As well as the information found on this website the Accountant in Bankruptcy (the Scottish Government’s Insolvency Service) has also produced two guides to personal debt solutions which you may also find useful: Debtor’s Guide and Debt and the Consequences.
The Money Advice Service (MAS) are an independent service set up by the Government to provide people with free advice about all aspects of personal finances. For help from MAS if you are struggling with debt please follow this link: MAS – Help if you are struggling with debt.
It is also recommended that you read this one page document produced by MAS entitled “Dealing with debt – 5 things you should know”.
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