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Debt Arrangement Scheme

If you’re a Scottish resident looking for help with debt, we can help you out. With a debt arrangement scheme, you can freeze any interest and spread the cost of your repayments over a longer period of time. Get in touch today.

Customers can get free debt counselling, debt adjusting and providing of credit information services from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. For more information from the Money Advice Service click here www.moneyadviceservice.org.uk

Get back on track with 3 easy steps…

  • Check if you Qualify
    Check if you Qualify

    Simply get in touch and speak to one of our experienced Money Advisors to see if you qualify for any debt relief plans.

  • Consultation

    If you qualify for debt solution, you will then be contacted by our FCA authorised partners to discuss which options will be most helpful for you, This could be a DMP, IVA, Debt Settlement Plan, Trust Deed or other solution.

  • You Decide
    You Decide

    Once you have been advised of your options, you decide what you want to do. The Money Advisor service is free, confidential and no obligation.

What is a Debt Arrangement Scheme (DAS)?

A Debt Arrangement Scheme (DAS) is a government-run debt management tool for Scottish residents, that allows you to repay your debts through a debt payment programme (DPP).

Similar to a debt management plan, a DPP in Scotland allows you to pay off your debts in full over a reasonable period of time. All interest, fees and charges on the debt will be frozen. You’ll also be protected from any legal action by your creditors to recover what you owe them.

UK legislation allows you to write off up to 80%* of your debts with an IVA…

Individual Voluntary Arrangements (IVA’s) were introduced by the Government in the 1986 Insolvency Act as an alternative to bankruptcy. They were put in place to help anyone in serious debt finding it difficult to make their monthly payments. If you live in Scotland the equivalent solution is a Trust Deed

Pros & Cons of a Debt arrangement scheme (DAS)

Advantages of a Debt arrangement scheme (DAS)
  • 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 of a Debt arrangement scheme (DAS)
  • You must go through a Money Advisor to get a DAS
  • 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.
  • Some money advisors may charge a setup fee. 10% of your monthly payments are also taken as fees – 8% by your chosen payments distributor and 2% by the Accountant in Bankruptcy

Debt plans

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