DAS Completion Rates in Scotland Up Sharply on Last Year
May 3, 2017
The number of Scots completing debt payment programmes associated with Debt Arrangement Schemes (DAS) was notably higher during the fourth quarter of the most recent financial year as compared with the same figure for 12 months before.
According to the Accountant in Bankruptcy (AiB), there were 423 DAS programmes completed across Scotland in the three months to the end of March 2017, which represents a jump from 408 in the previous quarter and from 328 in the same quarter of 2015/16.
DAS are currently only available to people in Scotland and they’re designed to function as a means of allowing indebted consumers to gradually settle their arrears without becoming officially insolvent.
The AiB administers the insolvency regime in Scotland and its latest figures also show that the number of government-backed DAS payment programmes agreed during the fourth quarter of 2016/17 increased as compared with the third quarter, though only slightly and from 529 to 531.
However, the amounts of money being paid back in total via DAS apparently fell from a collective total of £9.6 million in the third quarter to £9.2 million in the fourth quarter of the most recent financial year.
Taking the year 2016/17 as a whole, the AiB reports an increase of 18 per cent in the total number of personal insolvencies recorded across Scotland as compared with the previous 12 months.
This increase though is in part attributable to changes in legislation that meant the number of people entering insolvency throughout the country during the year 2015/16 was “abnormally low”.
“These figures [for 2016/17] are the second lowest since 2005/06 at which time award of bankruptcy was reserved to the courts,” said Paul Wheelhouse, a member of the Scottish parliament and minister for business, innovation and energy.
“Since then, access to bankruptcy for those facing serious financial difficulty has been simplified greatly and in this context today’s figures highlight the low levels of personal insolvency we have in Scotland.”
New laws affecting insolvency and personal debt management processes in Scotland were introduced in April 2015.
If you would like to learn more about DAS or any form of personal insolvency then Scotland Debt Solutions can help. Contact any of our offices in Scotland to arrange a free and confidential consultation.