Debt Arrangement Scheme Articles
Which debts can be included in a Debt Arrangement Scheme (DAS)?
21st February 2019A Debt Arrangement Scheme (DAS) is a government backed scheme which allows you to repay debt through contractual, monthly instalments without the threat of legal action and incurring penalties or interest. The scheme was established in 2004 for Scottish residents in debt, providing an alternative solution to sequestration, the Scottish equivalent of bankruptcy. A Debt […]
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What happens to my personal debts when I get married?
19th December 2018If you’re getting married and are worried about what happens to your personal debts, initially you need to consider whether the debts are in your name only, or are joint with your partner – this determines if your spouse can be held responsible for repayment. So let’s look at the legal situation regarding personal debt […]
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Can I keep PPI compensation if I’m in a Debt Arrangement Scheme?
14th December 2018The Payment Protection Insurance scandal of recent years has led to hundreds of thousands of people making claims for compensation relating to financial products they were mis-sold. PPI compensation can be a lifeline when you’re in debt, but what happens if you’ve entered into a Debt Arrangement Scheme (DAS)? If you’ve received compensation following a […]
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What are the pros and cons of a debt arrangement scheme (DAS)?
8th October 2018The debt arrangement scheme, or DAS, is a government-backed procedure designed to offer residents of Scotland who are experiencing escalating debt the chance to fully repay their creditors rather than declare full insolvency. Every type of debt solution has its benefits and drawbacks, so let’s have a look at some of the pros and cons […]
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I’ve received a Simple Procedure Notice of Claim – what now?
4th March 2018If you owe a debt of £5,000 or less, your creditor may send you a Simple Procedure Notice of Claim. This is a relatively new procedure that was brought in by the Scottish government and commenced on 28th November 2016 – their intention being to make it easier to resolve debt disputes. So if you’ve […]
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What does the DAS Fair and Reasonable Test entail?
28th February 2018Debt payment programmes (DPPs) are an intrinsic part of the Debt Arrangement Scheme, which allows you to pay off unsecured debt at an affordable rate. If a debt payment programme is rejected by one or more creditors, the DAS Administrator can apply their discretion on whether to approve the plan, after using a test to […]
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How do I apply for a Debt Payment Programme (DPP)?
26th February 2018If you’re struggling to pay your unsecured debts, a debt payment programme could help you to regain control of the situation, and become financially stable again. Debt payment programmes are a fundamental part of the Debt Arrangement Scheme (DAS) in Scotland, and allow you to repay over a longer period of time. These programmes involve […]
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What are the options for dealing with debt in Scotland?
1st January 2018Scotland has a number of formal debt solutions that can help you deal with a difficult financial situation. It’s advisable to take action as soon as possible, however, to prevent your levels of debt escalating when interest and other charges are added. Obtaining professional advice is key in this respect. An approved money advisor or […]
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Can I remortgage while in a Trust Deed / Sequestrated / DAS?
10th November 2017If you’re a homeowner in Scotland, and are experiencing high levels of debt, your property may be affected when you enter a formal debt relief procedure. This doesn’t necessarily mean you’ll need to sell your home, however – you may be able to remortgage to provide additional funds for your creditors. If you have a […]
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Why a Debt Arrangement Scheme is better than a Debt Management Plan
20th June 2017If you’re struggling to repay debt and looking for a way to better manage the situation, you may have come across two commonly-offered options. Both involve repaying all the money you owe rather than writing off a proportion of the debt after the end of the agreement, but one is backed by the Scottish government. […]
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7 Advantages of using a Debt Arrangement Scheme (DAS) to become debt-free
11th May 2017If you’re trying to deal with overwhelming amounts of debt, you may be eligible for the Debt Arrangement Scheme in Scotland. DAS is an extremely effective and much-used method of repaying unsecured debt, and can help you get back on track financially without risking your home. A Debt Payment Plan (DPP) is negotiated with creditors, […]
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More Scots Entering Official Debt Solutions to Address Financial Woes
26th January 2017The number of people living in Scotland who either became insolvent or entered a Debt Arrangement Scheme (DAS) increased during the final three months of last year. According to official figures on the subject published by the Accountant in Bankruptcy (AiB), there was a 1.9 per cent rise in the number of people who used […]
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Household Debt Rises to Reach Highest Levels Since December 2008
6th January 2017The collective scale of household debts in the UK have risen in recent months to reach the highest level recorded since the immediate aftermath of the 2008 financial crisis. According to official figures from the Bank of England, the value of personal debts throughout the country increased by as much as 10.8 per cent in […]
Read moreLatest Figures Show Rise in Use of Debt Arrangement Schemes
27th October 2016A growing number of Scots are entering into Debt Arrangement Schemes (DAS) as a means of dealing with their personal debts and their financial management issues. According to official figures released by the Accountant in Bankruptcy (AiB), there was a 29.8 per cent rise in the number of people entering into a DAS during the […]
Read moreCan I get a mortgage after an IVA or Trust Deed?
