DAS Explained

The scheme will allow you to pay back an affordable monthly payment which will be determined once a money advisor goes through your financial circumstances and assess how much money you have available to service your debts. You will then pay back the full amount owed minus any interest and fees.

You will be notified by your advisor how much you will need to pay back each month (or weekly), how long the scheme will take and the final amount you will pay. Your approved money advisor will then submit the details of your Debt Arrangement Scheme Debt Payment Plan to your creditors. Your creditors will have a period of 21 days to advise your approved money advisor if they object to the Debt Arrangement Scheme Debt Payment Plan.

If no creditors object to the proposed plan, then its details are submitted to the DAS Administrator (The Accountant in Bankruptcy – an office of the Scottish Government), and the Debt Payment Plan will automatically be given approved status. If any of your creditors do object, then the DAS Administrator would consider whether or not your Debt Payment Plan is “fair and reasonable”, and if so, approve your Debt Payment Plan (regardless of any of your creditors’ objections).

If you are worried that creditors may take action against you before you are able to get your Debt Arrangement Scheme Debt Payment Plan up and running, then your approved money advisor can apply on your behalf for a legal 6 week breathing period to enable your Debt Arrangement Scheme Debt Payment Plan to be formulated and approved. Talk to us about your debts

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