Scottish personal debt of £13m repaid through the DAS
October 13, 2013
According 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 disables creditors from recovering funds whilst they are being repaid under the scheme. The scheme also gives debtors a chance to repay debt in a more affordable way, by implementing a payment plan over an extended period of time. Any fees or interest is also frozen during this time.
Statistics revealed that around 2,000 people have sought help via the DAS in the past six months. Enterprise minister, Fergus Ewing, praised its success. He said: “This is a significant amount of debt which the scheme has helped people repay already this year,” adding that people from all walks of life can be equally affected by debt.
Rosemary Winter Scott, chief executive Scotland’s Insolvency Service, said it was encouraging that a growing number of people in Scotland were choosing to use the DAS as a method to pay back their debts.
Fergus Ewing concluded: “Our message is simple: there is help for those people in Scotland who are struggling under the burden of debt. By raising awareness of DAS, we hope that more people can take control of their finances and get help out of the hole.”
If you’re struggling with debts which are spiralling out of control, talk to one of our advisers at Scotland Debt Solutions to see whether DAS could help you. Often, simply removing the fees and charges associated with your debt repayments can remove part of the problem and give you the chance to repay your debts in a way that suits you. Contact our knowledgeable advisers today and discuss the options to get you on track to a debt free future.
When taking out a joint loan, there are many things you need to consider. Signing up to a joint credit agreement is a huge commitment and it’s important to ensure you have all the facts before signing on the dotted line. While no one wants to think about a relationship breaking down, the truth is […]
If you’re looking to save some money it’s a good idea to make a detailed budget that lets you see where your cash is currently being spent, and offers an overall view of your finances. You’ll need to collect together your income and expenditure details, including annual costs such as insurance, car expenses, birthdays and […]
A trust deed is a common debt repayment programme based around a voluntary arrangement made between you, your creditors and a qualified independent trustee who takes control of your debt repayments for a typical period of four years. If you’re having difficulty paying your debts and have assets or a regular income, you may qualify […]
If you have built up debt from gambling, you may be able to write off part or all of the debt via a formal Scottish insolvency route. Not all insolvency solutions allow debts to be written off, but you may be eligible for a trust deed if you meet certain criteria, with sequestration also being a possibility […]
Her Majesty’s Revenues and Customs (HMRC) is one of the biggest creditors in Scotland, and indeed across the rest of the UK. Millions of people make payments to the government through HMRC in the form of income taxes, National Insurance and VAT every year. For the majority of people in employment, this is done automatically […]
Council tax is a charge levied on residential property and payable to the local council. While some properties are exempt from paying council tax, most households must factor this bill into their monthly budget. Households will be given a yearly charge which can then be broken down into a series of monthly instalments throughout the […]