14th September 2016The strict criteria applied by mortgage lenders make it difficult to obtain borrowing, even for those with a good credit rating. If you’ve entered into an Individual Voluntary Arrangement in Scotland, or a Trust Deed, unfortunately you won’t have access to borrowing until its completion. Although it’s not impossible to get a mortgage after an […]
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Scotland’s Personal Insolvency Rates Are Up But Trending Downward, Says AiB
28th July 2016The number of Scots who entered a form of personal insolvency during the three months to the end of June were up by 7.8 per cent as compared with the previous quarter. However, the broader pattern in terms of the number of Scots entering either bankruptcy or a protected trust deed in recent quarters is […]
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Debt Arrangement Schemes ‘Helping Hundreds of Scots Become Debt Free’
8th February 2016Debt Arrangement Schemes (DAS) are helping hundreds of Scots to escape a cycle of debt and to become debt free, official figures from the Accountant in Bankruptcy (AiB) have confirmed. In fact, the AiB recently reported that there were as many as 1,233 people across Scotland who became debt free in 2015 having completed their […]
Read moreDebt Arrangement Schemes Pass £100 Million Repayments Landmark
12th November 2015Entrants into Debt Arrangement Schemes (DAS) across Scotland have paid more than £100 million back to their creditors since 2011, according to official figures on the subject. The details of how DAS solutions function were changed in 2011 and they have apparently been working well ever since as a means of seeing creditors paid back […]
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How to stop harassment from your creditors, key steps you can take
3rd June 2015Being in debt is a stressful situation, but when you start to experience harassment from creditors, the pressure quickly rises. Creditors can overstep the mark when it comes to chasing payment, however, and if you feel that you need to stop harassing calls or letters, there are certain steps you can take. How do you […]
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Mortgage Debt Relief
23rd March 2015You may be able to obtain relief from mortgage debt if you are eligible to apply for the Debt Arrangement Scheme (DAS). This is only open to people living in Scotland who have received money advice from a DAS Approved Advisor. Your approved advisor will review your financial situation, taking into account all assets, debt […]
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Number of Personal Insolvencies in Scotland Decreases Once Again
13th February 2014Some positive news for the Scottish economy – the number of Scots declared bankrupt in recent months has fallen 14% according to the latest insolvency data. The figures show that around 50 Scots officially became insolvent every day between September and December last year, with the majority opting for bankruptcy (sequestration) closely followed by trust […]
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Scottish personal debt of £13m repaid through the DAS
13th October 2013According to recent figures, £13m of personal debt has been repaid in Scotland in the first half of 2013. Enterprise minister Fergus Ewing said the Debt Arrangement Scheme (DAS) has been an important factor in the repayment, describing it as a “dignified way” for debtors to repay. DAS was introduced in Scotland in 2004 and […]
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Insolvency rates drop by 50% as DAS applications continue to increase
2nd September 2013Insolvency figures in Scotland have witnessed a ‘significant slowdown’ according to two separate reports released last month. Statistics from Scotland’s insolvency service, Accountant in Bankruptcy (AiB), revealed that the total number of personal insolvencies fell 28.6% year on year, despite a slight increase of 14.7% on the previous quarter. Insolvency rates have fallen steadily since […]
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How does the Debt Arrangement Scheme work?
8th February 2013Are you struggling to repay your debts in the time allowed, despite having disposable income after paying living expenses? If so, you could qualify for the Debt Arrangement Scheme. The Scottish Debt Arrangement Scheme (DAS) was introduced by the Scottish Government in 2004, in attempt to help people in Scotland who may be struggling to […]
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