A DAS protects your assets (e.g. your home and your car).
Repay your debts through one affordable monthly payment which is calculated based on your financial situation.
Creditors are obliged to freeze all interest and charges.
Your creditors will no longer be able to contact you to demand payments. This can reduce the stress that comes with being in debt.
An approved Money Advisor will guide you through the process and negotiate with your lenders for lower payments on your behalf.
You are paying back the full amount you owe plus a monthly administration fee.
If the arrangement or deed fails, there is a risk of sequestration.
There are expenditure (spending) restrictions placed on a person who is entering into a DAS.
Failure to continue to pay taxes, fines, child support payments, and other certain debts could result in the loss of access to essential goods or services, or repossession of, or eviction from your home.
You will usually not be allowed further credit of over £2,000 while on a DAS.
A DAS will appear on your credit file for a minimum of 6 years from the date you enter it, and will affect your ability to obtain credit in this time.
Do I qualify?
To qualify for a Debt Arrangement Scheme, you must have at least 1 unsecured debt and live in Scotland, and have a reasonable amount of spare income to offer an affordable repayment plan.
Have at least 1 unsecured debt
Live in Scotland
Have a reasonable amount of spare income to offer an affordable repayment plan