The Debt Arrangement Scheme (DAS) is a government-backed debt procedure aimed at helping Scottish residents pay off problem debt over a longer period of time than stated in their original contractual agreements.
DAS may be a suitable option for people seeking to escape unmanageable debt, but if you’re thinking of entering the Debt Arrangement Scheme you need to first consider if you meet the eligibility requirements.
Only residents of Scotland can apply for the Debt Arrangement Scheme - in England, Wales, and Northern Ireland, there are similar options for people in debt. So what are the eligibility criteria for DAS?
If you and your spouse/partner are individually liable for a debt that can be included in DAS, you may be able to apply for a joint plan for repayment.
Unsecured debts, such as credit card and store card debt, personal loans, bank overdrafts, and payday loans, can all be included in the debt payment plan (DPP) that is the foundation of DAS.
Secured debt, including a mortgage or any other loan secured by an asset, and hire purchase agreements, may not be eligible for inclusion in the Debt Arrangement Scheme, so you might still need to repay this type of debt alongside your DPP.
Mortgage and rent arrears are high priority debts, and sometimes they can be included in a debt payment plan, but your DAS approved money adviser will be able to provide more information on your individual case.
The advantages of entering the Debt Arrangement Scheme include:
If you would like more information on applying for the Debt Arrangement Scheme and how it could help you become debt-free, please contact one of our expert advisers at Scotland Debt Solutions. We operate from a network of offices around Scotland, and can offer you a same-day meeting free-of-charge to establish your position and the likely options available.
The Register of Insolvencies is a public register that documents Trust Deeds until five years after the discharge date and includes personal details.
Joint Trust Deeds don’t exist, however, if you want to run a Trust Deed that encompasses debts as a couple, this will be two individual Trust Deeds.
Our Scottish based team can help advise you on your debt problems.