Seeking help for debt is a difficult thing to do.
Therefore it is perfectly understandable that anyone experiencing financial difficulties will have many questions about a DAS and how it may affect their day-to-day lives. Here is a list of Debt Arrangement Scheme questions that DAS Scotland gets asked on a regular basis.Will my debts be managed by the Scottish Government?
No. The Debt Arrangement Scheme uses government legislation but is administered by an authorised money advisor. The government agency responsible for overseeing the legislation is known as the Accountant in Bankruptcy (AiB).
No. The scheme is intended to help individuals avoid being made sequestrated (Scottish equivalent of Bankruptcy).
Like any other debt remedy, you can expect your credit rating to be affected. You will not be allowed to get any further credit while you are repaying your DPP and you will find it more difficult and expensive to obtain credit after the DPP has ended.
No. As long as you keep repaying your debts through your DAS and your on-going mortgage commitments, you house and any other asset such as your car, are completely safe
Yes. Once your proposal has been setup and accepted, you will only need to deal with your money advisor.
No. Once in place your creditors are legally obliged to honour the terms of the proposal and cannot claim for further interest and charges.
Only someone approved by the DAS administrator can propose your DAS, this generally includes qualified money advisors and Insolvency Practitioners.
Yes. The rules changed in July 2011 to allow couples to do joint Debt Arrangement Schemes.
Yes of course, the DPP is designed to help you and therefore the flexibility of repayment is based on your preference.
The debt that an individual owes is unique and any two cases are seldom the same. The authorised money advisor will run through your total debts, assets and ability to repay your debt. You will not be referred for a DAS unless you are comfortable with it and only after the pros and cons of this tool and other Scottish debt help solutions such as Protected Trust Deeds have also been explained.
If your circumstances change and you can no longer afford your repay, you can vary the payment of your DPP without any penalties.
Under the terms of the DAS it is down to the discretion of the DAS administer whether your proposal is acceptable. Your creditors can appeal this but generally, your creditors would prefer this method over Sequestration (Bankruptcy) where they would receive less money.
All client information and details are held securely and are subject to the utmost privacy. Once you are ready to proceed we will assist you by arranging to share your relevant details with one of our relevant trusted partners.