DAS Debt Solution
The Debt Arrangement Scheme/DAS is a debt management scheme introduced by the Scottish Government that gives you more time to pay your creditors without the threat of legal action.
What is a DAS?
Under DAS you can apply for a Debt Payment Programme (DPP) which allows you to pay off your debts over a period of time. If your circumstances change you can apply to vary the terms of the DPP. You must seek the assistance of a Money Adviser before you can apply for a DPP.
You’ll keep making reduced repayments until you have repaid your debt in full which will take longer as you will be making reduced payments.
The DAS is not available if you live in England, Wales or Northern Ireland. In these countries, a debt management plan (DMP) is a similar solution although with different features, costs and associated risks.
Benefits of a DAS
- Interest and Charges are frozen if the debt payment plan is accepted
- It is legally binding on your creditors
- Any assets you have are protected
- You don’t have to pay an administration fee for the running of the DPP
Considerations of a DAS
- Your details will be registered on a public register (DAS Register)
- Your credit rating will be affected
- If you don’t keep up the repayments the DPP could fail and your creditors could add interest and charges and take further action.