DAS ‘debt arrangement scheme’ is a DPP or debt payment program that was introduced by the government in 1987 to help debtors with large assets find their way out of debt, there was also a strong emphasis on getting money back to the creditors as DAS required that all money owed be paid back minus any interest and charges.
In 2011 the DAS bill was reformed due to mis selling in the scottish debt market by commercial firms as brought to light by the OFT who were jamming consumers into products that were not suitable for them, most notably the Scottish Trust Deed. The reform did not do enough to discourage the misconduct of these few providers and so in 2013 there was a further reform to the bill which tackled the subject of fees collected from a trust deed so that in the future it meant that DAS and Trust Deeds be brought down to the ‘same level’ so to speak.
What is a DAS?
DAS may be a government-run debt management tool that permits you to repay your debts through a debt payment programme (DPP). The DPP can permit you to pay off your debts over associate degree extended amount of your time whereas providing you with protection from your creditors taking action against you to recover the debtwithin the DPP. The DPP will last for any affordable length of your time and, if approved, can freeze all interest, fees and charges on the debt enclosed, leading to them being waived if you totally complete the DPP.
How to enter DAS?
The theme is delivered free by approved money advisers at government agency cash recommendation units or voters recommendation European country. The theme protects debtors assets, together with their home (as long as they sustain their mortgage payments).
Who is eligable?
Anyone with any level of debt who has been living in Scotland for more than 6 months.